Marcel Verbaas: Yes, sure. Obviously, like I said, we continue to build a pipeline, look at a pipeline and see what’s out there, just continues to be fairly shallow as it relates to assets that we think would be strategic fit for us. And that will be good growth drivers for us, especially with an unprecedented position that still was out there. We do think that as we get deeper into the year that there just might be more product, it comes to market. And I think that’s absolutely the view of most of the brokerage community has to if most of the communication that we have with the brokerage community, there seems to be somewhat a consistent view of fact that the market isn’t terribly deep right now. But that there is an expectation of some more product coming to market as we get into the second half of year.
But some of that is obviously going to be driven by what’s the overall economic climates. What is the interest rate environment look like. But there certainly will be a number of owners that are looking at refinancing situation where they may just say, look, it might be an attractive time to potentially sell an asset as opposed to having to refinance at significantly higher rates and where to currently finance. So that’s really our view as well, at this point that we think there should be an environment coming up that will be more confused system or product being out there also having more choice and more of an ability to look at what’s really attractive to us, and what will be additive to our portfolio.
Unidentified Analyst: Very helpful. Thank you for the color there. And then giving your guys strong liquidity position and strong balance sheet. Are there any markets or locations that you don’t currently have exposure to that you’d like to get more exposure to or anything that would make sense at this point?
Marcel Verbaas: Well, we’re going to remain, obviously, we’re going to stick to our strategy as far as what works well, for us. And clearly, we’ve had more of a focus on some of those locations. And I don’t see that changing over time. I think we’d like those markets from a long-term perspective. We like the overall market dynamics. And there are still some markets that we’re not in there. Some markets where we are where we could still increase our exposure to some extent. But I’ve always been hesitant to really call out specific markets, because we want to be opportunistic, and we want to look at assets that we think are good potential fit for portfolio without really kind of putting ourselves too much in a box of any specific market that we’re targeting.
So that that’s, again, goes back to hopefully having a greater opportunity set that allows us to look at a little bit wider range of markets, and that gives us a chance to say, okay, this is market that we’re feeling really confident about and where we like the current dynamics. And again, this could be a market where we’re not could be, a market where we are already where we have some exposure. Clearly there are a few markets where we have a lot of exposure already, so it’s unlikely hope we’ll expand it though. But we like — having the kind of geographic diversity that we’ve always had throughout our history.
Unidentified Analyst: Very helpful. I appreciate all the color Marcel. That’s all for me.
Operator: Thank you. We have a follow-up from Bill Crow with Raymond James. You may proceed.
Bill Crow: Yes. Thanks for letting me jump back in. Quick question on the Grand Hyatt upgrade, given the amount of capital that you in net asset. You have any protection from Hyatt that they will not introduce a Park Hyatt into that market?
