Sean Dell’Orto: Hey Smedes, this is Sean. Yes, certainly, I think as you look at kind of the back half of the year on that range, I assume you’re kind of talking obviously more — a little bit more year-over-year comparison? Ultimately yes, ultimately, I think — yes, we think we can ultimately — we feel pretty good about holding margins at least at a steady level relative to prior year in the back half of the year. As we kind of look at it, clearly, we move forward. I mean a good amount of it relies on our picking up the group which only think is a great group year for us. As Tom alluded to in his remarks, the pace is over the same time last year is strong. We actually think it’s getting stronger. And so we feel pretty good about being able to right size some of the margins, especially on the F&B side to kind of drive home a better flow-through as we kind of bring in the banquet and catering that comes along with group over the next — the back half of the year essentially, while we have, for the most part, a lot of the other types of costs, generally fixed, we’ve talked about labor and now we feel like in a good position now.
We’re not looking to add positions. So in the end, I think we pretty well have set in the cost structure. So I think we can actually see a decent flow-through even if it’s a little bit on the RevPAR side, a little bit lower than expected?
Smedes Rose: Okay. And just in your composition of RevPAR, I mean it’s fair to say that it’s maybe more occupancy-driven this year versus rate-driven, which seems to be sort of a theme in the industry. But I’m just wondering if you’re thinking that way as well.
Sean Dell’Orto: Exactly, Smedes. That’s how we’re thinking about it as well, certainly a lot more opportunity than rate.
Smedes Rose: Okay, thank you.
Operator: Our next question comes from the line of Patrick Scholes with Truist. Please proceed with your question.
Patrick Scholes: Thank you, operator. Good morning, everyone.
Tom Baltimore: Good morning, Patrick.
Patrick Scholes: When we think about the full-year RevPAR guide 7% to 14%, drilling down a little bit more on our customer set, how might you think that specifically the leisure travel RevPAR would look in that range. Would be towards the lower end of the 7% to 14%? Or how would you think about that? Thank you.
Sean Dell’Orto: And in terms of the RevPAR improvement year-over-year, certainly, on the lower end, I mean, you can imagine you’ve got some moderation in the markets like Southern Florida where you’ve had tremendous uplift. And so while we’re still well ahead of €˜19 levels, I think from a year-over-year comparison, they continue to be tough comps. We’ve seen as well some moderation in places like our Santa Barbara asset, again, has performed tremendously. But I would say still we’ll continue to have some positive growth, but on the lower end of the range. Hawaii is still, I think, strong and certainly the first half of last year, it was still trying to ramp up. So we still have some, I think, easier comps for that market as great as it’s been.
I think we’ll still kind of see that pretty strong in the first half of the year. And ultimately, we’ll face tougher comps in the back half of the year. So put it all together, I think, certainly, you see the leisure end being a little bit lower on the end versus certainly urban where we have tremendous growth year-over-year, certainly in Q1 and certainly as you build through the rest of the year.
Patrick Scholes: Okay. That’s it from me. Thank you for the color.
Tom Baltimore: Thanks, Patrick.
Operator: Our next question comes from the line of Aryeh Klein with BMO Capital Markets. Please proceed with your question.
