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  "documentTitle": "2023 Security Analyst Meeting Full Deck",
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  "notes": "Includes specific footnotes regarding City Express acquisition and Sheraton Grand Chicago capex.",
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      "text": "WHAT TYPE? Capital and Technology Expenditures 59%, Contract Acquisition Costs 29%, Loan Advances & Other 8%, City Express 4%",
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      "text": "ON WHAT? Existing Units 42%, New Units 29%, Systems/Corporate 29%",
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      "text": "Investment Spending: $2.9 Billion",
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      "text": "New unit spending includes $100M for the completed City Express brand acquisition. Model assumes midpoint of investment spending for each year and $200M capex investment for Sheraton Grand Chicago.",
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      "text": "INVESTMENT SPENDING 2023E TO 2025E | $2.9 BILLION",
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