Meredith Jensen: Okay, great. Thanks so much.
Operator: Your next question comes from Patrick Scholes with Truist. Please go ahead. Patrick Scholes, your line is open. Your next question comes from Brandt Montour with Barclays. Please go ahead.
Brandt Montour: Hey. Thanks everyone for taking my questions. First one is just on RevPAR. Your Q4 RevPAR domestically came in, was below we had sort of thought was implied by STR’s chain scale results. And then, full-year guide flat, up 2 also below STR’s forecast which for midscale and upper midscale was closer to 3%. So, I guess I am curious if one, in the fourth quarter if there was any sort share loss or anything else you want to call out. And then, looking forward, do you have sort of different outlook on the U.S. which is conservative? Or, how would you describe your particular outlook for RevPAR?
Scott Oaksmith: Yes, in terms of fourth quarter, I think really we had really tougher comps. As we said we said in our scripted remarks that we were the first hotel company that returned and exceeded the 2019 level. So, when you look at our Q4 results against 2019, we are up 13% which is the leader in the industry. So, we didn’t see anything different than the industry. I just think our comps were tougher there. In terms of the full-year, I would say we’re probably a little bit conservative on our guidance compared to STR in 2024. We do see a lot of, as I mentioned earlier, the long-term fundamentals. The growth that we expect to see as I mentioned, we are still 110 basis down on occupancy against 2019. So, it’s been rate driven.
We do expect business travel to come back and get back to 2019 levels coming here in 2024 and 2025. And, we are really excited about a new partnership with just — with triple A. And triple A represents 31% of all room nights. And we just became one of their preferred partner in the midscale and economy space. So, we are excited about what the growth could for the year. And we feel like we will be in line with industry.
Patrick Pacious: Yes. And I would just say we look at STR and then we look at some of the other forecast that we consider when we make our in-house forecast. They do appear to be — and I think many in the industry have sort of looked at it. And so, they appear to be a little more aggressive than maybe most in the industry are considering. So, it’s just one of the forecasts we do look at when we make our decisions around how we are going to put our own internal forecast. And then, ultimately, put that into our guidance.
Brandt Montour: That makes sense. Thanks for that. And then, just a second follow-up on, you guys gave us fair amount of color on churn. But, I am curious on the Radisson brands. Those two together those did decline a touch quarter over quarter. When does that bottom and start to grow the two brands together? And, what have you sort of baked-in into the full-year expectations, the guidance you gave for the net unit growth?
Scott Oaksmith: Yes, I think we look at country and then suites. I mean that’s a brand that — and we’ve said all along, I mean the fact that when you do these acquisitions, you got to get the performance fixed. And then, you do that and that leads to franchise interest which leads to development and growth. In the case of country and suites and Radisson, the Greens and Radisson, we have fixed the performance issues. I think on the country and the suite side, we are already seeing that momentum as we talked about. We saw 19 agreements last year, 10 of those in December alone. That’s the highest that brand has done since 2016. So, we feel really confident about the country and the suites growth coming in 2024. Now, a lot of that’s new construction, so it’s still up against the higher interest headwind.
But we feel really good about the developer interest. The Radisson Greens and the full-service Radisson is likely going to continue to see some decline in 2024 with a reversal of that and growth coming in 2025. And that’s a function primarily of — just those are generally more urban hotels, larger boxes. And the timeframe that they take when they change flags is much more elongated. So, it’s really a function of timing rather than anything else I think on when country coming back this year 2024, and then, Radisson Greens returning to growth in 2025.
Brandt Montour: That’s super helpful. Thanks everyone.
Operator: [Operator Instructions] There are no further questions at this time. Please proceed.
Patrick Pacious: Thank you, Operator. Thanks again everyone for your time this morning. We’ll talk to you again in May when we announce our first quarter results. Have a great day.
Operator: Ladies and gentlemen, this concludes the conference call for today. We thank you for participating, and ask that you please disconnect your lines. Good-bye.
