Brandt Montour: That’s hugely helpful. Thank you. And then just as a follow-up on the development outlook and discussion from earlier. Obviously, signings sound like they are really strong, Tony had talked about. I am curious if you could talk a little bit about the segment of the pipeline that’s in the planning phases, not just signed, but maybe had been there for a little bit? And not necessarily stale, but just curious if there is a dynamic in that pipeline that you are seeing that’s any different than history?
Tony Capuano: No, I don’t think so. I mean maybe the best empirical metric to answer your question is fall-out from the pipeline, which would be canceled projects, and that’s running interestingly kind of on pace with what we have experienced historically over a long period of time and with what we were experiencing prior to the pandemic. As Leeny pointed out in response to an earlier question, the move from sign to getting a shovel on the ground has not accelerated as much as we would like. But again, we are seeing the number of construction starts, particularly in the U.S., moving meaningfully from the bottom of the trough, albeit not quite back to where we were prior to pandemic.
Brandt Montour: Prefect. Thanks everyone.
Operator: We will take our next question from Chad Beynon with Macquarie.
Chad Beynon: Good morning. Thanks for taking my question. First, I wanted to ask about group pace. Tony, you talked about kind of the movement to €“ in the year, for the year. And kind of how that’s changed over the past couple of years? So, as we look out to like €˜24, what percentage of rooms are on the books now versus what would normally be on the books this early? And does that kind of affect how you think about RevPAR outlooks? Thanks
Tony Capuano: Sure. So, as I mentioned earlier, the group has been a real bright spot for us and not just looking backwards, but even forward. If you look at what we have on the books for €˜24 on January 1, €˜23, that’s about 5% ahead in gross revenue from where we were a year prior, meaning comparing that to what was on the books for €˜23 on January 1, 2022. And so we are pacing ahead of where we were a year ago. And we are enthused at the prospect of those numbers continuing to expand because of the in the year, for the year phenomenon that you described.
Chad Beynon: Okay. Great. And then something that we will probably talk a lot more about as we get through €˜23, Congress has talked about a reduction in what they call surprise fees. So, I guess these would €“ in your industry, they could potentially hit some of the resorts on the back-end. Can you talk about how your partners are thinking about what would happen if these below-the-line fees kind of move to above-the-line? If those would just be included in the rate or if there could be a difficult transition period if they are banned? Thanks.
Tony Capuano: Well, as you would expect, we listened with great interest to the President’s comments during the State of the Union. It appeared, if you listen to what he actually said, his concern was €œhidden fees.€ And the manner in which we disclose resort fees or destination fees, combined with the rigorous process we have to approve the implementation of one of those fees and the requirements for a meaningful value proposition before those fees are approved, give us comfort that we have the right strategy. The other thing I would remind you across our 8,300 hotel portfolio, I think we have got less than 300 hotels that have those sorts of fees. So, in terms of materiality, it’s quite impactful for those individual owners, but less impactful on a portfolio-wide basis.
Chad Beynon: That’s helpful. Thank you.
Operator: We have reached the allotted time for questions. I will now turn the program back over to our presenters for any additional or closing remarks.
Tony Capuano: Well, I want to thank you again. These calls are a lot more fun to engage with you as we continue to see empirical evidence of the resilience of travel. We appreciate your thoughtful questions and look forward to seeing you on the road. Thank you.
Leeny Oberg: Thank you.
Operator: That concludes today’s teleconference. Thank you for your participation. You may now disconnect.
