Tom Baltimore: Well, thank you.
Operator: Our next question comes from the line of Robin Farley with UBS. Please proceed with your question.
Robin Farley: Great. Thank you. I’m interested on what’s going on.
Tom Baltimore: Hi, Robin.
Robin Farley: Hi, good morning. How are you? I’m interested in what’s going on with business transient. And just looking at your urban RevPAR, which maybe is a good way to think about business transient. It seemed like just almost a rounding error in terms of sequential improvement in Q4 from Q3, right, where occupancy kind of relative to 19, down 18 points — down 17 points of Q4, slightly better than down 18 points in Q3. But I guess mostly seems like a rounding error? I guess I wonder if you could talk a little bit about what you think is going on with business transient because it’s just sort of surprising that, that didn’t maybe show a little bit more and certainly, you’re not the only hotel company where I think we’re not seeing as much of that. But I’m curious what you think is happening with business transient. Thanks.
Sean Dell’Orto: I think with business transient, we certainly have seen and we’ve tried to test it through looking at mid-week occupancies throughout the year, and we certainly saw a tremendous improvement. Our occupancy sequentially, especially look at an urban portfolio is a little skewed in the sense of getting San Francisco to be coming back to it, but there’s definitely some shifts in a big citywide there. When you look at €˜19, that caused a lot of hard comps as you think about Q3 and Q4 and looking at it sequentially. So ultimately, you kind of normalize for that, I think you see — you would see a little bit of improvement in occ in that portfolio from Q3 to Q4. Going into Q1, certainly been a little slower. We’re certainly focused on some of the big corporate accounts and kind of they’re coming back.
It’s certainly, as you think through technology and whatnot with the layoffs, you’re seeing a little bit of hesitancy and travel and lack of travel there. Some of the other verticals have been strong through the end of the year, but financial services and the like, a little bit lighter. Clearly, transaction activity and other things are light right now. We do expect it, though, to kind of — to continue to kind of right size and pick up some more though. You certainly had some disruption around holiday events in the holiday weeks in Q4. And so I think when we kind of get beyond, get to more normal cadence here as we get into March, I think we’ll see that pick up again. Certainly, when we’re monitoring, that’s one we certainly feel better about group and lease holding on and business transient, but I feel pretty good that we’re going to see still a recovery there this year.
Robin Farley: Okay. Great. Thank you. And just a quick follow-up. You did already alluded to the fact that San Francisco wasn’t cash flow positive, and I know you talked about that for a while through last year. Are you at a point in recovery where it’s starting to be cash flow positive? Or is that not necessarily something you expect for right now?
Tom Baltimore: Robin, we do. We are encouraged that and certainly believe it’s going to be cash flow positive. Now do we expect it back to €˜19 levels and peak, we do not at this time. But we certainly turning the corner and expect it to be cash flow positive.
Robin Farley: Okay, okay, great. Thanks.
Tom Baltimore: Thank you.
