00:00Well, you know, I think it's important to focus at both a brand and an operational level in the
00:05worlds that we operate. As you say, airlines has not been our stock in trade, but really,
00:09you know, assets, all the brands themselves. And I think you're looking to invest in brands that
00:14have a distinctiveness within their marketplace and actually hold or dominate their sector. You
00:19know, our investment in Amman a few years ago is a great example of that. And they've, you know,
00:23grown and matured into, without doubt, the preeminent brand in their sector. So for me,
00:27I think we've seen great resilience at the top end of the marketplace, great transfers of wealth
00:32through generations, creations of wealth over the course of the last 10, 20 years. So we've really
00:37focused on the top end and we like it from a brand and from an asset perspective.
00:42Jonathan, how do you think about other brands that haven't yet established that? The Amman is a great
00:47example and it's been around for some time and has become synonymous with luxury. Are there
00:52opportunities out there that maybe haven't reached that status yet, but could rival it and can get
00:57there? Do you look for those kind of unsung heroes? No, absolutely. Well, we've done it ourselves and
01:02we're doing it this week actually with Adelano in the brand, which we own both the asset in Miami
01:07Beach, which is reopening this week. And we own a big piece of the brand in, you know, partnership with
01:14Ennis Moore, the wholly owned subsidiary of our core. And I think the point that Ariel made is really
01:18important. You need to invest in brands with distinctiveness. You need to invest in brands which have
01:23great DNA and they need to have great management teams that are capable of rolling it out and
01:28making sure that what the client wants to get and what the client expects to receive when they arrive
01:33at a property, they receive. Because there's nothing worse than a client who's disappointed at the end of
01:38their trip.
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