As you look out over the hotel industry, what are the things that are most broken that need fixing the most? Because then we'd start talking about solutions, but what's most broken right now?

Well, it's hotel profitability for owners.

The U.S. consumer in 2025 spent more on travel than they ever have.

We are the largest exporter of travel in the world.

We've also been losing our share of foreign inbound since 9-11 every year.

We also are an industry where we have seen for U.S. hotels, net operating income margins have declined 20% since 2019.

In the U.S. hotel industry, we have this, what I call the value leakage model.

Beautiful property.

Where did it stack up against priorities? And what was the state of affairs at Remington since you have independent chain, different franchise flags on it? How did things stand? How did you think about technology from day one?

So I did like a 90-day listening when I came in.

And I met with as many people as I could.

I observed.

I brought in a company to do employer branding.

I didn't like how we were getting our data for associate opinions because it was not pure data.

It was basically just telling the former officers what they wanted to hear.

As you think about the next five years, do you Do you see structural changes, maybe more outsourcing of functions like revenue management the same way that we outsource to marketing agencies? Do you see any structural shifts that will fundamentally change or opportunities that people aren't looking at that will change that dynamic and make it a better world to own hotels in?