Joan Bottarini: Sure, Joe, maybe I’ll just start with our guidance at the midpoint the $1.225 billion that we provided at the midpoint. And through the first half of the year we’ve generated a little bit above 50% of that amount. As you look at the second half of the year I just would probably break down what would be helpful is between Hyatt legacy and ALG. And on the legacy business we’ve seen seasonality typically be where Hyatt legacy results are strongest in the second quarter and the fourth quarter. So that’s what we’ve seen from the business. Some of that is driven by group activity in those quarters. And in the ALG business we have been as you know we have been now talking about experiencing more normalized demand patterns in the ALG business.
So as we look at that segment, and we look at the normalized pattern of seasonality the first quarter is typically the strongest quarter and we had very strong results in the first quarter with exceptional pricing and flow-through. In the second quarter we saw some normalized demand patterns but still very strong top line. And as I noted in my prepared remarks results increased 7% excluding some FX headwinds and some investments that we made. So as we look at ALG then for second half what I mentioned earlier is this normalization into Q3 and Q4 where Q1 is typically the strongest. And as we look at the subsequent quarters after the first quarter the normalization of demand has been what we’ve experienced on a historical basis before these sort of disrupted periods through Omicron post our acquisition.
So, for the full year, we expect the ALG segment to be normalizing even further quarter-over-quarter. So, that’s a summary of kind of how we see the seasonality between the two segments. And as we look at — we’ve reaffirmed our midpoint, because we feel really good about the rest of the year, given the sustained leisure travel demand that we’re seeing and the group business that Mark had mentioned earlier, really being strong into the second half of the year.
Mark Hoplamazian: There are two things that I would just add to that in terms of the ALG second half. Last year, we reported in our third quarter earnings call, how extraordinary September turned out to be because, typically there’s a break point after Labor Day, where you see a significant falloff in business, we saw none of that last year. It was completely sustained through the end of the quarter. We do expect as Joan described the normalization of that seasonality and a drop off after Labor Day for ALG. And then the second point that I would make is that we had onetime credits that were released from — travel credits that were released last year, $4 million in the third quarter and $24 million or $25 million in the fourth quarter.
So, those are — if you just look at year-over-year comparisons and don’t adjust for that, it will appear that we are down more significantly. But sequentially, I think that we’ll see a third quarter that is under more pressured by virtue of the normalization of seasonality and a fourth quarter that is really more of our — sorry to borrow a term from the cruise business, but the wave period where we’re booking into the first quarter of the following year and actualized demand is really concentrated around holiday periods at the very end of the year.
Joseph Greff: Thank you.
Operator: Our next question comes from Patrick Scholes from Truist Securities. Please go ahead. Your line is open.
Patrick Scholes: Hi, good morning everyone. On your guidance, it looks like you took the midpoint of RevPAR up a bit, but kept the EBITDA guidance range unchanged. Anything to read into that? Any higher cost expectations that might not completely have that RevPAR flow through? That’s my first question. Thanks.
Joan Bottarini: Sure, Patrick. I’ll start with the RevPAR guidance. So, our confidence in moving that range and tightening the midpoint of that range is driven by the fact that we have achieved in the first half of the year 26.5% RevPAR growth. So we had mentioned when we had provided guidance on the first quarter that we thought we’d be in the mid-20s. So we’re right there a little bit higher. And as we look at the second half of the year, we still expect to be in the mid to upper single digits for RevPAR growth in the second half of the year. So, that confidence is coming from the increased group that I just mentioned and also the sustained leisure travel we’re seeing and some building momentum on the business transient side.
