Patrick Bosworth

And so anytime we try to do a more variable contract, a pricing negotiation that might take one to two weeks would drag on for one to two or three months.

And so they wanted to limit the risk.

But having some of our fee at risk does give them the confidence that we're willing to kind of

um, put our own, uh, livelihood and, you know, behind their success last month.

I'm not certain, but I'm guessing it's about 5% from the variable.

Yeah, it may have been 7% or 8%, but no more than that.

It varies.

So if it is a strong brand like Marriott, who's not a customer of ours currently, they control all of their brand systems.

And we would need to integrate into their ecosystem of inventory management, distribution, and so on.

And they would then have complete control.

So if a real estate owner wants to work with us at a Marriott property, Marriott

would prevent that because we're not integrated into their ecosystem today.

So in the case of a very strong brand like that, we have to go to the brand.

In the case of smaller brands that maybe don't exert as much control or have more of a membership model, or when it's more of just like an independent hotel in a market, then it can be more of the management company, the people that are actually hiring the employees and operating them.

What a lot of people don't realize about the hotel industry today, though, is that a lot of times the brand is no longer the operator.

They've gone so asset light that they no longer, not only do they not own the underlying real estate, they also don't actually hire the employees that service the guests.

And so those management companies tend to be our first point of contact and our ultimate champion to then get alignment from the brand and from the real estate owner to make a purchase of our software.

So on a per property basis, I think today we're getting about...

$17,000 or $18,000 per hotel per year.

Got it.