So I think it’s the relation. And I think it’s just IHG’s reputation and how we work and how we partner. The way we have done M&A, whether it was with Kimpton or whether it be Six Senses or Regents, the way we’ve treated those brands and protected them, we are seen as being a very good steward of brands and a very good company to partner with. And that’s very important when a company like understands their commitment to sustainability and can be a really, really good partner too. So, I think it’s a combination of enterprise platform. We’re more global and focus in nature and also the reputation we’ve built out there to be a great partner.
Operator: And the next question goes to Alex Brignall of Redburn.
Alex Brignall: Just two, please. So signings, I think we hope to be a little bit is obviously quite a lot lower than the group average. And I wonder whether that is a negotiating point when you’re trying to look at these future deals and whether when we think about future deals, they’ll come at lower royalty rates Iberostar has, therefore, how we need to model that, if that’s going to be a building block of your net unit growth in the future?
Keith Barr: Thank you. So signings. I think Q4 signings, we were very focused on getting the Iberostar deal across the line. And we were lighter in 2 markets, I would say for slightly different reasons. We were lighter in EMEAA than we expected to be because there are some fairly large deals that have been moved from Q4 last year into Q1 this year. So you will see a step-up in the EMEAA region in signings. That’s just a question of timing. It was literally trying to get the number before year-end and now they’re happening in Q1. And then China has been a significant portion of growth now. We have grown market share in China. So we continue to have the leading position in China from an operating platform and from a share of signings, there just were fewer hotels signed in China last year overall.
So again, those are 2 areas we would expect to see an acceleration coming into 2023 to drive further growth. And then in terms of the royalty rate, these are very complicated partnership deals because they’re distribution relationships, there’s a royalty rate to it as well. And each 1 is going to be slightly unique. I think we will be transparent with you as we announce them as how you think about them overall because I think some could be more lucrative, some could be very, very similar to this overall. Paul might have another comment or two.
Paul Edgecliffe-Johnson: Yes. I think the point I’d make is that the fees per room we’re getting on this are higher than average. And if you think about the nature of a franchise contract is that we’ve created a brand and then we charge a fee to someone to use the brand — that isn’t the case here. This is Iberostar have the brand; they’re now working as an exclusive partner with us. So, you wouldn’t expect exactly the same nature of contract but I think the key thing is that we are getting a fair payment for what we will deliver to them and making fees greater than our average fees is very pleasing. And we’ll generate, as Keith said earlier, more than $40 million on the P&L and growing a similar amount on the system fund. So very, very pleased with the deal.
