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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: Single best idea very quickly or Tom Purcelli came by

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Speaker 2: with pgium. Tom Percelli outstanding on labor market, that idea

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Speaker 2: of a fully employed America. Here Tom Purcelli into the

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Speaker 2: Jobs report on Friday on American exceptionalism.

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Speaker 1: I think longer term, I think that there's I think

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Speaker 1: there's a real case to make for you know, I

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Speaker 1: hate the term, you know, US exceptionalism. I just think

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Speaker 1: it's overused and there has to be a better way

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Speaker 1: of saying it. But I think the idea of US

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Speaker 1: exceptionalism over the more medium to long term, for lack

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Speaker 1: of a better phrase, I think is real. And I

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Speaker 1: think about that in the context of the pieces are

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Speaker 1: in place for productivity to kill it again, it'll take

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Speaker 1: time to get there. And I do think that some

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Speaker 1: of the things that the administration is doing could actually

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Speaker 1: help in that the corporate tax part of that, of

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Speaker 1: the tax cuts, I think that that can actually go

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Speaker 1: a long way to sort of helping build the base

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Speaker 1: of productivity. But again that you got to I think

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Speaker 1: you're going to go through the left taible before you

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Speaker 1: go to the right.

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Speaker 2: Tom Personi of pgum joining us. It's about every six months,

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Speaker 2: not ninety days, but every six months to a year.

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Speaker 2: We get in the wonderful perspective of Tony Capiano's CEO

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Speaker 2: Marriott and just to give you a perspective here, the

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Speaker 2: persistency of stock market performance over the last ten years,

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Speaker 2: how about fourteen point seven percent? I think it is

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Speaker 2: maybe fourteen point two percent per year on motels and hotels,

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Speaker 2: Tony Capuano on the fancy hotels, Tony Capuano on those simpler.

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Speaker 3: Certainly in the US, but in many markets around the world.

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Speaker 3: We see this bifurcation of the consumer, and so we're

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Speaker 3: trying to leverage both ends of the chain scales. We

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Speaker 3: have the industry's largest luxury portfolio, including your favorite Gritty,

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Speaker 3: well aware of this, and we continue to double down

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Speaker 3: and accelerate our growth, and that consumer has this ravenous

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Speaker 3: appetite for travel. In fact, in Q one, the luxury

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Speaker 3: tier saw the strongest occupancy growth. At the other end

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Speaker 3: of the income spectrum, that lower income household still has

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Speaker 3: an appetite for travel, but at a much lower price point.

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Speaker 3: And that's why over the last two years you've seen

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Speaker 3: us push into mid scale.

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Speaker 2: Tony Capiano of Marriott, a good visit with him, and

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Speaker 2: of course to talk to him and David Gura about

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Speaker 2: Cornell's effort and hotel education was a good moment for us.

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Speaker 2: We go into a busy week on a labor economy

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Speaker 2: with the jobs report on Friday. On your commute, of course,

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Speaker 2: please listen Serious XM Channel one twenty one, Apple CarPlay,

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Speaker 2: Android Otto ninety nine one FM in Washington, up the

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Speaker 2: ninety two nine FM in Boston, and Bloomberg eleven three

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Speaker 2: to zero in New York on YouTube. Subscrye to Bloomberg

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Speaker 2: podcasts and out on YouTube podcasts. This is single best

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Speaker 2: idea

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Speaker 3: Mm hm