Gregory Miller: Okay, I appreciate that. And then from my follow-up, this is more of a broader question on the full year guide. In order for you to achieve the top end of your full year guidance based on 1Q results and the 2Q RevPAR outlook that you’ve provided, what variables do you think have to actualize in order for you to hit that top end of the guidance?
Leslie Hale: Yeah, I mean, what we said before was that our portfolio indexes to urban indexes to BT, and so really, as goes BT, as goes our portfolio, and that’s sort of the way to think about it. I think that is the biggest input to your question.
Gregory Miller: Okay. Thanks, Leslie.
Operator: Next question, Chris Darling with Green Street. Please go ahead.
Chris Darling: Hey, thanks. Good morning, everyone. Leslie, I think in your prepared comments you mentioned plus or minus 7% growth in out-of-room spend during the quarter, so pretty significant spread relative to RevPAR growth. What’s your expectation for how that gap in growth between room revenue and non-room revenue to trend throughout the year? Should we expect a pretty similar sizable gap there?
Sean Mahoney: Yeah. For the full year, Chris, this is Sean, we expect anywhere from 50 basis points to 100 basis points premium of total revenue spend — total revenue growth versus RevPAR is kind of how we’re thinking about the year. So, when you look at at-a-room spend, obviously that equates to a larger percentage when you look at those lines in a vacuum. But in total, when you think about total revenue growth versus room revenue growth, it’s that 50 basis point to 100 basis points is how we’re thinking about for the year.
Leslie Hale: Right. And that’s really being influenced by a lot of things that we sort of talked about before in our prepared remarks and that Tom hit on as well from what we’re doing in our public space and taking non-revenue generating space and turning it into revenue.
Chris Darling: All right. Yeah, all helpful comments there. And then, maybe a follow-up to the prior question. Leslie, you mentioned kind of as BT goes, the portfolio goes. Can you talk a little bit about what you’re seeing on the larger corporate account side? I think we’ve heard from some of the brand companies that maybe there’s a little bit more encouraging movement in that regard more recently?
Leslie Hale: Yeah. I mean, I would say that in general, BT continues to benefit from SMEs, which remain very strong and healthy. And that we are continuing to see a ramp in national accounts on the corporate side, industries from the tech and financial services, consulting, all of that is ramping up, and — in general, but it’s also being aided by the return-to-work mandates that we’re seeing as well. And so, I mean, Tom can give some additional color, but big picture, it’s strong. I think the other thing that’s worth noting as well is that, what we’re seeing on the BT side is that it is balanced between rate and occ. It’s not just one or the other, and that is a very important point as well.
Tom Bardenett: Yeah. And I think that’s where I was going to add some color, Chris. When you think about it, so the RFP season was healthy. We had rate growth, so you automatically have that as a backdrop when the national corporate accounts come back with demand. And so, what we’re encouraged about is the demand was just as healthy as the average rate. And that’s where we see the growth on day of week, our Monday, Tuesday, Wednesday is where our most significant growth in RevPAR was in the first quarter. We don’t see that changing, that’s where the opportunity is because that’s where you look at the percentage of ’19 is still — from an occupancy and demand standpoint still in the low-90%s to high-80%s. And so that’s where we think BT can give us that RevPAR lift.
From an account standpoint, Leslie is right, national corporate is where we see volume increasing, and I think you heard that from the brand calls already. And that’s where you’re seeing some additional demand coming in on those days. As far as return-to-office, the highest amount of people going back to the office is Tuesday night, at about 61%, 62% nationally for our industry, and the lowest demand is Friday at 34%, no surprise, right? So, Thursday is still a check-in day for weekends, and mid-week we see that office demand, that’s the Monday, Tuesday, Wednesday that we’re trying to yield with that BT coming back at those moments in time.
Leslie Hale: And that midweek is translated into 2.5% growth for us in the first quarter. We’re still seeing that strength. And May is a month that generally benefits significantly from BT.
Chris Darling: All right, very helpful. Thanks all.
Operator: I would now like to turn the floor over to Leslie Hale for closing remarks.
Leslie Hale: Thank you everybody for joining our call. We look forward to seeing many of you over the next several weeks at various conferences. For those of you who don’t see us — who we don’t see, we hope you have a great summer. Thank you, everybody.
Operator: This concludes today’s teleconference. You may disconnect your lines at this time, and thank you for your participation.
