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  "documentTitle": "2023 Security Analyst Meeting Full Deck",
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      "text": "CASH FLOW: $900M-$1B investment in 2023, $800M-$900M in 2024-25, $500M Sheraton Chicago payment, $250M-$300M asset dispositions, 3.0x leverage.",
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      "text": "P&L: G&A of $925M in 2023 and $1,025M in 2025 (5% CAGR), stable currencies, 24% tax rate, zero net cost reimbursement/merger costs.",
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      "text": "Includes $100M for City Express acquisition. $500M includes exercise of put option and purchase of land.",
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      "text": "2023 - 2025 KEY MODEL ASSUMPTIONS",
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