Elie Maalouf

We're very pleased to launch Noted Collection today, our 21st brand.

It's going to be targeted in premium, which is between luxury and mainstream, right there in the premium for business travelers, for leisure travelers.

It's a collection brand.

So it's there to collect iconic assets that already have a strong local presence, a strong following, but for owners that want to join a very strong system like ISG.

We have 160 million ISG One Rewards members.

We cover 100 countries.

We've got best-in-class technology, leading AI-driven revenue management systems, all the powers that can make hotel performance stronger while you can keep your own brand and your own identity as a property.

So it's a collection for these iconic assets.

It's going to be urban leisure.

We're targeting about 150 hotels over the next 10 years, and we're optimistic about its growth.