Good morning, ladies and gentlemen, and welcome to the Chatham Lodging Trust 2nd Quarter 2026 Financial Results Conference Call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on August 4, 2026. I would now like to turn the conference over to Chris Daly. Please go ahead.

Thank you, Matthew. Good morning, everyone, and welcome to the Chatham Lodging Trust's second quarter 2026 results conference call. Please note that many of our comments today are considered forward-looking statements as defined by federal securities laws. These statements are subjects to risks and uncertainties, both known and unknown, as described in our most recent Form 10-K and other SEC filings. All information in this call is as of August 4th, 2026, unless otherwise noted, and the company undertakes no obligation to update any forward-looking statements to conform the statement to actual results or changes in the company's expectations. You can find copies of our SEC filings and earnings release, which contain reconciliations to non-GAAP financial measures referenced on this call, on our website at chathamlodgingtrust.com. Now, to provide you some insight into Chatham's 2026 second quarter results, Allow me to introduce Jeff Fisher, Chairman, President, and Chief Executive Officer, Dennis Craven, Executive Vice President and Chief Operating Officer, and Jeremy Wegner, Senior Vice President and Chief Financial Officer. Let me turn the session over to Jeff Fisher.

Thanks, Chris. Appreciate that, and I also appreciate everybody who's joined us today on our call. Lots of good stuff to talk about here. It was a great second quarter, which followed a very good first quarter, and as a result, we have increased our guidance by approximately 20% since the start of the year. It's a pretty simple equation to explain. We combined a great acquisition together with strong operating results and share repurchases. We believe the lodging industry is in the early stages of a protracted upcycle. Of course, we understand the Iran conflict makes the near-term choppy, but we really like the long-term dynamics. Leisure travel remains strong and will continue that way as domestic travelers realize over the last five years how much they value those experiences. And of course, for us, it's important to focus on business travel, which is the biggest driver of our portfolio and represents around 75 percent of our EBITDA. We are really seeing business travel accelerate even more than it has over the last few years at a faster pace, and that's no different than what you've been hearing from the airlines and the hotel brands. On their most recent calls, Delta and United reported corporate travel is up 20 to 30 percent, with close-in bookings increasing and small to medium-sized businesses recovery is surging. There's so much business investment happening around the country across many different industries, especially manufacturing and technology, and this is really starting to boost the upscale and midscale hotels as these travelers are generally not staying in luxury hotels. I'm sure many of you heard that Hilton on its conference call echo these same thoughts as they stated the biggest single change they have seen over the last couple of quarters is strong growth in mid-week business transient travel with very encouraging patterns in small to medium-sized businesses in terms of occupancy gains and their rate growth outstripping what they were seeing from the big corporates. These trends will benefit Chatham more than most of our peers, and as you will hear in the next few minutes, we are seeing great results in our recently acquired six-hotel portfolio that further validates the demand growth in the small to medium-sized businesses across the manufacturing belt in the Midwest and Southeast. On top of these encouraging demand trends, the supply part of the equation should also benefit existing hotel owners. Construction costs remain quite high, and development is only justified in a few special markets, such as our downtown waterfront Portland, Maine location. On that note, we are excited to have commenced construction on our 130-suite home-to suites on what was a surface parking lot adjacent to our Hampton Inn in the heart of the downtown waterfront. The development includes approximately 5,500 square feet of commercial space at the corner of Middle Street and India Street that will be sold. This commercial space is ideally positioned in the heart of the most favorable area of downtown Portland. Although we are very early in the project, we are anticipating the hotel will open just before the summer of 2028. Total construction costs are expected to be $45 million or $350,000 per room, though through the sale of the commercial space will reduce our basis. We estimate our unlevered year to stabilize yield will be around 11% and will be meaningfully accretive upon its opening. Now let's talk about another great investment that's paying off for our shareholders, our share repurchase plan, which, by the way, we launched in May 2025. We've repurchased another $3 million of stock in the quarter, bringing total purchases to date of over $18 million out of our $25 million plan. Since inception, we've repurchased 2.5 million shares, which equates to approximately 5% of our outstanding shares and units at a price of $7.29, or a corporate NOI cap rate of approximately 10%, and hotel NOI cap rate of 11.3%, and an almost 50% discount to our current trading level. Just a great use of free cash flow and, obviously, a tremendous return for our shareholders. We've paused repurchases now, whereas the current share price has rebounded and the valuation disconnect has compressed. As always, we continually evaluate potential acquisitions and weigh whether to use our capital to acquire hotels or repurchase shares. and trust us, we understand the importance of investing our capital wisely. On the acquisition front, I have to highlight the outstanding performance of our recently acquired portfolio of six hotels in Missouri, Illinois, and Kentucky. Performance is surpassing our expectations. Rev Par growth accelerated further in the second quarter, up 9% on an even split between occupancy and ADR. Second quarter occupancy was 83%, 200 basis points higher than our portfolio average for the quarter, and July repart jumped another 13%, with occupancy up 9% to 86%, and ADR up 3%. Additionally, the portfolio produced GOP margins of 49.3% in the quarter, 250 basis points higher than our average portfolio average, even though REVPAR is about 20% below our portfolio average, which provides a great look through into why we like this portfolio as it combines a strong REVPAR outlook with favorable labor dynamics and lower operating costs per room. Last quarter, we spoke about the recently announced Nuclear Uranium Enrichment Facility in Paducah, Kentucky on the Department of Energy site, and it was announced earlier this week that the Department of Energy is partnering with Brookfield, NextEra, Big Rivers Electric Power Company, and Jackson Purchase Energy Cooperative and the Paducah Power System to invest over $100 billion into a new data center within that same complex. The project is expected to create 8,000 construction jobs and 600 permanent jobs and adds another demand generator for our hotels. Operationally, it was a great quarter for us. With RevPAR, margins, EBITDA, and FFO easily beating our expectations for the quarter, RevPAR grew 3%, and we were able to increase our pro forma GOP margins 170 basis points in our hotel EBITDA margins by 220 basis points. Dennis is going to talk about our other larger markets, and I'm going to talk a little bit about our largest market, Silicon Valley, which accounts for 17% of our EBITDA now. We've seen REVPAR grow 18 of the last 21 quarters and 10 of the last 11 quarters, but importantly, our projected 2026 REVPAR growth would be our best gaining year since the pandemic. Silicon Valley's REVPAR growth of 7% boosted our portfolio growth by 40 basis points, and as growth accelerates, given its significance to the portfolio, it amplifies our company's growth. Second quarter ADR was up 10% to a post-pandemic quarterly high of $212. That's for any quarter, not just the second quarter. And our quarterly rev par of $164 is our highest rev par over the last six years. These are great results and very encouraging, again, especially considering the renovation at our Mountain View Hotel during the quarter. We are seeing strong corporate demand, especially within the corporate transient segment, and as Dennis quoted in our release, since the beginning of the year, we have seen double-digit demand growth from top accounts such as Applied Materials, Palo Alto Networks, NVIDIA, and Google. And as good as our second quarter was in Silicon Valley, July rev par at our four hotels was outstanding, accelerating 26%. And within that number, our two Sunnyvale hotels rose 41% in July. Of course, massive capital investment announcements continue into technology from all types of companies, and importantly, companies of all sizes from the largest in the world to small and medium-sized companies, even startups. Of course, Silicon Valley is the heart of the tech world and we are seeing a strong resurgence. Major announcements keep coming to our markets. For example, just last week, Databricks, the data and AI company, today continues its rapid growth in the Bay Area with its expansion into a new 305,000-square-foot office in downtown Sunnyvale, just two-and-a-half miles from our two residence inns. And just two weeks ago, Amazon announced that it had leased an entire 317,000-square-foot building at the Moffat Towers in Sunnyvale, and the towers are, again, only three-and-a-half miles from both of our hotels. Elsewhere, OpenAI announced they're leasing a 450,000 square foot office complex less than four miles from our hotel in Mountain View and also Sunnyvale and General Motors that currently occupies about one million square feet across the valley is considering consolidating some of its auto talent into offices either in or near Stanford or Sunnyvale. for more space. One more article. The San Francisco Business Times stated that companies are pursuing almost 11 million square feet of office and R&D space in Silicon Valley. Essex Properties, one of the largest multifamily REITs in the country, with a lot of exposure to Northern California, especially Silicon Valley and San Francisco, commented on their recent call that Northern California was their best performing market. These are just great trends for our four hotels, and given their significance, ultimately, our entire portfolio performance. Compared to 2019, there's still a lot of upside in Sunnyvale and Mountain View, and we fully expect RevPar to get back to those hotels, and then some. Our projected 26 San Mateo residence in RevPar is about 10% higher than 2019 levels, and still growing meaningfully. Mountain View was impacted by renovation in the first and second quarter, so comparing 26 to 19 really isn't relevant for them. But our projected Sunnyvale Red Park is still about 18% shy of 2019 levels. So returning those two big hotels to 2019 levels would add another $3 million of FFO or $0.06 per share. Wrapping up my proposed remarks, looking to the balance of the year, we have increased our annual guidance for the second quarter beat, as well as a modest increase to the second half of the year. Probably a bit of conservatism in our second half outlook, but given the ongoing conflict in the Middle East and little visibility past the next one or two months, we are assuming low single-digit rev par growth, similar to Hilton's non-luxury projection. With that, I'd like to turn it over to Dennis.

Thanks, Jeff. Second quarter, RevPAR finished strong, with RevPAR up 9% in June and July advancing 10%. July occupancy rose 5%, with ADR up 4%. July, RevPAR grew in 35 of our 39 hotels, and 14 of our 39 hotels saw RevPAR gains of over 10%. In fact, June and July REVPAR of $175 and $169 are all-time high marks for each of those respective months. We continue to experience broad demand growth across our portfolio, with approximately two-thirds of our hotels generating REVPAR growth, three-fourths of our hotels pushing ADRs higher, and approximately one-fourth of our hotels experiencing double-digit REVPAR gains. This is essentially the same trend from the first quarter and a signal of strength of our portfolio moving forward. Adding to Jeff's commentary on Silicon Valley, July RevPAR was fantastic with RevPAR increasing 26% across all four hotels. And our two Sunnyvale hotels were up 41% with growth attributable to primarily corporate transient demand. As the World Cup really didn't have much of an impact there. They only hosted one game at Levi's Stadium in the month of July. Our top five RevPar hotels in the quarter were our residents in Washington, D.C. with RevPar of $236, our residents in White Plains with RevPar of $209, followed by our Marina Del Rey Hilton Garden Inn with RevPar of $206, and rounded out by our residents in San Diego Gaslamp and Embassy Suite Springfield, and our Hampton Inn, Portland, all basically right around $198 for the quarter. The fact that two of our top five being in the D.C. Metroplex gives you a feeling for how well that market has rebounded after a really tough 2025. Five of our 39 hotels benefited from World Cup-related demand. June RevPar was up almost 12% at these hotels. The impact of the quarter was only 40 basis points to our entire portfolio. So our RevPAR was still up 3% for the quarter, excluding any World Cup impact. Our seven predominantly leisure hotels generated RevPAR growth of approximately a half a point in the quarter. Our Savannah Spring Hill Suites continues its hot performance post-renovation last year with growth of 9% in the quarter, while our Hilton Garden in Portsmouth saw RevPAR decline 8% in the quarter due to leisure demand softness from Canada, obviously some wildfire impact, and a new Homewood Suites that opened earlier this year. Our three predominantly government-oriented hotels, all in the greater DC area, produce RevPar growth of nine percent in the quarter, same as the first quarter production. As a group, these hotels represent approximately nine percent of our EBITDA. Our Springfield Embassy Suites and our Tyson's Corner hotels produced RevPar growth of 14% and 13% respectively. Our five convention hotels saw RevPar decline 5% in the quarter. San Diego RevPar dropped 9%, which is about what we expected as the 2026 convention calendar for the balance of the year is soft in comparison to prior years. In Texas, our Dallas and Austin hotels have felt the impact of convention demand fall off as well, with those convention centers being under renovation for ongoing expansions. RevPAR at our courtyard, Dallas, was down 3% in the quarter, much better than the 26% in the first quarter, and our comps get better over the last half of the year. Obviously, we benefited some at that hotel from the World Cup Media Center being located in the convention center downtown. RevPAR at Austin hotels were down less than 3% in the quarter, and as I said, those comps start to get easier as we get through the balance of the year. Switching to our profitability, we had another great quarter managing expenses and maximizing employee productivity, as well as increasing our non-room profits and driving margins higher. We continue to focus on increasing that other operating department revenue and profits, and we were able to increase those profits by about 400,000 or 13% in the quarter. As we mentioned in the release, when you take out the one-time workers' compensation refund, our GOP and our hotel EBITDA margins jumped 170 and 220 basis points, respectively, with GOP and EBITDA flow-through of approximately 60%. Taking out the refund, our department expenses were down almost 1% on a CPOR basis, and all hotel operating expenses were only up about 2% on a CPOR basis. Our employee productivity is excellent. For example, coming off a very efficient first quarter, our second quarter occupied rooms were up 13% over the first quarter, with headcount only up 4%. There remains really no shortage of available labor, and as a reminder, we do reassess our employee pay every July, and the increase for our employees across our hotels averaged approximately 2.5%. Below the GOP line, we received an approximate $300,000 in property tax refunds at our Sunnyvale and Fort Lauderdale hotels that enhanced our EBITDA margins even higher than our GOP margins. For the quarter, our top five producers of GOP were led by our residents in San Diego, our Embassy Suites Springfield, and followed by our Sunnyvale 2 Residence Inn, then our Bellevue Residence Inn, and then finally in fifth was our Spring Hill Suites Savannah. All three of the Silicon Valley hotels that were not under renovation were among our top 11 in EBITDA production. Using Hotel EBITDA or Sunnyvale 2 Residence Inn led all hotels, and all four Silicon Valley hotels, as well as our Bellevue Residence Inn, were ranked in our top 10. So clearly, tech hotels are gaining ground. GOP at our three non-renovation impacted Silicon Valley hotels were up, were approximately 51%, over 400 basis points higher than our portfolio average. Looking further at the comparable Silicon Valley hotels, which excludes the Mountain View Hotel, Hotel EBITDA grew a strong 29% year-over-year on a 9% REVPAR increase. Of course, we did benefit from some property tax refunds, but EBITDA margins would still be about 20% higher, excluding those. We discussed last quarter that we'd most likely look to opportunistically sell an asset or two this year. Thankfully, we don't have a lot that we want to get rid of, but I do want to let everybody know we are marketing one of our smaller hotels for sale with similar characteristics to the hotels we sold last year, and we would expect proceeds for that sale to be less than $20 million. We hope to have something to announce in that regard when we come back in November for our third quarter earnings call. On the CapEx front, we spent approximately $7 million in the quarter, with our full budget for the year being about $27 million. And we do have three hotels scheduled for renovation later this year, those being our Gaslamp Residence Inn, our Hyatt Place Pittsburgh, and our Farmington Homewood Suites. With that, I'll turn it over to Jeremy.

Thanks, Dennis. Good morning, everyone. Our Q2 2026 Hotel EBITDA was $35.7 million. Adjusted EBITDA was $32.7 million and adjusted FFO was $0.48 per share. We were able to generate a GOP margin of 46.8% and hotel EBITDA margin of 40.8% in Q2. GOP margins for the quarter were up 60 basis points from Q2 2025 and hotel EBITDA margins increased 220 basis points. As a reminder, we recorded a $900,000 workers' comp benefit in Q2 2025, so excluding the impact of that, GOP margins would have been up 170 basis points, and Hotel EBITDA margins would have been up 330 basis points. The Midwest portfolio that we acquired in March generated RevPAR growth of 8.6% and $3.2 million of Hotel EBITDA in Q2. Chatham's overall RevPAR growth of 3.3% in Q2 exceeded our expectations going into the quarter and performance accelerated significantly over the course of the quarter with June REF PAR up 8.7%. This strong top-line performance has continued into July where Chatham's REF PAR increased 9.7%. Chatham's balance sheet remains in excellent condition and provides significant flexibility to fund opportunistic growth through accretive acquisitions and the development of the home to Portland, Maine. As of Q2, Chatham's leverage ratio as defined in our credit facility was only 31.2%, and the company had $225 million of availability under its revolving credit facility. Continuing strong EBITDA growth and meaningful free cash flow after dividends are expected to further enhance our financial flexibility. Turning to our 2026 guidance, we expect REVPAR growth of 1.5% to 3%, adjusted EBITDA of $99.2 to $102.3 million, and adjusted FFO per share of $1.28 to $1.34 for the full year. We generally expect Chatham's Q3 RevPAR will increase approximately 4%. As a reminder, our 2025 RevPAR pro forma for the impact of the Midwest acquisition would have been $149 in Q3, $129 in Q4, and $140 for the full year in 2025. This concludes my portion of the call. Operator, please open the line for questions.

Thank you. Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press star followed by the number one on your touchstone You will hear a prompt that your hand has been raised. Should you wish to decline from the polling process, please press star followed by the number two. If you are using a speakerphone, please lift the handset before pressing any keys. One moment, at least, for your first question. And your first question comes from Gaurav Mehta of Alliance Global Partners. Please go ahead. Your line is open.

Thank you. Good morning. I wanted to ask you on the expense management. You talked about labor and productivity. Can you maybe talk about other expense items, maybe insurance costs and any other expense items where you are looking at expense management?

Hey, Gaurav. This is Dennis. Good morning. I think if you look outside of labor and productivity, and I know we spend a lot of time talking about it, but it is, you know, between labor and benefits, almost 40% of our operating cost. Outside of that, I mean, obviously we have seen and we've been, you know, seeing some benefits from property tax refunds from really those are from prior years that are finally starting to, that we're starting to get the refunds. And hopefully, you know, those continue as we kind of catch up to where we are now, at least with the local jurisdictions. Property insurance for us, we renewed, you know, at the beginning of the year, we've seen that down kind of in the around 10% range for the full year. And if I look, you know, really, if you look at kind of a couple of the other things, utilities, I think we've done a pretty good job over the past of, depending on jurisdictions, we're able to market and to have competitive bids on pricing. We've done a good job of securing kind of longer-term fixed-rate contracts in certain markets that have helped mitigate kind of rising utility costs, especially on the gas and electricity side. And then I think lastly, if you look at our R&M line in total for the year, I think we've done a very good job this year of kind of keeping and investing a lot of dollars in the past. And really, we've seen kind of the fruits of that and a little bit of a decline year-over-year that's benefited our margins. So just a lot of focus in that area as well.

Second question on the asset you are looking to sell. What's expected use of the proceeds, and is that disposition included in the guidance?

It's not included in the guidance. We typically don't treat it as – and we typically keep it in our guidance until literally it closes. but I think the short-term use of proceeds is going to be to pay down our credit facility. I think we have, you know, $60 or $70 million outstanding as we kind of sit here today. So we'll use the proceeds in the short term to pay down the line.

All right. Thank you. That's all I have. Thank you.

And your next question comes from Tyler Batori of Oppenheimer. Please go ahead. The line is open.

Thanks. Good morning, everyone. First question for me, I really wanted to double click on the July performance in terms of rev par up 10%. Is there anything unusual that's going on with the comp year over year? And if you could just go through really what was contributing to that very strong performance, that would be helpful.

Hey, Tyler. Good morning. I think, yeah, I think, listen, it starts with Silicon Valley. And I think it's part of the answer to your second part of that question. If you recall last year when we were reporting on our third quarter earnings call in November, we talked about a decision that we had made regarding one of our top accounts in terms of pricing for some business, and we declined that price reduction. So if you recall, we kind of had a weak third quarter in Silicon Valley last year. So the comps are easier there for Silicon Valley. But certainly, you know, a plus 26 percent in July, including plus 41 percent in Sunnyvale at the two hotels there was certainly a much bigger surprise, you know, from where we would have thought we would have been and what we had underwritten for the balance of the year, you know, three months ago. I think we certainly have seen a good trend outside of that Mountain View Hotel of double-digit increases, but certainly, you know, a plus 26 in Silicon Valley just really helps our portfolio.

Thank you for that. And then, can you bridge for us just where you are, RevPAR, in terms of so far this year through July, and then connect the dots with the four-year guide? I'm just not sure if there's anything unique that's going on. And in the second half of the year, how much of the outlook is maybe a little bit of extra conservatism?

Yeah, I mean, I think I'm not sure I can verbally connect the dots, but I will say that, yes, I think we're, you know, and as Jeff talked about in his prepared remarks, listen, I think we're a little, you know, we're going to be a little conservative here. Obviously, July plus 10 is just is fantastic. You know, early, you know, early thoughts into August are good. But, you know, we are kind of just taking the assumption that the rest of the year from September to December is kind of low single digits. So we sure hope that we outperform that. But I think just given that, you know, just the relative risk that's out there and limited visibility will be a little conservative to start.

Okay. And then a bigger picture question for me, and Jeff or Dennis, I'm not sure who wants to take this. I mean, I just look at the lodging industry, I look at red part performance really over the last decade or so. There have been periods of time where the business looks like it's really trending in the right direction. It turns out to be a head fake and certainly nobody has a crystal ball. But, Jeff, in the prepared remarks, you did talk about a protracted upcycle for lodging. So if you could just talk a little bit more about that comment, what gives you that confidence, and when you look at the strength so far this year. What's, from your view, you think really going to contribute to that continuing over the next couple of years?

Yeah, this is Jeff. I think it really revolves around simple supply, demand, economics. And in all the years I've been in this business and I would have to, you know, pull up some charts to validate this. We are in, you know, or starting to approach the longest period of time where construction starts have really been as low as they have been, you know, since the pandemic, really. or shortly thereafter. So I think that fundamentally has always meant, as we've seen REVPAR increases in the upper single-digit, as you can remember probably, our double-digit range, very little supply generally yields to pricing power. You could see our portfolio occupancy is around 81. I think that in our peak, guys, wasn't it around 83 maybe? So, you know, we're getting to a level here where the ability to charge more, I think, and get the kind of ADR increases that will really push the rev par, you know, is coming or already partially in some markets already there. fundamental GDP and manufacturing growth highlighted by our Midwest stuff and the performance there being double-digit gainers obviously feels good. I don't see that slowing down anytime soon. Whether you think AI is a bubble or a non-bubble, guess what? It certainly seems that our Silicon Valley presence is paying off. And I don't really think that that's going to pull back anytime soon, nor do I think a 40% rent park gain is sustainable either. So it's really lack of construction. Prices are high. Other developer friends that I've known for 2030 in some 40 years, you know, used to build 10, 12, 15 hotels a year as franchisees. Most are building one or two, if that. So, you know, in the select service arena, I think that fundamentally really paints a pretty positive picture for us.

And Tyler, just to add to Jeff's comment about occupancy, if you kind of look over the last, 16 years as a public company, our annual occupancy kind of peaked at 81.5% back in 2014. And if you look at kind of the busiest months of the year, which are generally the summer months in October, portfolio occupancy was kind of in the upper 80s and occasionally might have hit like 90%, but generally speaking, upper 80s. So as Jeff talked about with kind of occupancies now getting into the low to mid-80s, that should continue to gain with that lack of new supply.

Okay, appreciate that. Last one for me, just on the transaction market, just given that positive fundamental outlook, what's the opportunity set look like for acquisitions? What are you seeing in terms of valuations? What are you seeing in terms of the volume or the number of assets that are out there, just overall activity?

Yeah, I think that, this is Jeff again. And I think that, as Jeremy, you know, indicated, the balance sheet here is pretty strong. We have been very, very careful and always will be, as we said in our prepared remarks, to measure what kind of yield in the longer term we'll get from making an acquisition versus buying our own stock. But those economics have certainly shifted a bit here as the stock price for us and some others has come up. So I think in my short 40-year history doing this, I think that generally means that the pipeline ought to increase. I think that REVPAR trends, if they should continue to be in a positive manner overall across the country, will sort of encourage owners that were on the fence about perhaps recycling their capital or selling or getting out from under debt maturities that are still out there or generating money to still do renovations that may be behind as a result still of sort of the post-COVID hangover end up putting their hotels on the market and people get, as buyers, a little more bullish. But I'm more or less looking into the future as opposed to saying that all of a sudden people have put hundreds of hotels on the market and that's all happening now. But it's likely to have certainly positive effects. Transaction market for the balance of this year, second half ought to be certainly better than the first six months of this year.

That's all for me. Appreciate that detail. Very helpful. Thank you.

Sorry for the long answer.

Thank you. Again, if you would like to ask a question, please press star followed by the number one on your touchstone phone. And there are no further questions at this time. I would I'd like to turn the call back over to the speakers for closing comments.

Well, again, thank you all for being with us today. We certainly look forward to continuing to put the kind of results on. And frankly, I'd like to, for those that are listening anyway, compliment our team and the Island Hospitality team insofar as, forget these Chatham guys, insofar as the results that have been posted. I think everyone, honestly, has worked real hard. The expense management, as was asked on the first question, I think has been excellent. And we expect to continue to maintain our focus on all fronts, driving REVPAR, driving market share, and driving that incremental revenue to the bottom line.

Ladies and gentlemen, this is through today's conference. We thank you for participating and ask us to please disconnect your lines.