Are almost all of the Western-brand higher-end hotels in HKG (JW Marriott, Grand Hyatt, Hyatt Regency, Sheraton, W, Ritz Carlton, IC, Grand Stanford, etc) either franchises or brand-managed? Or are some of them owned by the brand? What about MO and Shangri-la? Just wondering how Hilton could get back into the market if they lost the Conrad. Managed hotels would be difficult to land because I presume they're all on 15-25 year contracts. Obviously, brand-owned properties would be off the table unless Hilton actually bought one.