Operator: The next question comes from Smedes Rose with Citi. Please go ahead.
Smedes Rose: Hi. Thanks. I was just wondering if you could just talk kind of bigger picture about what you are seeing on the competitive side in terms of any new supply coming into the market that you could speak to?
Bruce Wardinski: Sure, Smedes. It’s not anything significant. So, kind of due to the pandemic, many projects got kind of put on the backburner. I mean there are new projects happening, but it’s not a significant level and it’s not impacting any kind of market dynamics whatsoever. So, overall, it’s just kind of steady modest new projects.
Ryan Hymel: And then usually where you are seeing it, as we have said in the past, where you do see some supplies again further and further away from the airport because the prime mature markets are essentially built. Like even if the overall Yucatan Peninsula is projecting mid-single digit room supply growth, it’s less than 2 percentage points in Cancun properties, is nowhere else to go. So, that’s the benefit of having been in these markets as long as we have.
Smedes Rose: Okay. Thanks. And then I just wanted to ask you maybe a little bit more about the relationship with Wyndham at this point. You have had the ultra-conversions underway for, I guess a few quarters now. Could you just speak to how that relationship is going? Are you happy with the list of those properties since they were rebranded?
Ryan Hymel: Sure. In short, the relationship is going incredibly well. We couldn’t be happier with our relationship with Wyndham and I think it’s probably mutual from their standpoint, too. The Wyndham Alltra was the brand that they created, targeting all-inclusive to the Wyndham customer. At that price point in the all-inclusive market, that’s probably the largest segment of the all-inclusive market. So, when we were looking at brands that we could partner with, it was very important to us to partner with the highest quality possible brand because that kind of price point segment is so large and so important to us. And so the projects we have done so far had performed well. The contribution from Wyndham is solid and growing and we think it will grow even more in the future as there are more and more Wyndham Alltras.
We are working – our development team is working very closely with their development team and hopefully, you will see additional Wyndham Alltra announcements in the near future. But overall, I think it’s a great opportunity for both us and Wyndham just because of the number of opportunities. And most of those are conversion opportunities. So, these are not ground-ups that take a significant amount of time to get up and going. These are ones that require a modest to a little more significant PIP that can be getting done very quickly and start to deliver higher results very quickly. And what’s happening is owners in our space are seeing the success that we have had and I think it’s going to drive more conversions to the Wyndham Alltra brand.
Smedes Rose: Okay. Thanks. And then can I just pop in one more? Just could you maybe update on where you are on selling the two Jewel properties and maybe kind of what – just a little bit more about the process and timing?
Ryan Hymel: Sure. We are well in the process. But as we have said over the years, anyone who has listened to us, in our part of the world, things move a little slower, okay. And it’s just the nature of the beast. But we feel highly confident that we will conclude transactions, but we can’t at this time, give any kind of more clarity or definitive timing on that, but the process has been underway and is moving well.
Smedes Rose: Okay. Thank you.
Ryan Hymel: Thanks Smedes.
Operator: Our last question comes from Chris Woronka with Deutsche Bank. Please go ahead.
