BKNG
#I think we like our model compared to the other models out there.
We have a scale customer base that is used to doing business with us on these terms.
And I think we are doing a good job of building relationships and the business processes and the automation to enable us to deliver the experience to the user when they are booking a non-hotel accommodation or a property that is not being managed by a professional owner.
So we like that business model; we like that hand of cards that we have been dealt.
I think that HomeAway's customer base and their owners are chafing a little bit at substantial increase in fees.
And ultimately in a competitive marketplace for these types of properties, consumers have been shopping around for hotels for 15, 17 years now.
And it is probably the case that over time they will shop around for vacation rentals.
And ultimately it will be about finding the best value.
And I am hopeful that we will be able to provide the best value.
I am not going to get into a conversation about if they do this will you do that.
That is between us and the hotels.
And judging by the questions I just want to underscore that we have great long-term relationships with the hotel chains.
We have been in business with them since I started in the business in 2000.
And I would expect those relationships to continue to be strong.
And we provide a lot of business for the hotel chains and we provide business in languages and in destinations that it is hard for them to access directly.
But we have a unique benefit that we provide and we absolutely value the inventory that we are getting from our partners here.
So, I wouldn't express it as if they do this we will do that kind of a situation.
This is a partnership.
On the first question, <UNK>, we have seen some relative strength in the South.
Spain and Portugal have been very strong markets.
Turkey has not, Turkey has been an impaired market between terrorist attacks and then the attempted coup.
Some of the other markets that have been strong like Ireland and Germany.
So people shying away from some of the markets where terrorist attacks have been taking place in the past and where maybe they have more of a fear of safety for traveling there at the moment.
And, <UNK>, I wouldn't ---+ there is nothing that we can see from our results that indicates a major trend of corporations pulling back travel because of safety concerns.
I am certain there are some business travelers who have canceled trips in the immediate aftermath of some of these events.
But broadly speaking a major pullback is at least not obvious in the numbers we are looking at.
Well, Spanish ADRs have been very strong, so all of that demand shifting there is actually having a positive impact on the ADRs in those markets.
And overall you can see our ADR trend has been roughly stable, down slightly less than a percent.
So nothing really to call out there.
So, KAYAK has had a good run of performance here this year.
They have done a very nice job of not only building query demand in the United States and elsewhere, but they are doing also a good job of continually innovating with respect to their product and with respect to mobile in particular, which helps with the flow-through of the economics.
So, they are doing a very nice job.
And their international expansion continues.
I don't have anything to tell you particularly about this market or that market, but KAYAK continues to I would say in a measured way build its footprint internationally.
We don't see any major impact one way or the other on that event, so we didn't call anything out, we didn't build anything specifically in there.
<UNK>, the CEO search continues and the normal way with a committee of our Board and a recruiting firm and they are right in the middle of it.
Thank you all very much for participating in the call.
