Bryan Maher: Okay. And then just last for me, it seems like we should be expecting more capital recycling with dispositions and likely acquisitions over the next, let’s say, six to 18 months than we’ve seen in a little while. Can you tell me, and maybe for Jeff, what are the criteria that you’re looking for kind of the most, maybe kind of one, two, and three on the list of markets that you want to enter. Is it migration, is it business growth, what is it in a market that you’re looking for?
Jeffrey Fisher: Thanks, I think yes, just to kind of buttress what you’re saying, we were very encouraged by the ability to sell that Denver Tech Hotel at the number we did. We were encouraged by the relatively high number of bidders that were on the deal. So that really caused us to take a real hard look at our 10-year CapEx plan, the cycle rentals and other renovations that would be coming up, age of hotels, and of course, the world is different since COVID. There are markets that were very strong that just are either slow to recover or we don’t think really have a lot more upside left in them. Those are hotels that we’re going to sell. And we want to be in markets where the population growth is strong anytime we bought a hotel or developed a hotel in a market where population growth was strong, business growth was strong, because that’s still the core of what we do around here.
As you know, I mean, 80% of these hotels are business trends in related or corporate hotels that shows you the strength that we’re having this year so far. And that will be our focus for hotels that we try to acquire. They should be 10 years old or less for the most part. And we do see some deals that are brand new deals where some developers need to take care of some maturities or recycle their own capital for some other hotels they may have under construction around the country. There’s still a few folks out there that have some older pipelines, older meaning, deals that already are underway because we all know there’s not a ton of brand new deals getting started. And we see that as a decent source of acquisitions also.
Bryan Maher: Okay, thank you.
Operator: Thank you. [Operator Instructions] The next question is from the line of Tyler Batory with Oppenheimer. Please see with your question.
Unidentified Analyst: Hi, good morning. This is Jonathan on for Tyler. Thanks for taking our question. First one for me is on RevPAR in April, obviously, very strong. Can you provide some additional color on that strength, how that number came in maybe versus your expectations and kind of the puts and takes that impacted the month with Easter shifting out and Passover standing alone. Thanks.
Dennis Craven: Yes, this is Dennis. I think listen, it starts with our tech hotels with RevPAR up essentially 12% in April for those five hotels. That obviously is a strong performer. But I think in general, we saw kind of some encouraging trends across our portfolio outside of what I would call, again, the leisure markets, more BT driven. Washington, D.C. has been — has performed very well for us. We’ve got three hotels in that area as we talked about the embassy suites there did really well despite being under renovation for most of the quarter. And our New York suburban hotels also showed some pretty good growth. So it really starts with the tech hotels and just continues with just overall demand strength from the BT business traveler.
And that’s, I think, what we’re hopeful that we continue to see, as Jeff talked about. We do have — the booking window is very low, or very short at the moment, and it’s hard to go out there with a pretty aggressive number. So we’re encouraged by what we saw in April, especially on the weekday travel front. And I think if we can see the same thing here in May as rates really start to ramp up, then hopefully we deliver a pretty good quarter.
Unidentified Analyst: Okay, very helpful. And then maybe switching gears on the Los Angeles market, any thoughts overall on that market, what’s driving the underperformance relative to your expectations that you mentioned, and kind of your outlook or what needs to happen in that market to get back to 2019?
Dennis Craven: Yes, I mean it was up until really kind of the last six months it was one of our strongest markets I think. It had a soft fourth quarter and soft first quarter some of that was weather-driven, but as we’ve talked about I think it’s more of an LA focus. There just isn’t a ton of business travel into the market at the moment. We are starting to see some signs of life there, especially at our Woodland Hills and Marina Del Rey hotels. I think as we talked about our Anaheim Residence Inn had a great first quarter. So it’s really that BT travel into downtown and up near Warner Center.
