Patrick Chaffin: Yeah, absolutely. Just to build on what Colin is already saying and Patrick, to your point because I think you’re anticipating this, our fourth quarter holiday traveler is really more of a local regional traveler. And so we absolutely saw a little bit of summer softening in the leisure business. I would say a lot of that, though, was tied into the pool complex incident at Gilead Rockies, which obviously put a damper on the transient production into that hotel. And we agree that we think there’s been some international travel that’s gone out of the states, but not necessarily seeing the same level coming back into the states. So that impacted the summer, but as we move towards the holidays, folks are looking for a local regional solution for families to get together.
And as we’ve talked about many times, the programs we’ve put in place, especially with ICE coming back last year and returning again this year, provides that solution. And so we’re hopeful that the summer softening we saw will not continue into the fourth quarter and that the local regional traveler will still be very strong for the fourth quarter of this year.
Colin Reed: And Patrick, you’re correct. The structural trip occasion is different for our hotels versus going to Europe or going somewhere for a week or two weeks. These are short regional stays, family vacation ways. They’re really not substitutable with a trip to Europe.
Patrick Scholes: Yeah. Understood. Maybe you have said this in the past, but for your acquisition in Texas, are you planning to put in the holiday events like ICE at that hotel?
Mark Fioravanti: Yes. We’re going to do it in a phased approach. Because we acquired the property on June 30, we do not believe there’s time for us to get the property completely ready for an ICE type programming offering, but we are going to be offering some holiday programming and step up as we move from ’23 into ’24. We anticipate that by holiday of 2024, we’ll have ICE and the tent and everything all set up. So we’re going to give them a little taste of what we’re going to be bringing in ‘24 this year and then in ‘24 the full complement.
Patrick Scholes: Okay. And then any other of the entertainment segment programs that you would introduce at that hotel besides ICE?
Colin Reed: That’s back to Mark’s point earlier. That is something that we’re studying and looking at and trying to understand what fits best in that market and then that hotel, given the customer base and the opportunities around it.
Patrick Scholes: Okay. Got you. Thank you for your color.
Colin Reed: Thanks, Patrick.
Operator: Our next question comes from Chris Woronka, Deutsche Bank.
Chris Woronka: Hey. Good morning, guys. Thanks for all the details so far. So maybe we can go back to a minute, Colin, your intro comments talked about rimanizing the JW, which I think is a great term. You guys probably trademark it. But the question is, how much — if we were to bucket these at a high level, how much of this is kind of getting a different kind of group in there or versus operational changes, efficiencies versus new revenue streams. I know that’s a lot of buckets, but maybe some high-level thoughts on what’s the level of difficulty of getting this to the process level (ph)?
Colin Reed: The short answer is yes, all of the above. Patrick, do you want to just some of the process stuff that we’ve been working with Marriott on, which is all good. And then how we think about the inducing of new demand into that market.
Patrick Chaffin: Absolutely. Mark kind of touched on this already. The initial focus right now is on getting new vendor contracts in there, so we can really take advantage of a very similar portfolio and get the economies of scale into whether it be parking contracts, retail contracts, whatever it might be, Wi-Fi, audiovisual contracts, et cetera. And then as we just talked about with Patrick a moment ago, then introducing the holiday programming this year and stepping it up in 2024. Mark alluded to converting space into more revenue generating or getting higher yield out of the spaces that are there today. We think there’s sizable ADR opportunities. But to your question specifically, once we get beyond those initial six month to 18 month short-term opportunities, it’s really studying the property and asking ourselves to what level do we want to rimanize or bring it towards a Gaylord.
