The difference between private equity and family office ownership

The biggest cliché that I'm seeing in the ultra luxury sector in hotels is the difference in the guest experience and the overall product between hotels that are owned by institutional capital versus owned by family offices with not just long-term but generational mindset. You know, like a lot of these private equity funds they hold for five to seven years, 10 years, maybe. So their is to return capital obviously as soon as possible they want to distribute capital. So they're not reinvesting as much of the pro after the end of the season. Exactly because they're incentivized obviously by the promote and the fees um the structure to yeah as I said distribute capital and I think that impacts so much the guest experience and just even the overall brand obviously because the guest experience is the brand.