Ten years

ago you could have renovated a room for five to ten grand.

Right now it's probably 30 grand a room.

You know, that's the reality of it.

So what James is alluding to, you have your day-to-day repairs and And then you have what they used to call a sinking fund, a FF&E sinking fund.

And usually applied to, you know, a four or five star motel or something a bit bigger.

But basically it's just a sum of money that you're putting away for a rainy day to do these significant capital works.

a record deal and we had eight offers and we did a…

Mm.

You've got to know the town, because if somebody says to you, "Where do I get the best feed in town?" Or, "I'm heading in this direction, what's the best road to take?" Or all those little subtleties, but just know your product, know your environment, and try to understand the needs of your clients.

And that way you're building your goodwill really effectively, um, probably more so than using, you know, the-

They represent good value.

It's, it's, it's really g- value growth's really gonna be driven by what you're applying the yield or the cap rate to.

So it's the net profit that you're applying that multiplier to.

Um, that's gonna be how you're gonna drive value increases, and that, again, as we talked about, ADR, occupancy, and managing your operating costs.

And the yields, the yields are the yields.