Operator: Our next question comes from the line of Bill Crow with Raymond James. Please proceed with your question.
Bill Crow: Yes, thanks. Good morning.
Tom Baltimore: Good morning, Bill. How are you?
Bill Crow: I’m well. Thank you, Tom. Sean, I want to start with you and following up on Robin’s question about the urban properties. And I’m just curious what your RevPAR index trends are within those properties?
Sean Dell’Orto: We have — the trends on — well, certainly for — I’d say for San Francisco, it’s — they’re lagging. We probably typically see 90% RevPAR and next 95%. I mean it’s definitely bigger boxes to fill and relative to its location relative to others in the comp set, to the convention center certainly puts a disadvantage. It’s now, I would say kind of in that mid-60 to 70. We certainly expect that to improve as we get better in compression, but that one is lagging. New York is, I think, on par of what we’ve seen in the past and actually a little bit better than we saw in €˜19. And ultimately, Chicago, as a box — as a big box in Chicago, we’re seeing that hold its index relative to €˜19, probably within about 5% to 10% of where it was in €˜19 and then ultimately, New Orleans, we feel, is pretty much right there, a little bit above where it was in the past.
Again, given its productivity, the convention center, I think it’s certainly been helpful for that asset. Those are probably the key markets I would probably be pointing to Bill, for kind of review the index.
Tom Baltimore: Bill, the other thing I’d add to that, if you look historically, going to date myself here. But if you probably went back and look 10, 20 years or more, I would bet the San Francisco complex ran between 90% and 100%. And part of it is the size of the facility and the complex and also the location. So clearly, well below that. And I think there are reasons for it as it’s ramping back up. But just to put it in context and to frame that for you, we’re well aware, one of our projects is going to be, and we’ve been completely transparent about this, we were going to renovate Park 55 in €˜20, obviously, the pandemic but the model rooms are done. The capital is allocated. It’s just a matter of when we’re going to begin that. We’re going to wait; we’ll figure out how we refinance the asset and then that will be one package. But we clearly are going to get that done, and that certainly is going to help the overall complex.
Bill Crow: And Tom, you remain bullish on — or optimistic, I should say, in San Francisco, which I appreciate. I think there has been some progress made on the ground and have written that, and you and I have talked about that. But the economic aspect of it has got worse and downtown is kind of turning into a little bit of a ghost town. So what would make you less optimistic? I mean, if the JPMorgan announced a relocation when their contract ends, is that — is that a turning point for the market you think?
