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: Neil Lawrence Malkin - Capital One Securities, Inc., Research Division - Analyst
: Nice quarter. First one for me is about sort of the recovery in BT. You gave some good color in your prepared remarks, Liz. Just kind of wondering
if you can talk about in terms of the larger national accounts, what kind of demand are you continuing to see in the second quarter?
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And are you doing that sort of variable pricing model versus a fixed-negotiated model? And then the other part of that would be, do you expect
to compete just like some of the more sort of urban "portfolios" as the corporate demand continues to accelerate?
Question: Neil Lawrence Malkin - Capital One Securities, Inc., Research Division - Analyst
: Okay. Great. Appreciate that. Other one -- last one for me is, I guess, on the acquisition front. It seems like most asset types have seen a big slowing
in the first quarter from the fourth quarter. And I think, obviously, interest rates have a fair bit to do with it.
But just curious, Justin, how you guys are approaching the transaction environment, given the rising rate, obviously, stacks have been pretty weak
here. And how that compares to how you think about, obviously, dispositions. We've seen some pretty high price per key trades on the select
service side.
I'm just curious to get your thoughts on how that all fits as you guys underwrite or think about growth in a sort of dynamic and, I guess, more
uncertain environment than we've seen in the last several quarters, that would be great.
Question: Neil Lawrence Malkin - Capital One Securities, Inc., Research Division - Analyst
: And just real quick, are you seeing an impact from rising rates in terms of deals, retrades or pricing impacts versus, call it, beginning of the year?
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