BEL
#Yeah, I think we have to look holistically at all of our balance sheet flexibility here.
A lot of this CapEx is kind of planned within our existing plans and you can see we scaled back, for example, Maroma to stay within those plans.
And broadly speaking, one could imagine that our EBITDA should be able to cover our CapEx over the course of next year.
We also have $212 million of cash on hand.
We have got a revolver of $100 million.
Within our term loan structure, we've got an accordion feature that we could expand to $130 million.
We also have assets that we've talked about before that could be recycled into assets done on an accretive basis.
The most important thing, however, having said all that, is to stay within our leverage constraints.
Not just for what the constraints are on the term loan on which we have got good headroom, but in terms of the leverage ratios that we like to talk to you.
We've always said we don't want to go above 5 times by the end of the year.
Our sweet spot will be 3.5 times.
We will consider going towards the 5 times in the short term to do deals which have good long-term accretive and strategic value, but that's the sort of key framework.
You know what.
The trains, and when we are talking about trains, we are talking specifically about sleeper trains that have been very well received in the market and where we have strength and brand strength as well around the train experiences.
We launched the Hibernian train in Ireland last year.
We launched the Andean Explorer this year in Peru, or earlier on.
And the feedback that we get from this is extremely positive.
And it's also a very profitable business.
Small, but profitable.
Therefore, we see that continuing to build on the brand we will see other opportunities around the world where we could expand the train offering to our customers.
And there is a very, very loyal following for this type of product.
So yes, there will be more trains to be looked at.
It's also a strategic advantage.
There's no other luxury hotel groups doing this.
And not only that, there is no other luxury hotel ---+ no other luxury train companies doing what we are doing, so it definitely is a very valuable part of our portfolio.
In terms of customer demand, do you mean.
Absolutely.
The kind of customer that travels with us on the trains is obviously geared toward staying with us as well in our hotels.
And where you would see this very clearly is there where we provide both services.
And a very good example of that would be the Venice-Simplon-Orient Express that ends many of the trips in Venice, where we have people staying with us in the Cipriani Hotel.
Similar things are obviously said about Peru, where at both ends of the train ride we have hotels where customers use us, both on the hotel side as well as in the trains.
And that is actually the strongest format that you could find where you can offer both services where the high-end traveler is willing to pay the prices for the experiences that we can offer.
Thanks, everybody.
