Mark Wang: Yes. Look, I think what I can — I think when you think about — what we’re seeing is we are seeing arrivals on our books for the balance of the year, up 10% versus the same time last year. And I think, I already talked about the fact that owner tours are actually back at historical levels, and that’s because arrivals are back above historical levels. Our new buyer tours are approaching 90% of where we were in ’19, and that is again a reflection of the fact that we keep building our pipeline and our activation continues to grow. So all in all, I feel like the backdrop for leisure travel remains very strong. And our teams have done a really good job on the rental side. When you look at the rental side, we have seen some leveling off on rate gains after some big growth over the last year.
But our ADRs in Q2 were still up over last year. And you have to remember, our model always creates its own limited supply for rental inventory. And when you look at our performance, we tend to outperform on STR. We track our STR and we almost — we tend to outperform almost in every market. And that’s — part of it is because we were able to manage our supply by, we’ve got this built-in demand from our owners that are looking up 50% of our room nights, and then we have our marketing pipeline that’s taking another nice piece of the supply there. And then we’re able to yield better on the remaining room nights we have. But on the books, we’re showing, I think, 108% in the second half for rental. And again, some pressure on ADR and where we saw ADRs in the highest markets.
But ultimately, demand looks fine still.
Dan Mathewes: Yes. And I think the only thing I’d add to that is even if you look at the various geographies, nothing really stands out or as really good or really bad. It’s relatively consistent. And Mark talked about the packages. I mean, the one thing that we haven’t highlighted — I may have had this in my prepared remarks, but just the activated packages year-over-year, those improved 66%, which obviously is a leading indicator that people are willing to utilize those packages and year-to-date, it’s up 66%. So some really strong growth there and some really good solid demand.
Mark Wang: Yes. And I’d argue that our packages, right, these vacation packages are even more compelling in this high — inflationary high rate environment today. And I think the value proposition of those packages are stronger than they’ve ever been.
Dan Mathewes: And that pipeline of $560,000, the percent activated is actually the highest level of spend since 2017, just to put things into perspective.
Rita Chan: Great. Thank you so much for the color.
Operator: Thank you. Before we end, I will turn the call back over to Mark Wang for any closing remarks. Mr. Wang?
Mark Wang: Yes. Well, thank you, and thank everyone for joining us today. I want to give a special thanks to our team members for going above and beyond to deliver outstanding vacation experiences to our members and guests, and we look forward to speaking with you soon. Thank you.
Dan Mathewes: Take care.
Operator: Thank you. Ladies and gentlemen, this does conclude today’s teleconference and webcast. We thank you for your participation, and you may disconnect your lines at this time.
