Each of them has their own pros and cons, right? From your point of view, how are they different and how do you think about the balance between them for growing your revenue?

Yeah, I mean, I'll start with how we think about growth overall, which is that growth has to be high-quality growth.

We are putting over 21 brands into over 100 markets around the world, 7,000 hotels.

We need to ensure that each hotel that we open is delivering a great experience for the customer and also returns for our owners.

And there's a role for both new build and conversion in that equation.

I think this first half of this year, about 40% of our openings were conversion and half of our signings.

And so conversions are a massive trend in the industry.

Heather, what is something that IHG was investing in maybe two years ago that you pulled back on? And conversely, what's something that's getting more of your attention now?

Right.

We need to ensure that each hotel that we open is delivering a great experience for the customer and also returns for our owners.

And there's a role for both new build and conversion in that equation.

I think this first half of this year, about 40% of our openings were conversion and half of our signings.

And so conversions are... a massive trend in the industry.

And some of that's because of, you know, rising interest rates, higher build costs.

All of our brands are more conversion friendly than they've ever been.

Heather, what is something that IHG was investing in maybe two years ago that you pulled back on? And conversely, what's something that's getting more of your attention now?