One of the most impactful trends is hotel conversions – the growing desire among independent hotel owners to find a global hospitality partner that can help them grow their business in an increasingly competitive market. Another factor is the current lending environment, which is making access to capital more challenging for developers. In both cases, Accor has emerged as the partner of choice, thanks to our adaptability and commitment to innovation, our seamless transition process, our unmatched spectrum of brands, and our welcoming culture that celebrates authenticity, diversity and entrepreneurialism. Opportunities to convert exist across all of our brands, however we expect certain brands such as Mövenpick, Handwritten Collection, and Mercure, to continue being significant growth drivers in this space.