The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Cameron Doerksen - National Bank Financial, Inc., Research Division - Analyst
: Just a few quick ones from me. I guess, Denis, first you mentioned some of the additional costs you're incurring related to the fleet transition trading
and whatnot. I was just wondering if you could give a sense of whether we see kind of a peak in those costs. Or how long are those going to -- are
going to persist?
Question: Cameron Doerksen - National Bank Financial, Inc., Research Division - Analyst
: Okay, that's great. Second question, just on capital expenditures. I mean, you mentioned that the first hotel construction should begin kind of late
June, early July. I'm just wondering if you have an update on how much you would expect to spend in capital expenditures on that hotel for this
year. And where -- how did that sort of stretch into next year?
Question: Cameron Doerksen - National Bank Financial, Inc., Research Division - Analyst
: Okay, I think in the presentation you sort of suggest that the purchase of the land is about $60,000 per room, so I should just kind of -- since that's
already spent, I should just kind of back that out of the $250,000 total, right. Is that the right way to look at it?
Question: Cameron Doerksen - National Bank Financial, Inc., Research Division - Analyst
: Okay, understood. And then just final question, just IFRS 16 bringing off balance sheet leases on balance sheet. I know you're not going to be
changing that reporting until next year, but I was wondering if you've done any preliminary work on that. I'm just wondering, your lease debt that
you sort of talk about in your MD&A, that sort of $664 million, I mean, have you done any initial work on IFRS 16. Do people tell whether it'll be
higher or lower than that once you do make the accounting change?
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