Question-and-Answer Session
Operator
(Operator instructions) And we will our next question from Jeff Donnelly with Wells Fargo.
Jeff Donnelly – Wells Fargo
Actually, just want to stick with that comment that you made before, Mark, on the dividend. I'm curious, after the common equity issuance; did the Board at least consider restoring the event earlier than Q4? I ask because I appreciate it was suspended earlier in the year when visibility was poor, to take a conservative stance on your source of revenue for the next few years, but considering you raised the money and it provided a lot of relief, debate it makes sense maybe to bring that back to shareholders.
Mark Kleifges
No, we didn’t – the Board didn't give it a whole lot of consideration, Jeff, I mean I think we are going to stick to our original plan and maintain as much flexibility as possible in terms of determining what to do – what the dividend at year end and the best way to do that this to take a look at the capital markets as well as our liquidity, when we get to December and make a decision then as to amount and form of payment.
Jeff Donnelly – Wells Fargo
And then, I guess the second question is, what are you hearing out of the major brands, be it Marriott, Hilton, Hyatt, Starwood et cetera for acquisition opportunities out there. I am sure they are seeing difficulty in their own franchise system. Are they reaching out to you right now to maybe engineer ways so that you can maybe take control from assets that they are concerned about?
John Murray
Well, as you know, we don't have relationships today with Hilton or Starwood, so we haven't really heard much from them. We do have good relationships with the other operators you mentioned and we have had conversations where they have mentioned that they do have some franchisees, some of their owners who may have distress and who may take the trade. But we have not gone to the point of underwriting any portfolios. And most of what we hear today still revolves around individual properties and typically, they are caught up in loan agreements and CMBS structures and special servicers and are not – we haven't seen any transactions that are sort of ready to come to market. Let us put it that way.
Jeff Donnelly – Wells Fargo
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