Shaun Kelley: And then as my follow-up, maybe a little bit more strategic. Mark, you just talked a lot about some of your expectations for net unit growth by some of the different segments for ’23. Just help us think about returning to maybe a little bit of your longer term — longer term, you’ve been able to deliver on an organic basis as much as 5% to 7% and pretty much lead the broader kind of high level industry. Any reason you see that we can’t get back to those types of levels once the development environment sort of stabilize and improves a little bit, appreciating some of the delays around China today and then probably some in the US as well. But as we get to a little bit more of a more normalized kind of world out there, is there a reason base effect or any other that we can’t get back to, let’s call it, 5% to 7% in the medium to long term?
Mark Hoplamazian: There’s absolutely no reason why we can’t get back there and we expect to. There are a couple of drivers to that. The first is our brand performance continues to grow and improve. We’ve experienced wonderful market share gains. Urban has been an upside surprise. We’re gaining significant share in group — Urban Group, surprisingly strong and transient. So the transient profile that we realized we ended the fourth quarter — the fourth quarter was 18% off of 2019 levels. January started off much higher than that, but ended at 17% of the first two weeks of February or 12% of, so we see an improvement in that domain. And concurrent with that, we have volume account activity that will yield high single digit ADR increases.
So we are seeing that the mix of our business and the significant expansion of our leisure and lifestyle portfolio is enhancing the value of the World of Hyatt proposition and really driving a much higher penetration. Just for reference point, our Americas full service hotels ended 2022 for the full year at about 50% World of Hyatt penetration. And for the total system wide, we were in excess of 42%. These are really strong numbers, up significantly. So the World of Hyatt program is gaining a lot of traction. We had — I think I mentioned in the script that we were up to over 36 million members now. Our credit card holder base has increased significantly and the spend rate on that card has increased significantly. So I would tell you that the network effect that we’re seeing is going to continue to drive performance, which will continue to drive demand for our brands.
So I feel really strongly about all of that, not to mention the fact that we ended the year with an all-time high pipeline of 117,000 rooms. So I not only don’t see any reason why we won’t get back to those organic growth levels, I’d be shocked if we did.
Operator: Our next question comes from Dori Kesten from Wells Fargo.
Dori Kesten: How do you see the unit growth of AMR over the next few years change your regional exposure? I guess what I’m trying to figure out is that there’s greater exposure in Europe. Does that increase your likelihood of more brand acquisitions over there?
Mark Hoplamazian: So the growth for AMR is pretty balanced right now. The resorts in Europe tend to be somewhat smaller in room count than the ones in the Americas. We have a larger pipeline and rooms in the Americas than we do in Europe. We would like to extend and expand in Europe further, so we are focusing on that. But I don’t think it’s going to materially shift the mix.
Dori Kesten: And within your legacy system, can you remind us what the typical difference is in spend for a World of Hyatt guests versus nonloyalty guests, and just how that’s changed over time?
