Marcel Verbaas: It’s hard for me to give you an exact number on that, because it can be such a wide range, right? I mean, if you just say, look, we’re just going to do a very basic room renovation, is that really the right thing to do as opposed to also touch and common spaces restaurants, meeting space and all those type of aspects. So, we believe that, I mean, clearly there’s a true additional costs as it relates to the expansion of the meeting space, which we think is a very important component of this overall project. So there’s clearly a true additional cost there that clearly is some additional costs as it relates to going to the standards over Grant Hyatt over what it currently is Hyatt Regency. But when we looked at those alternatives, we really looked at it across a really wide range, wide spectrum of varying level of cost and what we thought that would do for us on the return side.
So, it became pretty obvious and clear to us that going down this path and being able to get the luxury branding through Grant Hyatt, doing all the things we’re planning to do, especially on the food and beverage side, creates much more interesting and exciting opportunities and get hired and widespread project and product to sell and get the right appropriate returns on.
Michael Bellisario: Got it. And then just last one for Atish, can you quantify that $30 million year-over-year headwind for each of the three buckets, you gave asset sales, cancellation fees and renovation disruption?
Atish Shah: Yes. So asset sales is $6 million. We put that in the release. Cancellation and attrition fees, last year, we earned $18 million typical run rate would be closer to nine. So that’s about a $9 million headwind. And then the balance is the renovation disruption, which is the $15 million that we call that release as well. So that together gets you to the $30 million.
Marcel Verbaas: And there’s obviously a number of renovation projects in there. And over and above Scottsdale, which we’ve obviously focused on quite a bit. But we do have rooms renovation at Grand Bohemian Orlando, Kimpton Canary Santa Barbara. Renovation is helping, renovation we’re doing at Monaco Salt Lake. So those are kind of the bigger projects that are rolling up there to start production.
Michael Bellisario: Got it. Thank you.
Operator: Thank you. The next question comes from Aryeh Klein with BMO. Your line is open.
Aryeh Klein : Thanks. Maybe just on the W Nashville, you have a few more months under your belt here. And EBITDA I guess came in at the adjusted expectation 12 million. How are you thinking about that asset this year, and kind of what your expectations are?
Barry Bloom: Hey, Aryeh, it’s Barry. Thanks for the question. I would say that each month, we’re kind of incrementally seeing more and more progress toward what the goals are. Obviously, we’re happy to hit a revised number. But I think we had a lot of confidence in that. What we’re looking at for this year is continuing what we’ve done, historic, which is looking at really changing the mix of the hotel, so it’s more group focused. And we spend a lot of time and effort focused with the Marriott team on how to best position the hotel, by season, and it’s a different hotel in January in February, than it is in April and May. It’s a different hotel on weeknights, than it is on weekends. And really, we’ve spend a lot of time and focus on that.
We’ve done some re-energizing with the food and beverage team. And the focus on food and beverage and really focus rather than overall really dig in and focus outlet by outlet on where the opportunities are, what’s worked, what hasn’t worked, and how does each outlet get positioned as the best outlet kind of within its class within the local market.
