We have approximately 122 hotels, or just under 60,000 rooms, geographically diversified throughout the US, focused in major urban markets. Our international exposure is limited to Canada and Mexico. We are focused in the very upper end, working with the best operators in the business, including Marriott, Ritz-Carlton, Four Seasons, Hilton, Hyatt, and Swiss tel. I believe we own the highest quality portfolio of upper upscale and luxury assets in the world. We also believe the disciplined focus of our management team is an important factor in our recent success.
Quality is important from the standpoint of physical quality and locational quality.
Over the past five years, we ve been focused on moving our portfolio toward the higher end of the business. Today the focus is more internal. In this environment, with the opportunities that we see internally, we have not been, and don t expect to be in the near term, focused as much on external growth. However, we are always comparing investment opportunities and we will invest our capital where we will generate the highest returns. We believe our disciplined approach of focusing on having a very strong balance sheet and a very competitive weighted average cost to capital will be rewarded.