Michele Allen: Yes. So let me start by saying half the rooms in the current pipeline of either conversions or new construction projects that are already in the ground. So that’s going to significantly reduced our exposure to the current market dynamics and then we’re just seeing with the other half of the pipeline. And that, I’d say, the rapid rise in interest rates have impacted all asset levels in Canadian hotels, but hotels are unique and that they are — they have value rates and can offset cost side of that equation, whether it be inflation or interest on higher pricing, and they have the ability to do that daily, which is what we saw all during 2022. And developers — our underwriting sustained increases in ADR, which is either partially, or in some cases, fully offsetting the higher interest expense.
So we and the well-capitalized developers that we’re working with, we all believe this is the best time to build. Even though interest rates are higher than the historic lows that we’ve seen over the past decade, we’re all expecting that they will decrease a bit once inflation is under control and the economic uncertainty that we’re facing to pass this over and these select-service hotels have minimal staffing requirements. They’re delivering really high ROI for our owners and offering very attractive rates even in this environment.
Operator: Our next question comes from Dan Wasiolek with Morningstar.
Dan Wasiolek: So maybe wondering if you give update on your loyalty membership where that’s at? How that’s grown and the engagement of it pertaining to the number of room nights or percentage of room night is being booked by the loyalty base? And then second question, just I think you mentioned that the direct bookings were up 23%. Was that for 2022? And wondering if you could also give a similar figure for the OTA channel?
Geoffrey Ballotti: Sure. Our enrollments, to the first part of that question, grew 8%, Dan, year-over-year. We’re at 99 million members globally. And it is what’s driving that double-digit year-on-year percentage quote. Our brand.com growth is at the highest level it’s ever been. And to the OTA piece, it is outpacing the OTA growth. Our share of occupancy has increased 500 basis points domestically to where it was pre-pandemic, which is pretty remarkable, nearly 1 out of every 2 check-ins to our economy mid-scale, upper mid-scale, upscale brands are coming through the program. But we’ve got nearly that same percentage now in the economy space. And we have certain brands, like La Quinta and American that are pushing 60% share of occupancy blended. It’s about a 50% share of occupancy domestically.
Operator: At this time, I show no further questions in queue. I’ll turn the call back to Geoff Ballotti for closing remarks.
Geoffrey Ballotti: Thanks, Todd, and thanks, everyone, for your questions and your interest in Wyndham Hotels & Resorts. We’d like to, once again, thank our valued team members for their significant accomplishments around the world and for helping us deliver our eighth sequential quarter of organic net room growth along with a 12% growth and at a development pipeline that’s never been stronger than it is today. Domestic and global RevPAR growth accelerated to both prior year and 2019 levels and occupancy continues its recovery, providing a meaningful tailwind for us in the year ahead. With consumer travel demand holding steadfast in our iconic and trusted brands delivering record levels of direct contribution through our brand.com channels, we are very enthusiastic about the opportunities that lie ahead in our ability to deliver outstanding value to our shareholders, our guests, our franchisees and our team members.
