Question-and-Answer Session
Operator
(Operator Instructions) David Loeb from Robert Baird; please proceed.
David Loeb – Robert W. Baird & Company
Gentlemen, can I start with the Hotel Business? I was very impressed with the same-store RevPAR numbers; and Steve, I appreciate your comments about the InterContinental and the Grand Geneva. But given the importance of the Pfister and the Hilton, you must’ve had very good results there too. What was really driving that, and what’s your outlook for the downtown Milwaukee market given the national trends?
Stephen Marcus
We continue to make reinvestment in our properties, not only in Milwaukee but all of them for the purpose of hopefully seeing us through the ups and downs in the marketplace so that the impacts are somewhat muted. As we go into the future, and I hate to talk about specific markets, David, we tended not to do that just maybe perhaps for competitive reasons. The markets look okay right now. As I indicated in my earlier remarks, we don’t get a very long look at all of our business. We certainly have an underlying bed of conventions that are in place but? Right now the business is pretty solid and we’re looking forward to continuing that way, but it doesn’t mean that there won’t be some dips as we go along.
David Loeb – Robert W. Baird & Company
I guess given your concentration in downtown Milwaukee, you are a very large part of the market, almost the whole market so that’s why I asked. The ballroom was back in service, was it back the entire fourth quarter?
Stephen Marcus
It was back in service the entire, yes, I think it was? I think we’re talking the third quarter.
Douglas Neis
Third quarter actually, David, yeah.
Stephen Marcus
It did go back and service I think right at the beginning of the quarter or maybe at the end of the second quarter even.
Douglas Neis
The parking garage was early in the third quarter. There were a few late delays that we had but that pretty much got going again right at the beginning of the quarter as well.
David Loeb – Robert W. Baird & Company
The $900,000 fee, did that, in the segment results, that shows up in Hotel EBIDTA?
Douglas Neis
It does. I mean it happens to be kind of a large one-time kind of a thing and so that’s why we highlighted it, but it’s just we receive technical and development fees all the time on other projects that we’re working on and this happened to be kind of an unusual one that I thought we should highlight.
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