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: William Andrew Crow - Raymond James & Associates, Inc., Research Division - Analyst
: Jon, on Hyatt's recent call, they spent a decent amount of time talking about the future of groups and talking about hybrid meetings. And I'm just
curious if the concept of hybrid meetings might permanently reduce the number of compression nights that we see.
Question: William Andrew Crow - Raymond James & Associates, Inc., Research Division - Analyst
: Yes.
Question: William Andrew Crow - Raymond James & Associates, Inc., Research Division - Analyst
: Yes. Okay. Jon, you've had some pretty eye-popping ADR numbers last summer, this summer -- or this winter, et cetera, as have others. And I'm
just thinking, as demand mix broadens, should we expect ADR numbers to actually go down sequentially?
Question: Aryeh Klein - BMO Capital Markets Equity Research - Analyst
: Maybe just on the margin side, given all the things you've done on the cost side and upon a return to a normalized environment, how are you
Question: Aryeh Klein - BMO Capital Markets Equity Research - Analyst
: And maybe as a follow-up, you have a lot of hotels in San Francisco, so maybe this isn't quite as impactful, but what would be the impact from the
higher minimum wage on expenses for you?
Question: Aryeh Klein - BMO Capital Markets Equity Research - Analyst
: Got it. And just a quick one on reopenings, if you can just update us on the pace there for the remaining close ones.
Question: Aryeh Klein - BMO Capital Markets Equity Research - Analyst
: Just on the pace of reopenings, if you can update us there.
Question: Floris Gerbrand Hendrik Van Dijkum - Compass Point Research & Trading, LLC, Research Division - Analyst
: Jon, I just wanted to get your thoughts on the current environment for SPACs and your -- and the potential for Pebblebrook to potentially raise its
SPAC. Obviously, SPG did one recently. SPAC could be an option for you to do a JV capital, but it could also potentially do things for your Z Collection
or for Curator. Are these things that you look at actively? And how interesting is that for you as you think about allocating capital and access to
capital?
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