Hilton has been around for over 100 years. We operate about 7,000 hotels that , 1.1 million rooms in over 100 countries,

We have almost 3,000 hotels coming up, half of which are under construction across 18 brands, whereas we had only rolled out 13 in the EMEA region. This represents a small number of brands compared to the competition because we believe that it is necessary to concentrate on a few brands and what matters is the scale effect for the owners.

On the luxury side, the brands are diverse and varied: LXR Hotels & Resorts, Conrad and Waldorf Astoria. For the lifestyle: Canopy by Hilton and Motto by Hilton. Then, on the full-service side, there are two conversion brands: Curio Collection by Hilton, Tapestry Collection by Hilton and also Hilton Hotels and Resorts and DoubleTree by Hilton. Finally, on the focused service, we have Hampton by Hilton and Hilton Garden Inn.

This year, we remain on track to deliver approximately 5% net unit growth. What is a net growth unit? It's the number of rooms opened plus room additions minus everything that was terminated during the year. It's a very honest measure and for us it means a growth of 60,000 rooms per year. That's what we continue to do and we've done it in 2020, 2021: 60,000 a year.

In Europe, Middle East and Africa, we have 600 hotels, a little less than 1,000 if you take into account everything in the pipeline and the trading too.

What do schools, retail outlets, department stores, offices, grain stores, police stations, power stations have in common? Hilton has converted them into hotels. Large groups are very interested in conversion, but what we talk less about is the adaptive reuse of asset classes so that they become hotels. This may represent 5%...