Question-and-Answer Session
Operator
Thank you. (Operator instructions) We’ll take our first question from Joe Greff with J.P. Morgan.
Joe Greff – J.P. Morgan
Good morning, everyone. On the asset sale front, Vasant, how many core assets are being marketed? And then maybe you can help us quantify the non-core stuff. How many non-core hotel assets are for sale? And then I think a follow-up on a pipeline-related question. Of the pipeline, how much of those are international? How much of those in general are conversion, and percentage of that either being built or fully financed right now? Thank you.
Vasant Prabhu
Asset sales, Joe -- you know, our general preference just given how we like to do these things and just in terms of making sure that we maintain maximum flexibility is never to be too specific about what is on the market. I think we’d rather just stick to what we said in the comments. We have some non-core assets that are in discussion -- that we are in very advanced discussions on. And our preference would be to sell non-core assets. Non-core assets defined as hotels we don’t want to keep our flag on anymore or non-hotel businesses or businesses related to hotels. Our general preference would be core assets like the W San Francisco will only be sold if terms are akin to what you just saw us do on W San Francisco. On pipeline --
Frits van Paasschen
Yes. Joe, this is Frits. On your pipeline question, let me see if I get to all the things you’ve referred to. As we mentioned in the text, about two-thirds of our pipeline today is non-US based. And so that’s been a fairly significant transformation over the last few months. You asked about conversion. It’s a small percentage, significantly less than 10% of the pipeline that’s conversion right now. We expected that number is likely to go up as we look forward. And then in terms of fully financed and under constructions, about half of the reported pipeline is in progress in fully financed from a construction standpoint.
Jason Koval
Next question, please.
Operator
We’ll go next to David Katz, Oppenheimer.
David Katz – Oppenheimer
Hi, good morning. Can we just talk about this AmEx deal and sort of what it means for your leverage paydown? When I look through what your outlook commentary is, it kind of suggests that you kind of have that paydown in the bag. What’s the likelihood that it winds up being -- that that number kind of moves around between now and the end of the quarter? And then the time share stuff, we’ve seen others talk about cutting pricing and it sounds like you are not. Does that -- you know, is there any relationship between what other people are saying and what your strategy might change to? Thanks.
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