Hello everyone and welcome to At Bairns. I'm Andy Surwer and welcome to our guest, Mark Hoplamasian, CEO of Hyatt Hotels. Mark, great to see you.

It's wonderful to see you too, Andy.

So you had earnings recently. Maybe we'll talk about that a little bit, but first, give us a snapshot of Hyatt today.

Hyatt's evolved tremendously. So we're about to celebrate our 15th anniversary as a public

company. Congratulations. Thank you. And I think about the evolution of Hyatt over that period

of time. So back at that time, I think we had about 400 hotels in 45 countries, and today

we have 1,350 hotels in 79 countries.

So things have changed a bit.

We've grown a lot.

The other major evolution of the company has been, we've gone from a very asset-intensive,

asset-heavy structure where we owned a large number of our hotels and derived over two-thirds

of our earnings from owned hotels to now being in a place where we earn 85% of our earnings

from fee-based revenue and fee-based earnings, which is a huge transition.

So much higher cash flow, free cash flow, much lower

capital expenditure requirements. But we didn't forget about the fact that we actually

wanted to continue to grow the company in very deliberate ways. So we took a lot of those proceeds

and bought new brands and management platforms, specifically in luxury,

lifestyle, and resorts. And so in those three areas, we've doubled, tripled, and quintupled

the number of hotels that we've got in those areas. So it's been tremendous evolution over that period of time.

A lot of points to jump off of. But first, just two quick things. You've been CEOs since.

2006. 2006. The lightning round. Coming up on my 18th, another anniversary in December. And the Pritzker

family from Chicago owns about what percent of the company? It's about 55 percent, maybe slightly higher than that. Right. Okay. And so what are your

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