So the World of Hyatt production for ALG properties is on a great ascendancy and we’re just getting going. So enhancing that and actually leaning into that further will allow us to improve distribution mix and lower distribution costs. So I’m just giving you some color on kind of where we stand on that integration process. Dream is brand new to us. We brought over a significant measure of resources, meaning people and capabilities, they have an extraordinary team, especially in food and beverage planning and programming and nightlife and entertainment. And those are areas that we have existing — well, we don’t have any resources in the entertainment and nightlife piece, they do, and we’re bringing that in. And that’s really an investment in the total lifestyle portfolio that we’ve got, which, as you know, is big and growing.
But we believe that all of that integration work will be done this year. So we feel really good about where we stand on the integration front. We don’t feel like we are dragged down by further integration efforts that are going to really consume a lot of our time and mind share. So we will continue to look for platforms. The key stream that we use is, first, does it fit in with respect to our overall strategy and our portfolio. Second — and Dream does perfectly for the reasons that we cited. Secondly, does it actually enhance — strategically enhance the network effect. So if you look at Lindner, one of the key drivers of that deal was that we were adding significant representation in Germany, Germany is the number one feeder market into the Balearic Islands and the two feeder market into the Canary Islands.
So we’re actually creating a much bigger guest base to help actually create powerful network effect for all of our resorts that we brought on to ALG, that’s an example of the network effect that we think is really important. And third, in every single case, the platforms that we acquired had growth, embedded growth. In all cases, we’ve actually enhanced that relative to our original underwriting, which is why we’ve got a lot of momentum in those areas. So we will continue to look for those sorts of opportunities, but there are also portfolio deals that we will continue to work on, I would consider Lindner a portfolio deal, not a brand acquisition, and we will continue to focus on that. Our strategy, as you know, has been to focus on the high end customer and serve and operate at the high end of every segment that we serve.
And right now, we continue to focus on filling out our portfolio to be able to add a number of experiences and the critical mass that we have to that high end traveler. I’m a believer in never saying never about extension into other segments. But that has been our clear, very deliberate strategy over the last five years, which I feel like we’ve done — we’ve made tremendous progress against. So that’s where we stand at the moment.
Stephen Grambling: And maybe as a quick follow-up. The puts and takes that were outlined on the guidance seemed to get to, call it, a $1.2 billion EBITDA range, which would mean that you’re closer 2 turns of net debt-to-EBITDA versus peers more like 3 turns or above. Is that the right math and how are you thinking about the right leverage level in this rate environment and as you move asset light down the line?
