Our asset and hotel management is highly intensive, across both Sterling Europe Op Co and Sterling ANZ Op Co. We extract operational efficiencies from an asset by hands on management under our systems that analyse cost and revenue in detail and allows us to make immediate decisions to improve asset economics. The success of this requires significant deployment of management resources to deal with cost, inventory, revenue control and to see this translate into guest experience and ultimately ROI for our capital partners. The acquisition strategy of Sterling targets existing hotels and resorts where our management skills can be effectively implemented i.e. that the target asset has headroom for growth or can be actively and vigorously managed to extract growth in ADR, RevPAR & GOP.