Mark Fioravanti: Patrick, the one thing I’d say on margins is you’ll know from our guidance that we’re projecting some modest improvements in margin this year, and wage rates, obviously, inflation, the Marriott IMF being back in full force, all those put pressure on margins. But on the other side of the ledger, we have really nice ADR growth, particularly on the transient side. We’ve been able to move F&B pricing. We’ve made some productivity gains if you look at — while wage rates have increased, if you look at the wage margin, it’s flat compared to ’19. And then as we’ve talked about on previous calls, Patrick and his team have worked diligently with Marriott in terms of kind of rethinking how these hotels are staffed, particularly from a management perspective.
And when you look at management headcount, we’re running about 12% fewer supervisors and above in our hotels post-COVID than we were prior to pandemic. So there are a number of things that are on the plus side of the ledger to help offset that wage rate increase.
Patrick Chaffin: Yes. And I would only add that longer term, we’re spending a lot of time looking at technology and understanding how we can deploy additional technology opportunities in the hotels to further increase our productivity as well as guest satisfaction and bring our overall cost down.
Patrick Scholes: Okay. I do have just two follow-up questions. Number one, how is the National looking for this year given that D.C. has been certainly a slower market to recover? And then number two, any further thoughts about becoming, should we say, involved or with the Chula Vista project?
Colin Reed: Patrick, National, we are pleased with the renovation work we’ve done there, the reengineering of the food and beverage facilities there that has allowed us to eliminate costs in that hotel. And we’re generally very happy with the trajectory of that hotel. And we’re actually seeing good lead volume, too, for Washington. What have I missed on that?
Patrick Chaffin: No, you haven’t missed anything. I would agree completely. Gaylord National, not quite back to the level of room nights on the books that it saw in 2019, but moving back to that level quickly. The D.C. market has been a little more challenged. I think we’ve been a bright spot in that market and to Collins comments a moment ago, we’ve taken the opportunity over the past few years to address some structural cost issues that are really yielding themselves nicely. If you look at food and beverage performance and how it compares to prior year and 2019, you can see that there’s definitely some bottom line margin improvements that are occurring at that hotel, especially in food and beverage. And so we continue moving it up from an occupancy perspective, but rate has been a bright spot there. And we feel actually very good about where National is heading.
Colin Reed: The last part of your question is regarding Chula Vista. And Mark, I think our answer to your question is there is nothing has changed since the last time we got asked that question back in December, which is that we, at this stage, have no desire to be an investor in that business.
Patrick Scholes: Okay. Thank you for the update.
Colin Reed: Thank you, Patrick.
Operator: Thank you. Our next question will come from Smedes Rose with Citi. Your line is open.
Smedes Rose: Hi, thanks. I wanted to just go back a little bit to the group bookings that you have on deck for this year? And maybe just talk a little bit more about the composition of the group? Are you seeing more corporate versus association type business. And is there any kind of piece of the business that’s lagging or any kind of that like fully recovered in your view?
