Jim Risoleo: Sure. As we sit here today, we are in a very strong position. And given the balance sheet that we have, people be well positioned regardless of what happens over the course of the year. As you see from our CapEx guidance this year, we’re going to continue to invest in our portfolio. Just a point of reference over the course of 2020 through 2022, we invested $1.5 billion in our assets, which is really a distinguishing factor that sets us apart from other lodging REITs. We’re well positioned to outperform going forward, and we will continue to pursue ROI projects such as a complete transformation Fairmont Kea Lani and expansion at the Canyon Suites as the Phoenician and the completion of our repositioning a new tower at the Ritz-Carlton in Naples.
So we will continue to look for opportunities to deploy capital in our assets. Those underwrite generally to low to mid cash-on-cash returns, unlevered cash-on-cash returns. So we think that’s a very good place to free capital. On the acquisition front, there are a number of properties in the market right now that we are evaluating. I would just say that the bid-ask spread hasn’t come to the middle yet. So for the near-term, we’re not anticipating, when I say near-term talking about the next 60 to 90 days. I’m not anticipating acquiring any assets that could change. I’ll just point out that the Four Seasons Jackson Hole was roughly a 30-day process for us which puts us in a really strong position because we are the only player out there that can really do a meaningful transaction of our cash.
As we sit back and look at how the year might evolve a tracking all the CMBS loan maturities for 2023, 2024. We will see if certain owners are in a position where they’re going to have to sell the asset, just given the current interest rate environment relative to where the environment was when they put their current debt financing in place and the fact that their asset is likely to need a significant CapEx because they haven’t been able to invest over the course of the pandemic. And I think you could see us as the year evolves assuming distress presents itself, investing across markets that are different than markets that we invested in 2021 and 2022.
Operator: Our next question is coming from Robin Farley with UBS.
Robin Farley: I was actually going to ask you about your acquisition plans. And I think you answered most of that question already. But I’m kind of intrigued by your last comment about investing in different markets than you did in the last two years. And just wondering if that means more sort of rather than resort markets or kind of what that might mean? And then, if I could just ask a clarification. When you were talking about your revenue pace, group revenue pace being down about 70 bps in 2018, I guess rate, it sounds like it’s up high single digits. So a number of group nights — are you anticipating being down around that sort of high single-digit rate relative to ’19? In other words, just curious what you’re factoring into guidance in terms of when group you think might make a full recovery in terms of room nights and transient nights as well. Thanks.
