IHG is a global company based out of the UK; since most of their hotels are in the US, there are great benefits in investing in that market. IHG should continue to market to areas that helped them survive the pandemic. Holiday Inn® Brand Family remains a growth engine, accounting for half of all signings and ~60% of openings in the year. More broadly, their global pipeline of 1,815 hotels represents an 11% share of the total industry While diversifying their portfolio is important, how they go about it matters most. Their partnership with real estate company Asset World Corporate (AWC), Thailand’s leading integrated lifestyle real-estate group, to manage a portfolio of properties across Thailand, is an excellent example of that. However, as shown on the chart below, it is keen, we continue to market to the Americas.