Where the risk/reward needle moved the most since January and how you regained control:  The risk has shifted from “Will demand hold?” to “Can we execute at the level required?” Costs, timelines, and entitlement complexity are forcing tighter alignment early. We’re recalibrating by stress-testing programs earlier – ensuring design, brand, and operations are fully integrated before capital is committed.

Where to lean in harder—and where to pull back: We’re leaning into projects with a strong sense of place and a clear experiential thesis – particularly where design and operations are tightly aligned. We’re pulling back on over-programmed or purely trend-driven concepts that lack long-term relevance or operational clarity.

A quiet shift in guest behavior, design or capital that could have outsized impact: Guests are moving away from aspirational luxury toward intentional, experience-driven stays. They’re prioritizing authenticity (I wish there was a better word!), ease and relevance over excess. Highly designed spaces still matter─but only when they feel grounded in place and support how guests actually want to live, relax and connect. It’s less about “more,” and more about “right.”

The smartest way to protect margin without sacrificing long-term value: The smartest way to protect margin is not to do value engineering late. It’s about making better decisions early. Align the scope, positioning and operational model upfront. Simplify where it doesn’t impact the guest experience and invest where it does. Protect the core experience. Eliminate everything that doesn’t meaningfully drive revenue or guest loyalty.