Jim Risoleo: Sure, Robin. I’ll take the part of your question related to the investment market. I think as you think about how we have been deploying capital over the last six years or so, everything we’ve done has been to elevate the EBITDA growth profile of the company. And when I say that we’re going to be open-minded and look at other markets, it’s really transaction dependent and whether or not we think we can create value and what we can do with the underlying EBITDA growth of that asset going forward. So I said differently, I don’t think there’s a market in the country that has a red line through it, subject to all of the underwriting criteria that we employ when we evaluate a particular hotel. Sourav, do you want to touch base on the group?
Sourav Ghosh: Sure. Robin, on the group side, yes, you’re right. It’s effectively on the group room nights. We are pacing in sort of the high single digits below 2019. The expectation right now at the midpoint, again, we would get to about around 90% of our group room night levels relative to ’19. But of course, remember, like I said, that assumes that we only pick up effectively half the amount of group room nights in the year for the year for the second half.
Operator: . Our next question is coming from Jay Kornreich with SMBC.
Jay Kornreich: As it looks like the 2023 outlook you provided excludes any contribution from the Hurricane Ian impacted hotels. I believe you mentioned a $71 million EBITDA shortfall I’m curious, as we see those assets coming back online throughout 2023, if that provides an upside opportunity to the guidance range. And if there’s anything else you have your eye on besides the possible recession that get surprised to the upside or I guess the downside.
Jim Risoleo: Well, Jay, I think it’s important to really highlight that the assets affected by Hurricane Ian were anticipated to generate $82 million in EBITDA in 2023. We have $11 million in our guidance to the midpoint. So there’s a $71 million gap that is purely related to hurricane disruption. We have not assumed any business interruption proceeds hitting our guidance. So if we were to get business interruption proceeds over the course of 2023, that is upside going forward. So we think that is likely to occur later in 2023 and into 2024. But I do want to point out that the $71 million is a significant amount of EBITDA that is going to impact one year. It’s just this year because we’re very excited about the performance of the Ritz-Carlton for full year 2024.
The property will be completely transformed. The new tower will be open. We’ve added 24 rooms increased the suite count of that asset and made a number of other enhancements. So one year of disruption from Hurricane Ian has cost us a significant amount for 2023.
Jay Kornreich: Thanks. Maybe just to clarify that the $11 million that you expect in 2023, could that be looked at as a conservative estimate? Or is that what you expect even as both hotels open up during the year?
Jim Risoleo: I think it’s what we expect at this point in time.
Operator: Our next question is coming from Floris van Dijkum with Compass Point.
Floris van Dijkum: A little bit of a mixed message here. Obviously, you’ve got group pace ahead, very strong results the last quarter. If I look RevPAR expectations in the first quarter are up, call it, 24% to 27%, call it, 25%, pretty strong yet. If we were to include your business interruption insurance, which, again, you have that insurance presumably, you’re going to get that $71 million of missing EBITDA from Naples. You’re looking at flat EBITDA growth based on your consensus. Can you maybe provide any sort of historical context where occupancy in your portfolio is trending higher on a longer-term basis and your rate, and your margins are down, or your EBITDA is going down.
