Chris Woronka : Okay. Sure. Fair enough and then, Bruce, when I look at the Playa collection and management fees, I think you are cooking about $11 million in the full year of ‘23, which I think was about a double over ‘22. And so the question is, kind of, how much focus do you have? I know you are doing a lot of things at Playa collection. I don’t know what the management contract opportunities are. But also, are there any other forms of, I guess, our ownerships that are out there. Are there any kind of joint venture possibilities to get you a little bit more, really just a little bit more, I guess top-line but also EBITDA from external growth?
Ryan Hymel : Sure. Chris, it is a great question. Like I said, when I was responding to Chad on the on the five-year plan, we’re definitely focused on driving more growth, right. And so a lot of it just going to come from the owned portfolio, because to be realistic that’s going to move the needle more than anything else, okay? On the management contract side, that – it doesn’t move the needle that much and it will be a factor, but it won’t be a significant factor. Where the Playa collection is, that’s to be determined. I think that can be, a nice, nice kind of bump, in and kind of unexpected surprise. We should be fully rolled out to every one of our resorts within literally within the next few weeks. Okay? And so it’s going to be nice that now we will have the sales center open across our entire portfolio.
And, we’ll see how that Playa Collections sales ramp up. Okay, so that’s, I think are assets. With regards to, kind of what you said joint ventures or other things, absolutely, we are looking at those kind of opportunities. It’s not always a simplest or quickest things to get done, because of more interesting characters in our space probably been in traditional more institutional markets. But there are some good opportunities and I’m hopeful that in the near future, we’ll be able to make some announcements. And again, it’s not going to be like those will be massive kind of EBITDA growth opportunities. But I think they’ll be like the Playa Collection, nice incremental growth to our core portfolio. But we’re really focused on, okay, here’s where we are today.
The business is incredibly solid as we’ve said. Now, how do we just kind of continue to improve, improve our revenues, improve our EBITDA growth, improve our margins, I think that’s where the focus is going to be. So, , we’re optimistic and at the same time, we will continue to repurchase our stock if kind of the stock price stays in the range as it’s been in the last, 18, 24 months, I think you’ll see us continue to do that. And, it’s a pretty significant value enhancer, as well. So, those are the areas that we’re focused on.
Chris Woronka : Okay. Yes. Thanks very helpful.
Bruce Wardinski: Thanks Chris.
Ryan Hymel: Thanks Chris.
Operator: And the final question today comes from Tyler Batory with Oppenheimer. Please go ahead.
Tyler Batory : Thank you. Good morning. A big picture question first. I think for a lot of companies we’re trying to figure out what’s normal in this post-COVID world after several years where things were not normal. So this commentary on comp RevPAR growth this year, low single-digit and mid-single digits, is that normal? Is that what you would expect in terms of growth longer-term? Could there be upside to that range? And then the balance of ADR and occupancy, it sounds like this is mostly rate-driven limited occupancy. What your latest thoughts on balancing occupancy and ADR going forward?
Ryan Hymel: Our thoughts on that and then, your management strategy hasn’t changed essentially at a high level. We’re still focusing on seeding some occupancy in the neighbor really protecting the guest experience, protecting our guest satisfaction scores which ultimately allows you to at a minimum maintain rates not continue to drive it. And so yeah, low mid-single-digits RevPAR growth feels normal. And of course as like we said it’s mostly driven by ADR. There will be increases in our occupancy this year, but it’s mostly because of the ramping from Palm Beach 4, the removal of Punta Cana from last year to the legacy portfolio should be modestly, because I think we’re pretty happy with what I think said as far as occupancy or ability to yield.
If something dramatically change, which is Bruce and we say a few times, that the consumers’ propensity to change, or the world change, of a summer version mean which we’re not seeing and don’t expect. Then maybe we would reconsider our occupancy versus ADR, but today we don’t see a reason to do so.
Tyler Batory : Okay, and then how about just, this longer-term perspective comp RevPAR low-single-digits, the mid-single-digits, I mean, did you think that’s – is that is that what you consider normal?
Bruce Wardinski : Yeah, I think that’s normal. And then, going back to the question of where we’re going to be investing. Okay. So like one of the projects were going to, we have we have land at one of our resorts where add about 110 rooms. And so it’s really going to be a hotel within a hotel, right? And those will be premium rooms. And so those are going to get higher rates and that’s a lot of the focus that we’ve had. Again, we put so many projects on the back burner in 2020 and 2021, even 2022. But, the world was so uncertain, but now we’re looking to rapidly execute some of these things. And, just the ability to create more premium rate category rooms, okay. Add other non-package revenue opportunities, that we’re looking at.
we had some success recently and we’re hoping to do more of that. Things that will kind of drive that growth. So, if you take that normal which I do think, it’s kind of the low-single-digit kind of mystical digit increases are normal and then you add 100, 200, 300 basis points with some of these projects not it may be on the whole portfolio, but in individual resorts, no, I think you’ll start to see very healthy and attractive growth opportunities. And more importantly than anything else, EBITDA growth, right there it it’s going to flow through.
