Have you recently stayed at a branded hotel or eaten at a franchised restaurant where the property was tired looking and in need of an update? Was the overall experience less than expected due to the worn out facility? On your next trip did you make a point to book a room or eat a meal at a competing brand where the facilities and amenities were up to date? Customers demand a clean updated environment and they vote with their feet. Hotels and restaurants built 10 or 20 years ago now need substantial updating to compete with new or recently remodeled properties. Getting franchisees to invest in updating can be a battle and accessing remodeling capital is an all out war. Next to the initial costs of property construction, a franchisee's largest expenditure will come when a facility is refreshed. Financing this occasion is a key point.