Hi. Good morning. One question here. With your North American RevPar expectations for flat to down 3%, what would you forecast for your given that scenario, your owned North American hotel EBITDA margin, as far as change and change margin for the year?

Vasant M. Prabhu

Yeah. If you look at it, we indicated that the bulk of our EBITDA decline was in the owned hotel portfolio. So I think what you have next year is flat RevPars but it''s declining ADR and growing occupancy so your fighting not only normal wage and expense inflation, you''re fighting cost increases because occupancies are growing up -- going up.

So yeah. clearly another year of decline in EBITDA. We haven''t gone as far as to give precise margin declines et cetera but you should assume that there is another year of somewhere in the range of 10 % to 15% declines in owned EBITDA.

Jason Koval

Thanks Vasant. Well. That wraps up our fourth quarter call today. We appreciate your time and interest in Starwood Hotels and Resorts. Please feel free to contact to us review any information or follow up with additional questions. Bye-bye.

Operator

Ladies and gentlemen, this concludes today''s conference call. You may now disconnect.