Hotel brands are wasting no time and even though we are still in a slow recovery, many are planning hundreds of new hotels. Yes, there is growth here in the United States, mainly targeted to the business travelers, but the big focus is China. When we look at the plans for new hotels in China, the plans are from the luxury brands to the economical ones. Latin America is also seeing moderate growth, but mostly in Brazil as the get ready for the Olympics. It will be also important to see how RevPAR and ADR are affected by more supply. Let’s keep an eye on this!