Downtown Josh Brown

Hilton is publicly.

Right, well, so this is the upwardly mobile, top 50% of the distribution.

This is that customer.

People in the bottom 50% are not very often booking hotels.

Certainly in the bottom 20%, they're not going on vacations like that.

So that is really a read on what I refer to as stock market Americans.

Yes.

Stock market Americans have not had a post-COVID travel hangover.

They just kept going like there's no tomorrow.

And everywhere you go, I mean, I just stayed at the craziest hotel I've ever been to in my life.

So I stayed at the Amangiri, 36 guest rooms on the whole property.

They were all there.

There is no hotel.

There is no hotel chain and there is no specific property that's in a desirable location that is seeing anything less than 92% occupancy or whatever the latest numbers are.

And that's a great point.

I'd way rather look at that

Take the temperature of the consumer that the stock market cares about aka the stock market American Versus look at a chart of Shake Shack Wendy's right McDonald's tell you shit Shake Shack blew up.

It's in a 60% drawdown because They guided lower

based on napkin costs, paper costs, and beef costs.

That tells you zero about the state of the consumer.