Charles Scholes: One question. You talked in your press release about achieving your goal of retention rate of 95%. Going forward, do you see that as sort of the equilibrium level at this point? Or do you see there’s continued opportunity to improve that?
Geoffrey Ballotti: Absolute opportunity to continue to improve it, Patrick. We — as Michele said, we were in the 94s in ’19. We moved that to 95% in 2021, and we’ve moved it to 95.3% in ’22. Our teams are incredibly focused on that. You blend that in with what we’re doing on the gross unitization side, which we’ve also been moving up. We achieved 7% gross additions in ’21. We moved that organically, take out Vienna House to an 8% organic growth addition in 2022. An all-time record of organic growth room additions for our system, and you blend those two and it’s to Michele’s point, how we’re confident that we could move over time that 2% to 4% to 3$% to 5%.
Operator: Our next question comes from Brandt Montour of Barclays.
Brandt Montour: So maybe on that same theme, Geoff or Michele, the retention goal of just over 95.3% this year versus 95.3% last year. I’m just curious because it seems to me that a lot of folks in the industry think that this is the year where the brands will start pushing back on owners that maybe have some deferred CapEx during COVID that they held off, and this is the year that the brand sort of– the rubber meets the road on a lot of hotels having to deal with that, and we saw Marriott guide to higher deletion rate this year versus what they had last year. So just curious what you guys think about your system, about your brands and your owners that you think you’ll be able to sort of move in the opposite direction of that?
Geoffrey Ballotti: Well, I think the progress that we’ve been making, Brandt, from the 93% to 94% to 95% to 95.3% to your point, gives us confidence. I think there’s still an opportunity out there with the best brand value proposition in the economy and mid-scale space to pick up on the conversion front. And we think transaction volumes are going to continue to accelerate. The stress sales are expected to increase by the second half of this year. So we saw good movement on the adds, as we’ve said, and we’ve been really focused over the last few years. We had significant substandard deletions that were very targeted and very focused in 2018 and 2019 when our retention rates were lower than where they are today. And our brand quality and all of the efforts that we’re doing on the quality front continue to give us great confidence that we can move that number higher.
Brandt Montour: Okay. Okay. Great. And then if we move to the other side of the equation to gross ads because if you say retention might get a little better or stay the same. But if you look at your sort of the midpoint of your net unit growth guidance, would — maybe we’re splitting hairs here, but it would imply not a slight decel versus what you actually did do in ’22. So is that just conservatism? Or is there a part regionally? Or part of the chain scales that you would focus on in terms of your gross ads that isn’t as strong as last year?
