Michael Bellisario

“Again, Jeff, I want to focus on sort of franchisee feedback and what you're hearing from particularly your U.S. partners. Any feedback on sort of higher rates, weighing on sentiment, any change in development starts and conversion activity there?”

“I want to ask on the BT strength that you referenced. Are you seeing this demand come through the GDS, or is it more local negotiated accounts? And then any specific industries or notable booking patterns to call out would be helpful.”

“And, Justin, I want to first on sort of capital allocation as a follow-up there, just could you dig into the bid-ask spread that you mentioned in your prepared remarks?”

“My question, I sort of want to follow up on David's prior question a little bit, but I want to focus on sort of the hotels you want to keep, not sell. Just, you know, when you guys look back and what you're doing now, you've done a lot of heavy lifts in ROI work recently.”

“It's capital allocation and transactions. One, what are you seeing in terms of investment opportunities and where our deals may be pricing relative to your expectations or underwriting?”