Neil H. Shah: Yes, absolutely, Joe. We’re down to two joint venture investments at this time, both with one partner in South Boston. We’re happy with those assets. But we would look to potentially liquidate those interests in the next 12 months to 18 months as well as those urban assets continue to ramp up. I think it’s a cleaner story. We are almost 25% of our EBITDA at one point historically was generated from our JV portfolio. But I think it’s just from a simplicity standpoint, we’ll look to exit those in the next few years.
Unidentified Analyst: Got it. Thank you. That’s all for me.
Operator: Thank you. Our next question comes from Tyler Batory of Oppenheimer. Your line is now open. Please go ahead.
Tyler Batory: Good morning. Thank you. Just one multi-part question for me. I just wanted to put a finer point on expectations for margin in 2023. And it sounds like you’re expressing a decline in margin year-over-year. But compared with 2019, you put out that 150 basis points to 250 basis points range. I mean, for 2023, are you thinking you may be on the higher end of that potentially? And then when you look at potential performance in your resort versus your urban markets on the margin side versus 2019, you’re thinking there’s more, still more opportunity for growth on the resort side or perhaps maybe urban given some of the opportunities on the rate side of things given we could expect a little bit more margin growth there compared with resort side.
Ashish Parikh: Sure, Tyler. Let me start with a couple of stats there. So you mentioned the resorts. I mean, when we look at our resorts for 2022, we ran about 800 basis points higher from the EBITDA margin standpoint than we did in 2019. We do not anticipate the resort EBITDA margin going up from 2022 to 2023. I think that some of that was just with open positions, protocols, food and beverage offerings. So no, on the resort side is where we actually think that there will be some backtracking for 2023 versus 2022. But still we are significantly head of 2019 margins. We think that the growth that’s likely to come once you get past the first quarter with all these renovations and disruptions is really going to be more in the urban markets.
The urban markets, when you think about when they really started performing, you have markets like New York that started coming back Boston in Q2, but almost all of the urban markets were disrupted, DC, Philadelphia through the entire year. So as those start to ramp back up and really build some momentum, we think that the margin growth is in the urban portfolio over 2022 whereas in not in the resort portfolio.
Tyler Batory: Okay. And just a quick follow-up on this topic and specifically to the labor side of things. Just remind us where you are on staffing levels versus pre COVID or maybe versus ideal levels. And I’m also interested what share of your labor and employee base is contract labor?
Ashish Parikh: Generally, we are at back to where we were in 2019 on the managerial side. Well, I wouldn’t want to say back to 2019, but where we want to be on the managerial side. We’re still below 2019 levels and we don’t expect some of those positions to come back. On the property level, we’re about 85% to 90%. Looking at occupancies for 2023, we still are forecasting occupancies in most of these markets to be below 2019 levels. So not anticipating that our staffing levels go up too much from where we are today. I hope, was there another part to that question, Tyler?
Tyler Batory: I’m just €“ I’m sure if I’m having a follow-up offline. I’m just not sure the contract labor, what percentage of your employee base is contract labor right now and how that compares with pre COVID?
