Question-and-Answer Session
Operator
(Operator instructions) We will go to David Katz with Oppenheimer.
David Katz - Oppenheimer
Hi good morning. I just wanted to go back Vasant on some of the capital spending issues and if you could -- should we be pretty much for the moment categorically ruling out you know sharewood repurchases for next year and what about the notion of you know the Sheraton repositioning, which I think there was some capital being allocated to that. Is there not some wisdom in you know proceeding with that and repositioning the brand for a rebound.
Vasant Prabhu
Yes, but I think you should go with what we told you in terms of share repurchases. We’re stopping our repurchase program until further notice as Frits said, you know, asset sales, which we have several assets on the market will determine some of that, greater visibility, and the possibility, we want flexibility with the possibility that there could be opportunities down the road in this market, like we did when Méridien last time of picking up great brands or other assets on the cheap. Your second question around Sheraton repositioning, I will start and I’m sure Frits will add to it. Two quick things, one absolutely no change in commitment to the Sheraton repositioning, a big chunk of the capital that was involved with that was of course coming from our owners who have enthusiastically supported the program and are seeing the benefits of it. We’re not going to pull back on anything we have to do at our end, but a lot of it was going to be through our owner base, and we’re also moving full scheme ahead on cleaning up the Sheraton system by exiting hotels that you know are either unwilling or will not benefit from any repositioning. So, Frits I’m sure you want to add something to that.
Frits van Paasschen
Yes. On both points. First of all, you know, over the long term we remain committed to the notion of repurchasing stock, but you know for now I wouldn’t model that into next year unless we can come back with significant asset sales, and that’s extremely difficult to predict in this environment. As to the Sheraton repositioning, so many of those renovations are underway as planned and therefore are highly likely to go forward. Obviously, the new openings we described and feel confident with and so the repositioning of Sheraton and the drive towards a greater level of consistency across the system in North America, something we still feel strongly we will achieve by the end of 2009.
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