1 00:00:02,800 --> 00:00:05,280 Speaker 1: Before COVID, I used to travel about two hundred days 2 00:00:05,280 --> 00:00:07,120 Speaker 1: a year and stayed in a lot of hotels. Now 3 00:00:07,160 --> 00:00:10,119 Speaker 1: beginning to travel again, So I'm always interested in what's 4 00:00:10,119 --> 00:00:12,040 Speaker 1: going on in the hotel industry. And I had a 5 00:00:12,119 --> 00:00:15,080 Speaker 1: chance to talk to the head of Hilton Hotels, Christmas 6 00:00:15,080 --> 00:00:17,919 Speaker 1: set about how the industry was suffering during COVID, is 7 00:00:17,960 --> 00:00:20,640 Speaker 1: coming back now and how the industry is really changing 8 00:00:20,680 --> 00:00:25,319 Speaker 1: itself to accommodate new demands from its customers. So, of 9 00:00:25,360 --> 00:00:28,960 Speaker 1: all the industries in the United States, probably the lodging 10 00:00:28,960 --> 00:00:32,560 Speaker 1: industry has been the most heavily impacted by COVID. Uh, 11 00:00:32,760 --> 00:00:34,960 Speaker 1: you think that's a fair statement. You and the airline 12 00:00:34,960 --> 00:00:37,760 Speaker 1: industry probably, Yeah, I think so. Maybe the cruise industry 13 00:00:37,840 --> 00:00:40,880 Speaker 1: would it would probably top the list, but I think 14 00:00:40,880 --> 00:00:43,120 Speaker 1: we'd be near the top of the list. Yeah, it's 15 00:00:43,159 --> 00:00:45,880 Speaker 1: it's been a difficult couple of years, but things things 16 00:00:45,920 --> 00:00:50,680 Speaker 1: are have improved by by by significant margin from where 17 00:00:50,720 --> 00:00:52,839 Speaker 1: we were we we started out, you know, in the 18 00:00:52,920 --> 00:00:58,840 Speaker 1: first quarter of at you know, eight or ten percent occupancy, 19 00:00:58,920 --> 00:01:01,560 Speaker 1: which we've never you know, I've never never experienced that 20 00:01:01,600 --> 00:01:04,560 Speaker 1: kind of down draft. Um certainly in the foremost forty 21 00:01:04,640 --> 00:01:06,480 Speaker 1: years I've been doing this, but at this point we 22 00:01:06,560 --> 00:01:09,600 Speaker 1: are while we're not through COVID, we're not back to 23 00:01:09,640 --> 00:01:12,319 Speaker 1: where we were at the peaks of two thousand nineteen. 24 00:01:13,040 --> 00:01:17,040 Speaker 1: We're sort of like still fifteen down and generally trending 25 00:01:17,640 --> 00:01:22,000 Speaker 1: in a positive direction. My guess is when we get 26 00:01:22,000 --> 00:01:25,080 Speaker 1: to the second third quarter of next year, we will 27 00:01:25,120 --> 00:01:30,440 Speaker 1: be back to peak levels of of demand similar to nineteen. 28 00:01:30,520 --> 00:01:34,200 Speaker 1: What's been really interesting and been well documented I guess 29 00:01:34,200 --> 00:01:36,800 Speaker 1: at this at this point is the leisure business has 30 00:01:36,840 --> 00:01:40,360 Speaker 1: been off the charts. Um. If you look at demand 31 00:01:40,480 --> 00:01:46,200 Speaker 1: for leisure broadly, the rates on leisure, they're already significantly 32 00:01:46,280 --> 00:01:49,840 Speaker 1: higher than the peaks of two thousand nineteen, the business 33 00:01:49,880 --> 00:01:53,440 Speaker 1: segment and the group and the meetings and events segment. 34 00:01:53,640 --> 00:01:55,040 Speaker 1: You know, it was on a you know, on a 35 00:01:55,080 --> 00:01:59,800 Speaker 1: slower recovery, which you'd expect, but but but you know, 36 00:02:00,000 --> 00:02:02,360 Speaker 1: building building up some momentum, So you think the worst 37 00:02:02,400 --> 00:02:04,240 Speaker 1: is behind us for the time being. I think the 38 00:02:04,280 --> 00:02:07,320 Speaker 1: worst is definitely behind us. So it's not a straight 39 00:02:07,560 --> 00:02:09,919 Speaker 1: line up, but I think the worst is definitely As 40 00:02:10,000 --> 00:02:13,880 Speaker 1: COVID was hitting the industry, you had to close hotels 41 00:02:13,919 --> 00:02:16,560 Speaker 1: and lay people off. I assume that was extremely difficult. 42 00:02:16,720 --> 00:02:19,480 Speaker 1: It was. You know, it's interesting that, you know, having 43 00:02:19,560 --> 00:02:23,160 Speaker 1: done this for almost forty years, that we open hotels 44 00:02:23,200 --> 00:02:25,440 Speaker 1: all the time. In fact, at this point we're opening 45 00:02:25,440 --> 00:02:27,760 Speaker 1: more than a hotel a day in the world. Still, 46 00:02:27,960 --> 00:02:30,320 Speaker 1: even during COVID, we've been opening more than a hotel 47 00:02:30,320 --> 00:02:33,200 Speaker 1: a day around the world. But we very rarely close hotels. 48 00:02:33,320 --> 00:02:35,240 Speaker 1: So it's something people don't focus on. You know, when 49 00:02:35,240 --> 00:02:38,640 Speaker 1: a hotel opens, it's open most of them forever. Like 50 00:02:38,760 --> 00:02:41,280 Speaker 1: you open them up, they hope, but they're open their doors. 51 00:02:41,280 --> 00:02:45,160 Speaker 1: They're open twenty four hours a day, seven days a week. There. 52 00:02:45,200 --> 00:02:47,320 Speaker 1: You know, it's sort of an epicenter of activity, and 53 00:02:47,360 --> 00:02:49,680 Speaker 1: you rarely close them. You close them pretty much when 54 00:02:49,680 --> 00:02:52,880 Speaker 1: you're gonna tear them down for another use or build 55 00:02:52,880 --> 00:02:56,400 Speaker 1: another hotel. So we are not very experienced at closing hotels, 56 00:02:56,440 --> 00:02:59,160 Speaker 1: but we gained the experience. But the hard part, uh, 57 00:02:59,400 --> 00:03:03,160 Speaker 1: did you did close hotels? Actually we closed a significant 58 00:03:03,360 --> 00:03:07,240 Speaker 1: percentage of the system at some point in time. You know, 59 00:03:07,320 --> 00:03:12,800 Speaker 1: we had probably fifteen hundred of circus seven thousand hotels 60 00:03:12,800 --> 00:03:15,239 Speaker 1: that were closed. But the difficult part sort of you 61 00:03:15,560 --> 00:03:18,960 Speaker 1: asked it. The question was the people um hotels were 62 00:03:19,000 --> 00:03:22,560 Speaker 1: closing there. You know, it had a huge impact on 63 00:03:22,600 --> 00:03:24,960 Speaker 1: our frontline team members in the sense of, you know, 64 00:03:25,240 --> 00:03:29,600 Speaker 1: necessitating furloughs, reductions and force you know, both both in 65 00:03:29,639 --> 00:03:32,240 Speaker 1: the field and corporately. And so as hard as it 66 00:03:32,320 --> 00:03:34,600 Speaker 1: is to close the hotels, it was really the people's 67 00:03:34,600 --> 00:03:37,360 Speaker 1: side of it in the early stages of COVID where 68 00:03:37,680 --> 00:03:40,200 Speaker 1: was heart wrenching. So now that you're coming back, you 69 00:03:40,280 --> 00:03:42,880 Speaker 1: have the opposite challenge. You have to open hotels and 70 00:03:42,960 --> 00:03:46,480 Speaker 1: hire employees back. And it's been reported that it's hard 71 00:03:46,520 --> 00:03:49,080 Speaker 1: to get employees to come back for the previous jobs 72 00:03:49,280 --> 00:03:51,680 Speaker 1: were to hire new people you have to pay much more. 73 00:03:51,760 --> 00:03:54,040 Speaker 1: So is that a big challenge for you in reopening hotels? 74 00:03:54,280 --> 00:03:57,000 Speaker 1: It is. At this point almost all our hotels are 75 00:03:57,080 --> 00:04:00,880 Speaker 1: open um, but they're not fully staffed. The the the 76 00:04:01,080 --> 00:04:04,360 Speaker 1: single biggest issue that we have is getting labor back 77 00:04:04,400 --> 00:04:08,480 Speaker 1: into the hotels broadly, but particularly in certain roles like 78 00:04:08,640 --> 00:04:13,040 Speaker 1: housekeeping in the culinary areas. And while um we've seen 79 00:04:13,120 --> 00:04:15,920 Speaker 1: some easing of that, you know over the last few months, 80 00:04:15,960 --> 00:04:18,560 Speaker 1: we still have a ways to go, and so it's 81 00:04:18,600 --> 00:04:21,680 Speaker 1: something we're working very hard on. It's it's a complicated issue, 82 00:04:21,839 --> 00:04:25,240 Speaker 1: you know, it's it's part. You know, throughout throughout this 83 00:04:25,279 --> 00:04:27,800 Speaker 1: has been health concerns. People don't want to go to 84 00:04:27,880 --> 00:04:32,160 Speaker 1: places where other people are congregating. It's been significant issues 85 00:04:32,200 --> 00:04:35,040 Speaker 1: on child care, particularly when schools weren't open, people had 86 00:04:35,120 --> 00:04:37,880 Speaker 1: nobody to take care of their children. Um, there have 87 00:04:37,960 --> 00:04:41,760 Speaker 1: been government policies that have obviously, you know, compensated people, 88 00:04:42,000 --> 00:04:45,720 Speaker 1: you know that we're unemployed in ways that provided some 89 00:04:45,720 --> 00:04:48,760 Speaker 1: some distancentives and you you put and then there. To 90 00:04:48,800 --> 00:04:51,440 Speaker 1: be honest, there's some people that just have been reevaluating 91 00:04:52,200 --> 00:04:54,400 Speaker 1: you know, life and what they want to do, and 92 00:04:54,440 --> 00:04:56,560 Speaker 1: some of the you know, some of some of those 93 00:04:56,600 --> 00:04:59,479 Speaker 1: folks have said, you know, I'd rather go work and 94 00:04:59,680 --> 00:05:02,799 Speaker 1: where else rather than you know, clean rooms and other things. 95 00:05:02,839 --> 00:05:06,800 Speaker 1: So it's a complex equation that's going to take a 96 00:05:06,839 --> 00:05:09,360 Speaker 1: significant amount of time to sort of work through. We're 97 00:05:09,400 --> 00:05:12,440 Speaker 1: a lot better off than we were even three months ago, 98 00:05:12,520 --> 00:05:14,640 Speaker 1: and I think when we wake up over the next year, 99 00:05:14,880 --> 00:05:18,600 Speaker 1: we'll be able to get I'm hopeful labor back, you know, 100 00:05:18,640 --> 00:05:20,160 Speaker 1: to to be able to do what we did. So 101 00:05:20,240 --> 00:05:22,520 Speaker 1: one of the biggest concerns I assume the industry has 102 00:05:22,720 --> 00:05:25,320 Speaker 1: is that people like me have gotten used to using 103 00:05:25,600 --> 00:05:29,040 Speaker 1: zoom and Therefore, instead of traveling across the country around 104 00:05:29,040 --> 00:05:31,599 Speaker 1: the world, I can zoom. Is that a big concern 105 00:05:31,680 --> 00:05:34,040 Speaker 1: that people will say, Look, the Zoom experience is actually 106 00:05:34,080 --> 00:05:36,800 Speaker 1: pretty good, and I don't need to travel. It's not 107 00:05:36,880 --> 00:05:40,000 Speaker 1: a big concern for me. I think, you know, and 108 00:05:40,040 --> 00:05:42,320 Speaker 1: I think the world's figuring this out. I mean a 109 00:05:42,440 --> 00:05:46,920 Speaker 1: year ago, Um, you know, I think people were saying, gosh, 110 00:05:46,960 --> 00:05:49,359 Speaker 1: this works, it's so efficient. Maybe I don't need to 111 00:05:49,400 --> 00:05:51,400 Speaker 1: do the things that I was doing. I think a 112 00:05:51,480 --> 00:05:54,600 Speaker 1: year later, as at least everybody I'm talking to is 113 00:05:54,640 --> 00:05:56,760 Speaker 1: realize there are real limits to it. I mean, don't 114 00:05:56,800 --> 00:06:00,200 Speaker 1: even wrong. It's great technology. We use it and it 115 00:06:00,279 --> 00:06:04,560 Speaker 1: has facilitated our ability to continue to communicate during this crisis. 116 00:06:04,600 --> 00:06:11,479 Speaker 1: But there is a a unstoppable force that exists with humans, 117 00:06:11,520 --> 00:06:15,000 Speaker 1: which is humans want to interact with humans, and that 118 00:06:15,120 --> 00:06:18,159 Speaker 1: isn't just for a vacation. Humans need and want to 119 00:06:18,200 --> 00:06:23,120 Speaker 1: interact on business, to build partnerships, to innovate, to build culture, 120 00:06:23,520 --> 00:06:26,520 Speaker 1: and they want to congregate the meetings and events business. 121 00:06:26,520 --> 00:06:28,520 Speaker 1: They want a network. They want to you know, to 122 00:06:28,600 --> 00:06:31,919 Speaker 1: grow their business, to build relationships, and so I have 123 00:06:32,040 --> 00:06:34,360 Speaker 1: no real worries. I mean, every time you know, we've 124 00:06:34,440 --> 00:06:36,800 Speaker 1: sort of as we've been recovering. If you look at 125 00:06:36,960 --> 00:06:40,720 Speaker 1: you know, the minute people start to feel like we're 126 00:06:40,800 --> 00:06:44,240 Speaker 1: through the crisis, the demand for meetings and events, which 127 00:06:44,279 --> 00:06:47,920 Speaker 1: is the longest lead, skyrockets. People are people are dying 128 00:06:47,960 --> 00:06:50,160 Speaker 1: to get out. Okay, let's talk about your own background. 129 00:06:50,240 --> 00:06:52,920 Speaker 1: How you came to be the president CEO. UM. Where 130 00:06:52,920 --> 00:06:56,480 Speaker 1: did you grow up? I grew up right nearby here, Arlington, Virginia. 131 00:06:56,920 --> 00:06:59,120 Speaker 1: And you went to school and high school, to high 132 00:06:59,279 --> 00:07:02,520 Speaker 1: public high school in Arlington, Yorktown high school, went to 133 00:07:02,680 --> 00:07:05,440 Speaker 1: u v A. I ended up at the McIntyre School 134 00:07:05,440 --> 00:07:09,800 Speaker 1: of Commerce, undergraduate business school. Uh. Got out and decided 135 00:07:09,840 --> 00:07:13,520 Speaker 1: I wanted to follow my father and uncle's footsteps and 136 00:07:13,560 --> 00:07:17,160 Speaker 1: being the real estate development business. And ended up working 137 00:07:17,280 --> 00:07:20,800 Speaker 1: for one of the biggest developers and and still a 138 00:07:20,840 --> 00:07:23,360 Speaker 1: good friend UH today in the d C. E. R. 139 00:07:23,400 --> 00:07:26,800 Speaker 1: Oliver Carr, and my first job was actually ended up 140 00:07:26,800 --> 00:07:30,960 Speaker 1: being a hotel, which was the Willard Hotel and Office complex, 141 00:07:31,000 --> 00:07:33,800 Speaker 1: So Oliver Carr was it was an individual who built 142 00:07:33,800 --> 00:07:36,160 Speaker 1: a very big real estate company in Washington. See the 143 00:07:36,160 --> 00:07:39,440 Speaker 1: company still around. UM. And then you were recruited, I 144 00:07:39,440 --> 00:07:42,160 Speaker 1: guess to go to Mariott, is that right. No, in 145 00:07:42,240 --> 00:07:45,440 Speaker 1: between there, I created a private equity business, I know, 146 00:07:45,520 --> 00:07:49,160 Speaker 1: a little teeny one compared to that big behemoth that 147 00:07:49,480 --> 00:07:51,360 Speaker 1: you're part of. At the time, you know, this would 148 00:07:51,400 --> 00:07:54,920 Speaker 1: have been in this was the early days a private 149 00:07:54,960 --> 00:07:58,440 Speaker 1: equity generally, certainly real estate private equity. And our view 150 00:07:58,480 --> 00:08:01,480 Speaker 1: was that it's there's gonna be massive opportunity as a 151 00:08:01,520 --> 00:08:04,720 Speaker 1: result of the displacement going on in the SNL crisis, 152 00:08:04,800 --> 00:08:08,320 Speaker 1: just so much inadvertent ownership of real estate on the 153 00:08:08,320 --> 00:08:11,360 Speaker 1: wrong people's balance sheets, and we wanted to get out 154 00:08:11,520 --> 00:08:13,920 Speaker 1: and UH and take advantage of that. So we did so. 155 00:08:14,000 --> 00:08:16,440 Speaker 1: For five years, my partner and I went out and 156 00:08:16,840 --> 00:08:19,880 Speaker 1: uh I had a fabulous private equity business. We did, 157 00:08:20,000 --> 00:08:22,640 Speaker 1: you know, a lot of deals probably you know, it 158 00:08:22,640 --> 00:08:24,800 Speaker 1: seems like small numbers today, but probably a half a 159 00:08:24,800 --> 00:08:28,440 Speaker 1: billion dollars of deals across the spectrum of hotels and 160 00:08:28,640 --> 00:08:33,199 Speaker 1: office did a lot of tax exempt multi family UH 161 00:08:33,240 --> 00:08:36,400 Speaker 1: in in in our fund, and had a lot of 162 00:08:36,440 --> 00:08:40,520 Speaker 1: great partners UM, one of whom was Blackstone, and then 163 00:08:40,679 --> 00:08:44,040 Speaker 1: got recruited my partner and I to go to what 164 00:08:44,080 --> 00:08:47,920 Speaker 1: was then Host Marriott UM. After after doing that for 165 00:08:48,000 --> 00:08:51,600 Speaker 1: five years, Host Marriott was the real estate arm Marriott Hotel. 166 00:08:51,640 --> 00:08:53,920 Speaker 1: Mary had split the company into two parts. One was 167 00:08:54,040 --> 00:08:57,280 Speaker 1: the brand Marriott that operates the hotels and managers HUM. 168 00:08:57,480 --> 00:08:59,199 Speaker 1: The other part was owned the real estate right and 169 00:08:59,240 --> 00:09:01,720 Speaker 1: that was Host Mary. I came in as a CEO, 170 00:09:01,960 --> 00:09:04,920 Speaker 1: and I became the CEO within four years. My partner 171 00:09:04,960 --> 00:09:07,679 Speaker 1: in our private equity did business, Terry Golden was the CEO. 172 00:09:07,800 --> 00:09:10,520 Speaker 1: I was CEO. He retired in four years and I 173 00:09:10,760 --> 00:09:13,600 Speaker 1: and UH and I took over. So you're running Host Marriott. 174 00:09:13,679 --> 00:09:15,960 Speaker 1: You did very good job, as I remember it, Um, 175 00:09:16,000 --> 00:09:18,800 Speaker 1: I think, So how did you come to Hilton? I 176 00:09:18,920 --> 00:09:21,400 Speaker 1: mentioned in my private equity days, I had gotten to 177 00:09:21,400 --> 00:09:24,400 Speaker 1: know the Blackstone guys, you know really well, John Schreiber 178 00:09:24,440 --> 00:09:27,560 Speaker 1: then who since retired, but John Gray you know particularly 179 00:09:27,600 --> 00:09:33,080 Speaker 1: really well, UM, Steve Schorzman a bit and UM. When 180 00:09:33,080 --> 00:09:35,320 Speaker 1: I got to Host. As a result of that relationship 181 00:09:35,400 --> 00:09:37,959 Speaker 1: and given their interest in the hotel space, we did 182 00:09:37,960 --> 00:09:41,079 Speaker 1: a bunch of UM transactions to them. So while I 183 00:09:41,160 --> 00:09:45,480 Speaker 1: had known them, I got to know them really really well. 184 00:09:45,880 --> 00:09:48,160 Speaker 1: And as a result of that relationship, I guess when 185 00:09:48,200 --> 00:09:51,600 Speaker 1: they decided, you know, in July, early late June, early 186 00:09:51,679 --> 00:09:56,079 Speaker 1: July of two thousand and seven that they were gonna 187 00:09:56,400 --> 00:09:59,640 Speaker 1: buy Hilton. John Gray Calton said, I've got I've got 188 00:09:59,640 --> 00:10:02,920 Speaker 1: the perfect job for you. We know you, we like you, 189 00:10:03,240 --> 00:10:05,880 Speaker 1: we trust you. We think you've sort of trained your 190 00:10:05,880 --> 00:10:08,040 Speaker 1: whole career to be able to run a company like this. 191 00:10:08,120 --> 00:10:12,160 Speaker 1: I think there's a huge amount of upside and potential this. 192 00:10:12,160 --> 00:10:16,040 Speaker 1: This company has been grossly undermanaged and you should come 193 00:10:16,120 --> 00:10:20,880 Speaker 1: do it. Um, And I said, what are you crazy? Um, 194 00:10:21,000 --> 00:10:24,680 Speaker 1: I'm gonna pick up my wife and my six little 195 00:10:24,760 --> 00:10:28,240 Speaker 1: daughters at this time, and we're gonna move to Beverly Hills, California. 196 00:10:28,240 --> 00:10:30,520 Speaker 1: And you know, I famously said like, well, we're gonna 197 00:10:30,520 --> 00:10:33,080 Speaker 1: be like the Beverly Hillbillies out You know, I don't 198 00:10:33,080 --> 00:10:36,520 Speaker 1: see that the set is on on Rodeo Drive, but 199 00:10:36,559 --> 00:10:39,479 Speaker 1: those who know John Gray know that he's very persuasive. 200 00:10:40,080 --> 00:10:42,360 Speaker 1: And the truth is, as I stepped back from it, 201 00:10:43,120 --> 00:10:44,679 Speaker 1: and as I talked to my wife, who was an 202 00:10:44,679 --> 00:10:48,120 Speaker 1: equal partner in the decision, we realized how many chances 203 00:10:48,160 --> 00:10:51,240 Speaker 1: in your life are you going to have where it's 204 00:10:51,240 --> 00:10:53,960 Speaker 1: a counterparty like Blackstone, who you know really well, who 205 00:10:54,000 --> 00:10:57,920 Speaker 1: you trust. It's a business that you know but has 206 00:10:58,120 --> 00:11:03,640 Speaker 1: massive opportunity, and it meeting and it suits your skill set, um, 207 00:11:03,720 --> 00:11:05,960 Speaker 1: and those things just don't come together that often. And 208 00:11:06,080 --> 00:11:08,840 Speaker 1: so eventually I decided we would be pick up and 209 00:11:08,880 --> 00:11:10,800 Speaker 1: be the Beverly Hill bill As and we moved. So 210 00:11:11,000 --> 00:11:13,600 Speaker 1: Hilton was a publicly traded company. Blackstone bought her for 211 00:11:13,679 --> 00:11:16,720 Speaker 1: roughly billion dollars. Some people thought it was a pretty 212 00:11:16,800 --> 00:11:19,960 Speaker 1: high price at the time. You come in to manage 213 00:11:20,000 --> 00:11:22,080 Speaker 1: the large amount of debt and so forth, and you 214 00:11:22,200 --> 00:11:26,560 Speaker 1: moved your six young daughters all the way out to California, 215 00:11:26,760 --> 00:11:29,920 Speaker 1: and then, um, the Great Recession comes and all of 216 00:11:30,000 --> 00:11:32,440 Speaker 1: a sudden, the debt from the leverage buyout seems to 217 00:11:32,440 --> 00:11:35,120 Speaker 1: be burdensome. Were you worried that the deal wasn't gonna 218 00:11:35,160 --> 00:11:38,160 Speaker 1: work at all and it might go bankrupt? David, I 219 00:11:38,160 --> 00:11:40,840 Speaker 1: I slept like a baby. I slept for two hours. 220 00:11:41,040 --> 00:11:44,280 Speaker 1: I woke up, cried, slept for another two hours, woke 221 00:11:44,360 --> 00:11:47,400 Speaker 1: up and cried. Kidding, no, you know, the truth is 222 00:11:47,440 --> 00:11:49,920 Speaker 1: there were some tense moments at the you know, at 223 00:11:49,920 --> 00:11:52,600 Speaker 1: the beginning of the Great Recession, but we never lost faith. 224 00:11:52,920 --> 00:11:56,480 Speaker 1: Like John and I particularly is the two that sort 225 00:11:56,520 --> 00:11:59,440 Speaker 1: of put our heart and soul into making this thing work. 226 00:11:59,520 --> 00:12:01,920 Speaker 1: John Gray and I we we knew we had a 227 00:12:02,000 --> 00:12:06,439 Speaker 1: really good strategy. We were building a world class team. 228 00:12:06,520 --> 00:12:08,960 Speaker 1: And you know, I'm a big believer in a steady 229 00:12:08,960 --> 00:12:11,040 Speaker 1: hand on the wheel. What goes down will come up. 230 00:12:11,240 --> 00:12:14,319 Speaker 1: You know, don't panic. If you've got a strategy, work 231 00:12:14,400 --> 00:12:17,520 Speaker 1: the strategy, adapted to the times, and and you know 232 00:12:17,559 --> 00:12:20,199 Speaker 1: you'll get to the other side. And we did. So 233 00:12:20,400 --> 00:12:21,920 Speaker 1: we don't have as much gray hair as I do. 234 00:12:22,000 --> 00:12:25,439 Speaker 1: But you get any hairs, I might question that you 235 00:12:25,640 --> 00:12:27,920 Speaker 1: Did you get any gray hairs from this experience? Definitely? 236 00:12:28,000 --> 00:12:29,920 Speaker 1: I definitely did, but I found it. You know, I 237 00:12:30,360 --> 00:12:32,679 Speaker 1: definitely got more gray hairs. And I'm not gonna say, like, 238 00:12:33,080 --> 00:12:35,679 Speaker 1: you know, it didn't stress me out on occasion, but 239 00:12:35,880 --> 00:12:37,840 Speaker 1: I love a challenge. I mean, the truth is, I 240 00:12:37,880 --> 00:12:39,880 Speaker 1: had a really great job running HOST, and I love 241 00:12:39,920 --> 00:12:42,479 Speaker 1: the company and the people and the board was incredible 242 00:12:42,520 --> 00:12:45,120 Speaker 1: to me. And so why did I leave. I wanted 243 00:12:45,120 --> 00:12:47,679 Speaker 1: a bigger challenge and you know, something that was more 244 00:12:47,720 --> 00:12:51,920 Speaker 1: global and needed fixing. And so the reality is the 245 00:12:51,960 --> 00:12:54,239 Speaker 1: Great Recession. While it was hard and it was stressful, 246 00:12:54,400 --> 00:12:58,240 Speaker 1: it was also an opportunity to sort of stretch myself 247 00:12:58,480 --> 00:13:01,800 Speaker 1: and and to you know, fix it and to really 248 00:13:01,840 --> 00:13:04,360 Speaker 1: push myself to get to the other side. So black 249 00:13:04,400 --> 00:13:07,520 Speaker 1: Stunt ultimately injected some more money into the deal and 250 00:13:07,559 --> 00:13:10,480 Speaker 1: they bought some debt back at a discounted The bottom 251 00:13:10,520 --> 00:13:12,800 Speaker 1: line was they ultimately took a public or you took 252 00:13:12,800 --> 00:13:14,920 Speaker 1: a public and it turned out to be one of 253 00:13:14,960 --> 00:13:17,640 Speaker 1: the most successful, if not the most successful buyouts in history. 254 00:13:17,640 --> 00:13:20,120 Speaker 1: I think Blackstone made about a fourteen or fifteen billion 255 00:13:20,120 --> 00:13:23,440 Speaker 1: dollar profit when what I'm told and when you took 256 00:13:23,480 --> 00:13:26,319 Speaker 1: the company public, um you did at a certain price. 257 00:13:26,360 --> 00:13:28,080 Speaker 1: But today I think the price is up about SI 258 00:13:29,240 --> 00:13:32,559 Speaker 1: stock is up about so you must be pretty happy, 259 00:13:33,440 --> 00:13:36,600 Speaker 1: right think. So we we, you know, did our job 260 00:13:36,640 --> 00:13:40,080 Speaker 1: for Blackstone and their investors, and they, you know, they 261 00:13:40,200 --> 00:13:43,040 Speaker 1: made a great profit, you know, out of what looked 262 00:13:43,080 --> 00:13:45,600 Speaker 1: like a difficult set up during the Great Recession. And yeah, 263 00:13:45,640 --> 00:13:47,960 Speaker 1: anybody that is that bought the stock and we when 264 00:13:48,000 --> 00:13:51,520 Speaker 1: we went public and held it has done exceptionally well. 265 00:13:51,760 --> 00:13:54,080 Speaker 1: So c e o s today are under a lot 266 00:13:54,080 --> 00:13:58,880 Speaker 1: of pressure to speak out on publicly controversial issues, civil 267 00:13:58,960 --> 00:14:01,920 Speaker 1: rights issues, voting rights issues, other things. Do you feel 268 00:14:01,960 --> 00:14:04,199 Speaker 1: as a CEO that you should be speaking out? Is 269 00:14:04,240 --> 00:14:08,000 Speaker 1: that good for your shareholders or stakeholders. It's a really 270 00:14:08,080 --> 00:14:12,439 Speaker 1: complicated issue and it always has been. But as the representatives, 271 00:14:12,440 --> 00:14:14,920 Speaker 1: the most senior representative of the company, for for the 272 00:14:15,000 --> 00:14:17,760 Speaker 1: company effectively through me, to have a you, it has 273 00:14:17,800 --> 00:14:21,320 Speaker 1: to be directly connected to our purpose. So I'm constantly 274 00:14:21,400 --> 00:14:26,080 Speaker 1: looking at the convergence of what is good for society 275 00:14:26,120 --> 00:14:29,000 Speaker 1: but is also good for our business, and and looking 276 00:14:29,160 --> 00:14:32,800 Speaker 1: at that point of overlap and making sure that we're 277 00:14:32,800 --> 00:14:35,400 Speaker 1: focused in those areas. So here's the thing again, in 278 00:14:35,480 --> 00:14:38,560 Speaker 1: my humble opinion, today's world, everybody wants to have an 279 00:14:38,560 --> 00:14:43,200 Speaker 1: opinion on everything and do everything. Last I checked focus 280 00:14:43,240 --> 00:14:46,360 Speaker 1: and discipline matter, and so we've picked sort of three 281 00:14:46,480 --> 00:14:52,040 Speaker 1: areas that are most in important to us. Diversity and inclusion, 282 00:14:52,160 --> 00:14:54,280 Speaker 1: which is clearly a huge part of our business. We 283 00:14:54,280 --> 00:14:59,680 Speaker 1: serve a mentally diverse customer base, immensely diverse team member 284 00:14:59,720 --> 00:15:03,920 Speaker 1: pop relation. So you know, that's a really important area 285 00:15:03,960 --> 00:15:06,680 Speaker 1: of work and that I do speak out on. On 286 00:15:06,760 --> 00:15:08,960 Speaker 1: the social side, youth. You know, one of the biggest 287 00:15:09,000 --> 00:15:11,680 Speaker 1: issues in the world today is that was a problem 288 00:15:11,720 --> 00:15:15,120 Speaker 1: before COVID. It's only gotten worse as youth unemployment. We 289 00:15:15,160 --> 00:15:18,120 Speaker 1: need young people desperately to want to get into our business. 290 00:15:18,120 --> 00:15:22,240 Speaker 1: So it's it's uh, definitely in that convergence. And then 291 00:15:22,280 --> 00:15:24,440 Speaker 1: the environmental side of it. You know, if we don't 292 00:15:24,440 --> 00:15:26,880 Speaker 1: have destined, if we don't take care of our destinations 293 00:15:26,880 --> 00:15:29,160 Speaker 1: around the world, there is no travel business. And so 294 00:15:29,640 --> 00:15:32,200 Speaker 1: that is directly you know, taking care of the environment 295 00:15:32,240 --> 00:15:35,320 Speaker 1: and and attending to climate issues. Not only can we 296 00:15:35,360 --> 00:15:38,000 Speaker 1: have a big impact on it, but it's it's immensely 297 00:15:38,040 --> 00:15:42,040 Speaker 1: important to the to the future opportunities and traveling towards him. Now, 298 00:15:42,120 --> 00:15:44,240 Speaker 1: your company was started more than a hundred years ago, 299 00:15:44,280 --> 00:15:45,880 Speaker 1: a little bit more than a hundred years ago, by 300 00:15:46,200 --> 00:15:49,880 Speaker 1: Conrad Hilton. He's famous for many things. He built this company. 301 00:15:49,920 --> 00:15:51,760 Speaker 1: But I was told at one time he made a 302 00:15:51,840 --> 00:15:55,200 Speaker 1: famous statement about the most important thing in the hotel business. 303 00:15:55,200 --> 00:15:56,880 Speaker 1: Can you tell us what that was? He did? I 304 00:15:57,080 --> 00:15:59,640 Speaker 1: I wasn't alive to see it, but he was. He 305 00:15:59,760 --> 00:16:02,360 Speaker 1: was famous in the time, and he ended up on 306 00:16:02,440 --> 00:16:05,240 Speaker 1: the Johnny Carson Show on more than one occasion at 307 00:16:05,280 --> 00:16:07,960 Speaker 1: one point. And as it goes, I've seen the clips, 308 00:16:07,960 --> 00:16:11,160 Speaker 1: so it's not legend. Johnny Carson said, all right, Connie, 309 00:16:11,240 --> 00:16:15,520 Speaker 1: he went by Connie, Um, you're the biggest hotel man 310 00:16:15,680 --> 00:16:18,680 Speaker 1: on earth. Could you just give everybody in the audience 311 00:16:18,680 --> 00:16:20,320 Speaker 1: one piece of advice. He said, if I could give 312 00:16:20,360 --> 00:16:23,360 Speaker 1: you one piece of advice, I would say, please keep 313 00:16:23,440 --> 00:16:27,000 Speaker 1: your your shower curtain inside the shower because otherwise it 314 00:16:27,040 --> 00:16:28,680 Speaker 1: was going to leak out and the water was going 315 00:16:28,720 --> 00:16:31,400 Speaker 1: to damage the hotel. So do you ever commune with 316 00:16:31,480 --> 00:16:34,120 Speaker 1: Conrad Hilton? You ever getting messages from heaven from him? 317 00:16:34,680 --> 00:16:36,800 Speaker 1: You're doing a good job protecting my name. I haven't, 318 00:16:36,800 --> 00:16:39,440 Speaker 1: but I do have his bust right next to my office. 319 00:16:39,480 --> 00:16:41,960 Speaker 1: When we moved out of Beverly Hills, UM, we had 320 00:16:41,960 --> 00:16:46,000 Speaker 1: all sorts of paraphernalia that you know that was related 321 00:16:46,040 --> 00:16:48,240 Speaker 1: to the history of the company, most of which I 322 00:16:48,360 --> 00:16:51,200 Speaker 1: sent to the Conrad Hilton Museum at the at the 323 00:16:51,280 --> 00:16:53,880 Speaker 1: University of Houston because I thought it would be great 324 00:16:53,880 --> 00:16:55,920 Speaker 1: for them. The catalog didn't have it. The one thing 325 00:16:55,960 --> 00:16:58,320 Speaker 1: I did keep was his bust, which I keep very 326 00:16:58,360 --> 00:17:01,280 Speaker 1: close by my office. I did so I didn't know 327 00:17:01,360 --> 00:17:04,840 Speaker 1: Conrad personally. I did meet his son, Baron Um, who 328 00:17:04,920 --> 00:17:08,840 Speaker 1: ran the company for for over forty years UM and 329 00:17:09,000 --> 00:17:12,080 Speaker 1: was very close to his father Um, and they, you know, 330 00:17:12,760 --> 00:17:15,960 Speaker 1: at least talking to Baron, he was quite proud of 331 00:17:16,000 --> 00:17:18,159 Speaker 1: what we had done. With the company and suggested to 332 00:17:18,160 --> 00:17:21,680 Speaker 1: me Conrad would have been as well. Well. Conrad Hilton 333 00:17:21,720 --> 00:17:24,240 Speaker 1: was very famous, and Barren Hilton was very famous, But honestly, 334 00:17:24,240 --> 00:17:26,800 Speaker 1: the most famous person with the last name Hilton is 335 00:17:27,160 --> 00:17:30,800 Speaker 1: Paris Hilton. Harris is she involved in the company she had. 336 00:17:31,119 --> 00:17:34,720 Speaker 1: More recently, we've been working with Paris on the marketing 337 00:17:34,760 --> 00:17:38,120 Speaker 1: side of it. We're working with her. She just got 338 00:17:38,240 --> 00:17:41,480 Speaker 1: married and she's on her honeymoon and we're helping sponsor 339 00:17:41,560 --> 00:17:44,640 Speaker 1: the honeymoon, and so we we have been doing, um 340 00:17:44,720 --> 00:17:48,400 Speaker 1: some work more more recently. When I was growing up 341 00:17:49,080 --> 00:17:51,680 Speaker 1: a blue collar family, we couldn't afford to go to Hilton. 342 00:17:51,760 --> 00:17:53,840 Speaker 1: Hilton was the ultimate brand in those days, and we 343 00:17:53,840 --> 00:17:55,680 Speaker 1: were lucky if we go to, say a holiday inn 344 00:17:55,760 --> 00:17:59,360 Speaker 1: or something like that. Um Over the years, Hilton name 345 00:17:59,480 --> 00:18:03,960 Speaker 1: hasn't yet been seen as maybe as ultimately elite as Ritz, 346 00:18:04,040 --> 00:18:07,320 Speaker 1: Carlton or four Seasons. Is that a fair statement in 347 00:18:07,359 --> 00:18:09,760 Speaker 1: some respects? Yeah, it is, and my choice if you 348 00:18:09,800 --> 00:18:13,679 Speaker 1: go back fifty years ago, Hilton was probably the leading 349 00:18:13,840 --> 00:18:17,320 Speaker 1: pioneering luxury brand on Earth. But as time went on 350 00:18:17,400 --> 00:18:21,520 Speaker 1: and as we learned that segmentation mattered in the business, 351 00:18:21,560 --> 00:18:24,880 Speaker 1: and that the customers had these different needs. We really 352 00:18:25,200 --> 00:18:30,080 Speaker 1: tried purposefully to make Hilton a four star brand to 353 00:18:30,200 --> 00:18:33,640 Speaker 1: allow for other things above it. So your ultimate luxury 354 00:18:33,640 --> 00:18:36,879 Speaker 1: brand is that Waldorf Historia, that's Waldaver Sto. Luxury brands 355 00:18:36,920 --> 00:18:40,320 Speaker 1: are Water water for Historia, Conrad and alex Are. You're 356 00:18:40,359 --> 00:18:43,199 Speaker 1: in a Conrad as it turns out today, but the 357 00:18:43,480 --> 00:18:46,320 Speaker 1: very highest end of luxury for us is his Waldor. 358 00:18:46,520 --> 00:18:50,520 Speaker 1: Then Conrad and alex Are is a collection of luxury, 359 00:18:50,560 --> 00:18:53,320 Speaker 1: historic luxury hotels. Now in New York City, there's the 360 00:18:53,440 --> 00:18:57,159 Speaker 1: famous initial waldorfer Historia which has been under construction and 361 00:18:57,240 --> 00:19:00,399 Speaker 1: rehabilitation for a few years. Um, you don't own it, 362 00:19:00,440 --> 00:19:02,679 Speaker 1: but you're going to manage it. I presume isn't going 363 00:19:02,720 --> 00:19:05,760 Speaker 1: to open in my lifetime. Well, let me correct one thing. 364 00:19:05,840 --> 00:19:08,880 Speaker 1: That is not the original Waldorf story. The original water 365 00:19:08,960 --> 00:19:14,040 Speaker 1: for story was was put together as a consequence of 366 00:19:14,080 --> 00:19:19,880 Speaker 1: the Astor two members of the Astor family feuding that 367 00:19:20,119 --> 00:19:22,639 Speaker 1: had two hotels that were on the site of what 368 00:19:22,800 --> 00:19:25,800 Speaker 1: is today the Empire State Building. And the way they 369 00:19:25,840 --> 00:19:28,600 Speaker 1: settled the feud was they one hotel was the Walter 370 00:19:28,720 --> 00:19:31,280 Speaker 1: if the other was the Astoria, and they settled the 371 00:19:31,320 --> 00:19:34,200 Speaker 1: feud by connecting them with what they called Peacock Alley, 372 00:19:34,240 --> 00:19:37,840 Speaker 1: and it became famously the Waldorf Storia, New York. That 373 00:19:37,960 --> 00:19:41,359 Speaker 1: was in the late eighteen hundreds. They ultimately sold it 374 00:19:41,400 --> 00:19:44,840 Speaker 1: to what got redeveloped as the Empire State Building and 375 00:19:44,960 --> 00:19:47,639 Speaker 1: where the current water story is was built during the 376 00:19:47,680 --> 00:19:51,840 Speaker 1: Great Depression and opened the nineteen and is under massive 377 00:19:52,080 --> 00:19:57,080 Speaker 1: redevelopment um and should open reopen as what I think 378 00:19:57,080 --> 00:19:59,040 Speaker 1: will be the best luxury hotel in New York in 379 00:20:00,200 --> 00:20:03,240 Speaker 1: with four hundred rooms and you know, about the same 380 00:20:03,280 --> 00:20:07,600 Speaker 1: amount of high end luxury apartments. So there's another rumor 381 00:20:07,680 --> 00:20:10,920 Speaker 1: going around about another Walldorf story. It's rumored in Washington, 382 00:20:11,000 --> 00:20:14,600 Speaker 1: see where we are now at the Trump Hotel um 383 00:20:14,640 --> 00:20:17,600 Speaker 1: which had its challenges, which has been reported and sold 384 00:20:17,640 --> 00:20:20,520 Speaker 1: to somebody, and that you Hilton will manage it as 385 00:20:20,520 --> 00:20:22,960 Speaker 1: a wal Dover Storia. Can you comment on that. I've 386 00:20:23,000 --> 00:20:25,600 Speaker 1: read that same rumor, but no, I can't comment. I 387 00:20:25,640 --> 00:20:29,119 Speaker 1: have a very strict rule. I'll comment when something is 388 00:20:30,160 --> 00:20:33,080 Speaker 1: And so the rumors are justified in the sense that 389 00:20:33,160 --> 00:20:35,720 Speaker 1: there's there's a lot of work and discussion going on, 390 00:20:35,800 --> 00:20:39,080 Speaker 1: but nothing is done. Now there's a new phenomenon that's 391 00:20:39,160 --> 00:20:42,400 Speaker 1: now not that new called airbnb. What what is that? 392 00:20:42,880 --> 00:20:44,960 Speaker 1: And when it came along, the hotel industry kind of 393 00:20:44,960 --> 00:20:46,720 Speaker 1: shrugged it off a bit. But is it a real 394 00:20:46,720 --> 00:20:48,479 Speaker 1: competitor to you? And are you going to be in 395 00:20:48,520 --> 00:20:51,960 Speaker 1: that business? UM? I do not think it's a real 396 00:20:52,000 --> 00:20:54,800 Speaker 1: competitor to us. So if you think about what we do, 397 00:20:55,000 --> 00:20:58,240 Speaker 1: it's something different than what they do, and I think 398 00:20:58,560 --> 00:21:03,800 Speaker 1: we coexist with them quite well. We deliver a high quality, 399 00:21:03,880 --> 00:21:07,400 Speaker 1: consistent product with the amenities wrapped in service, with all 400 00:21:07,400 --> 00:21:12,119 Speaker 1: the technology loyalty, and people pay us generally a big 401 00:21:12,200 --> 00:21:14,719 Speaker 1: premium for that because they, you know, they want that 402 00:21:14,840 --> 00:21:19,320 Speaker 1: level of consistent, high quality experience. What they do is 403 00:21:19,359 --> 00:21:22,560 Speaker 1: something different that what they're doing is by definition, you know, 404 00:21:22,640 --> 00:21:26,439 Speaker 1: doesn't can't have the consistency and the quality and the 405 00:21:26,480 --> 00:21:29,080 Speaker 1: products and the amenities that are tailor fit because it's 406 00:21:29,119 --> 00:21:31,879 Speaker 1: just something different. But it doesn't mean it's bad. It 407 00:21:31,920 --> 00:21:35,119 Speaker 1: just means something. It's it's satisfying a different kind of tripication. 408 00:21:35,160 --> 00:21:36,919 Speaker 1: So if you look at the numbers, even you know 409 00:21:37,000 --> 00:21:40,560 Speaker 1: pre COVID we were coexisting quite what we were. We 410 00:21:40,560 --> 00:21:44,199 Speaker 1: were at the peak levels of performance UM at a 411 00:21:44,280 --> 00:21:46,760 Speaker 1: time you know where they were growing leaps and bounds, 412 00:21:46,800 --> 00:21:52,880 Speaker 1: and we weren't really seeing UM significant competitive threat as 413 00:21:52,880 --> 00:21:55,320 Speaker 1: a result of it. As an investor, UM, should I 414 00:21:55,359 --> 00:21:57,800 Speaker 1: be looking at the hotel lodging industry is a good 415 00:21:57,800 --> 00:22:00,399 Speaker 1: area to invest in? I mean, your stocked rely has 416 00:22:00,440 --> 00:22:04,000 Speaker 1: gone to near all time highs from very low point 417 00:22:04,080 --> 00:22:06,800 Speaker 1: in time during the COVID period of time. UM, you 418 00:22:06,800 --> 00:22:08,840 Speaker 1: think there's a lot of growth left in lodging in 419 00:22:09,000 --> 00:22:11,960 Speaker 1: hotel stocks? Uh that you know, You're one of the 420 00:22:11,960 --> 00:22:14,239 Speaker 1: smartest investors on us, so I'm not going to give you. 421 00:22:14,280 --> 00:22:17,600 Speaker 1: And I'm a lowly hotel guy, I like you decide that. 422 00:22:18,080 --> 00:22:22,560 Speaker 1: I think why the stocks have performed well is UM 423 00:22:23,080 --> 00:22:27,000 Speaker 1: really quite simple. I think it's an underlying belief that 424 00:22:27,080 --> 00:22:31,160 Speaker 1: the business broadly will demand in the business in all 425 00:22:31,200 --> 00:22:35,160 Speaker 1: segments will come back and will ultimately over time grow 426 00:22:35,200 --> 00:22:38,000 Speaker 1: to be greater than it was before, which I believe, 427 00:22:38,600 --> 00:22:41,160 Speaker 1: and I think in our case, why we performed well 428 00:22:41,200 --> 00:22:44,720 Speaker 1: as I think they believe. Investors believe that the decisions 429 00:22:44,760 --> 00:22:47,080 Speaker 1: we made that we had a very good capital light 430 00:22:47,160 --> 00:22:49,800 Speaker 1: business that was that was growing faster than anybody in 431 00:22:49,840 --> 00:22:53,400 Speaker 1: the industry before. The decisions that we made during COVID 432 00:22:53,440 --> 00:22:55,879 Speaker 1: put us in an even better position where when we 433 00:22:55,920 --> 00:22:58,320 Speaker 1: get to the other side of it, where a higher 434 00:22:58,359 --> 00:23:03,440 Speaker 1: market share, higher growth, higher margin business, and um, the 435 00:23:03,520 --> 00:23:06,000 Speaker 1: market as you and I both know, as a result 436 00:23:06,000 --> 00:23:09,119 Speaker 1: of a whole bunch of things in terms of discal 437 00:23:09,200 --> 00:23:12,520 Speaker 1: policy and like, is just looking further forward. And I 438 00:23:12,560 --> 00:23:16,040 Speaker 1: think when people look forward two and three years, they 439 00:23:16,200 --> 00:23:18,480 Speaker 1: like what they see in the industry, and I'd like 440 00:23:18,560 --> 00:23:20,760 Speaker 1: to believe they really like what they see in terms 441 00:23:20,760 --> 00:23:22,320 Speaker 1: of what we can deliver. You've now been doing this 442 00:23:22,359 --> 00:23:25,800 Speaker 1: about fourteen years. Count the numbers, right, and you're fifty 443 00:23:25,880 --> 00:23:29,240 Speaker 1: nine years old. I am so have you thought maybe 444 00:23:29,320 --> 00:23:31,280 Speaker 1: I should go do something else. I can't do anything 445 00:23:31,280 --> 00:23:33,359 Speaker 1: better than I'm already doing. I already turned this company around. 446 00:23:33,359 --> 00:23:35,600 Speaker 1: I've made a lot of money for the investors, the shareholders, 447 00:23:35,720 --> 00:23:38,040 Speaker 1: and yourself. Are you happy doing this? You're gonna do 448 00:23:38,040 --> 00:23:40,239 Speaker 1: this for the resieable future. I'm gonna do it for 449 00:23:40,280 --> 00:23:42,720 Speaker 1: the foreseeable future. I love what I do, And the 450 00:23:42,760 --> 00:23:45,840 Speaker 1: reality is we've accomplished a lot. As you've described, We've 451 00:23:46,359 --> 00:23:48,359 Speaker 1: made blacks and a lot of money. We made our 452 00:23:48,359 --> 00:23:50,720 Speaker 1: shareholders a lot of money. More importantly, we've grown the 453 00:23:50,720 --> 00:23:53,679 Speaker 1: business and we've been a huge engine of opportunity. If 454 00:23:53,760 --> 00:23:56,840 Speaker 1: you think about all the jobs we've created around the world, 455 00:23:56,880 --> 00:23:59,920 Speaker 1: all the communities we've made better places, all the ownership 456 00:24:00,000 --> 00:24:03,280 Speaker 1: groups who we've helped grow their business and and having 457 00:24:03,320 --> 00:24:06,760 Speaker 1: built a world class culture, the opportunities we've created for 458 00:24:06,840 --> 00:24:10,560 Speaker 1: upward mobility for people, and this business I would still 459 00:24:10,600 --> 00:24:13,840 Speaker 1: say is like a coiled spring coming out of COVID particularly, 460 00:24:13,880 --> 00:24:15,600 Speaker 1: so I feel like we just have more to do. 461 00:24:16,040 --> 00:24:18,800 Speaker 1: You know, my job, My job is far from dune. 462 00:24:19,480 --> 00:24:21,960 Speaker 1: Thanks for listening to hear more of my interviews. You 463 00:24:22,040 --> 00:24:26,159 Speaker 1: can subscribe and download my podcast on Spotify, Apple, or 464 00:24:26,160 --> 00:24:26,960 Speaker 1: wherever you listen.