I think it's a specific issue of leases and how onerous those might be as you look at acquisition targets. At times that can be very challenging depending upon the volume that's going through any specific location. It's a high operating leverage business and so you need a critical mass of attendance to make buildings work and with attendance where it is today relative to pre-pandemic in some locations that's certainly more challenging. It's very much a, I would say, a location by location analysis. It depends. It's facts and circumstances specific to the location. Our focus in M&A is around quality in a number of different dimensions, but markets, growth profiles, We think about all of those things as we look at M&A and hopefully there will be some additional M&A opportunities. That's true in both of our businesses, in hotels as well.

I think a commonality in both our businesses is that we obviously want to grow our businesses and we've exhibited that over time for years, the desire and the ability to grow the businesses. The one advantage we have is that It's not imperative. We will continue to focus on it, and we will be disciplined and make disciplined investments. And if the opportunity is there, we, of course, will do our best to capitalize on it. But I think the good news is it's a business that scale is not really helpful, but it's not seismic, let's put it that way.

Okay. Um, and then just on the hotel side, was there any sort of benefit from like, I guess the, the locations of the world cup events in terms of, you know, how, where consumers decided to go for leisure travel, uh, just in terms of like your markets, which I think were largely absent of that, but yeah, it was just that that might've played into how consumer spending, or was it just more macro?

I think more macro.

It was not World Cup for us. Yeah, I think I can just confirm, Pat, it didn't really help us in the hotel business one way or the other, just because we weren't participating in markets that had big economic activity from hosting those events.

Okay, thank you.

Your next question comes from the line of Drew Crum at B. Reilly Securities. Your line is now open. Please go ahead.

Okay, thanks. Hey, guys, good morning. So I think, you know, entering the year, your expectations for RevPAR growth were more modest. But based on the strength you saw in 2Q and now up, I think, 15% year to date, has your annual outlook changed? And if so, how do you see RevPAR shaking out for 2026?

Yeah, thanks for the question, Drew. I don't think we see really a change in the view for the full year. Our guide was industry growth, low single digits, and I think that's still where our view is with some opportunity for our assets to outperform their markets because of the investments that we've made in the quality of the assets. I would just say It's a bit lumpy. It can be from week to week we see pockets of real strength and then some softer pockets as well. And on average this quarter it obviously was a really nice result. But visibility is fairly short in that business and it is very much tied to what the economy does at a GDP level. And so our view is unchanged and we'll see how the rest of the year plays out.

I think we were looking at a stat yesterday that I think is a good stat, and that is what's our booking pace? How much have we booked for the rest of the year? And remember, the margin of dollars are very profitable, so I'm going to couch that with that. But 80% of our business is already on the books, so it's not like we have huge gaps. It's not like we're really back-end loaded, which I feel comfortable in. But then again, as I said, and as Chad pointed out, it can be week to week, shorter booking windows, and those last dollars are very profitable.

Yeah. And just to clarify, the 80% is within the group segment, just the group segment, and the transient part of the business is, you know, very, very shortly time.

Yeah. Okay. And then, you know, I guess separately, you know, there's been some movement and effort to extend theatrical windows. I'm curious if you believe the industry has seen any lift, and specifically if you saw any benefit across your circuit in 2Q and in the early 3Q, or if it's too early.

Well, I think just as the discussion is not helpful where everyone's talking about, oh, we're going to shorten the windows and they're really short, you're right. There's been a lot of discussion about the extension of the window, and we have to continue to talk about it, and it needs to be not just a broad, how long is the window, it's how long is that transactional window, because that got way too short, but we also have to make sure that we maintain an adequate streaming window, that there is an adequate period of time. It doesn't just benefit us, it benefits the distributors, the creators as well, because again, this idea of windows, selling the same thing to the same person over and over again. Well, the tighter you make those windows, the less likely you are to have those multiple sales. And if you're going to invest in the content, man, I would think you would want as many kicks the can as you can get and sell it as many times as you can get. And fortunately, their marketing has become a lot more efficient. They're talking directly to the consumer with their streaming, with their transactional. They talk directly to the consumer. So in the old days, it's, oh, we've got to have multiple marketing campaigns. And yes, you've got to market. You can't not market your film. But it is different. And I actually think that the setting is more conducive to a longer window than it had been historically given the ability to reach the consumers directly. And so if they want to maximize the revenue from their content, you know, everything old is new again, right? Let's go back to understanding how to do that. It benefits us and it benefits them.

Drew, on the quarter on that question, it's great to see our studio partners and distributor partners implement longer windows. It's tough to tell or see this early on, you see that coming through the results Just like when, as the windows shorten, it didn't, it didn't all hit overnight. Um, I think it is going to take some time, um, and you know, a year or longer to retrain customers on, on how long it will be before product is in the home and, um, recondition customers. And, and, but you know, it's, it's absolutely a net positive.

Yeah. I'd even further add to it too. I do think it's important where it will matter the most actually in a way and again we talk about marginal customers because they're the most profitable but the most patient audiences are the older audiences and you know if they that customer will wait for free and if they or even the perception that it's free and they're as we've seen in the numbers the kids are off the couch they want to get out they want to be with other humans but I don't think that should just be Thanks, Drew.

There are no further questions at this time. We have reached the end of the Q&A session. I will now turn the call back to Mr. Paris for closing remarks.

Alright, well once again, thank you everyone for joining us today and we look forward to talking to you again in late October when we release our third quarter results. Until then, have a great summer.

This concludes today's call. Thank you for attending. You may now disconnect.