Pitfall # 8 Form At The Expense Of Function!
Issue Unlike other types of real estate, the development of a hotel
is the creation of a new business entity. Design decisions made early in the
development process stay with the property for its lifetime and can become
an operations benefit or nightmare. Decisions about technology, room size,
meeting facilities, flexibility with current brand standards, and the mix of
food and beverage must be the driving force in “future-proofing” a
design so that the property remains competitive well into its future. Solution In order to achieve maximum value as well as budget control, a
development team needs to ensure that a comprehensive construction estimate
and updated project budget is prepared at the end of each design phase
(Conceptual, Schematic, Design Development and Construction Documents). This
process results in constant checks of the evolving design versus the project
budget , which allows issues to be addressed while there is still time to
adjust the design or the budget. Throughout a project, a systematic
value engineering approach needs to be adopted to maximize the cost/benefit
impact of every dollar invested in the project . The goal of value
engineering is to analyze every opportunity, recommendation or new
technology/material during the design and construction phase that has the
potential to “enhance” the project while maintaining budget and schedule
control. Value enhancement can occur (1) when a project can be constructed
more economically and efficiently from a cost and schedule standpoint; (2)
when new products or more durable material is developed that will decrease
operations and maintenance costs, and (3) when operators provide input on
functionality, work flow and overall building performance The discipline of value engineering requires the evaluation of
everything against a pre-determined set of criteria, which are established
in the initial development phase with the owner. Pitfall #7 Why Foot The Bill Yourself? — Get
Local And Regional Civic Participation! Issue A hotel should ultimately be developed because it is
financially sound and provides the type and quality of services that the
market desires. By developing a hotel, the owner is contributing a tangible
asset to a local community by providing additional tax revenue and gainful
employment. In exchange for these benefits to the community, an
owner/developer should take advantage of its privileged position and get
support from the local government. Although not always available, this support can take various
forms, from building the access infrastructure (such as an access road to
the hotel site) to tax incentive financing. The key is to ensure that all
forms of available incentives are investigated and incorporated into the
financial plan, if they are favorable to the owner’s overall goals and
objectives. Solution During early due diligence on the project and the site, the
owner/developer needs to be familiar with potential public incentives in the
municipality where the project will be built. With the right approach, a
developer can often obtain financial support from the local and federal
government for the project . Following are a few of the options an
Pitfall #6 Limited Contractor Accountability —
Now That It’s Built, Who Is Responsible? Issue Hotel projects are notorious for last minute installations of
case goods and scrambles to complete interior finishes. The final push
toward the opening deadline of ten forces contractors to cut corners to
avoid financial penalties or liquidated damages for missed deadlines.
Without defined project controls, the keys to the hotel are often handed to
the hotel manager, only to find substandard materials and workmanship that
create operating problems well after the contractors have moved onto their
next project. Solution A comprehensive quality control program is the backbone to any
hotel development and should focus on three primary goals: (1) knowledgeable
design phase input, (2) clear communication of expectations to contractors,
and (3) regular on-site inspections to review the construction and
conformance to the quality standards contained in the design specification
and, if necessary, formulate an aggressive program to correct non-complying
work. As the project progresses, continual reviews of each phase of the
project will minimize the final punch list and turnover process so project
closeout can be expedited and hotel operations can proceed with minimal
interference. During the final phases of the project , it is imperative to
coordinate the efforts of the general contractor and the local authorities
to gain all necessary licenses and permits required to open the hotel in
conjunction with the hotel operations plan. The entire project team must be aligned to the goal of opening
the hotel on time, with minimal remaining punch list items at the time of
turnover to operations. Preliminary and final punch list procedures must be
established early in the project to allow sufficient time for completion
prior to turnover. Prior to the expiration of all project warranties, inspections
must be conducted to determine the existence of any warranted defects and
arrange with the respective manufacturers and subcontractors to correct the
defects prior to the expiration of the warranty. Pitfall #5 Functional Obsolescence — Missing The
Trends! Issue Now more than ever, hotel guests are being exposed to ever
increasing service levels, design innovations and new technology. Hotel
guests are traveling more frequently and are being exposed on a regular
basis to the latest in hotel trends and gadgetry. The process of one-upsmanship
is nothing new, but to build a hotel today without consideration of future
trends may create an asset that soon loses value through functional
obsolescence. The mega trends in the lodging industry continue to evolve. We
are seeing a continued shift toward quality not quantity, such as the
proliferation of boutique hotels offering a unique experience over the
cookie cutter approach to corporate lodging. With this evolving landscape,
it becomes important to the long-term profitability of a project that every
effort is made to incorporate product flexibility in the initial design. Solution The time frame on large projects from conception to completion
can take anywhere from two to four years. This time frame is a lifetime in
terms of technology and means that the available technology, materials and
techniques at the start of a project can be vastly different from those
available at completion. To ensure that the “latest thinking” is brought to bear on
a given project , it is important to draw from global experience on asset
management, project management and financing. It is critical to balance the
financial objectives of the project with the overall financial objectives of
the asset during operations. Additionally, as stated previously, the discipline of value
engineering will ensure that new technology, materials, products and design
changes will be constantly evaluated against the overall design parameters
and incorporated into the project should an overall benefit be
substantiated. Pitfall #4 Back-Door Procurement—A Friend Of
Mine Imports Beautiful Marble! Issue The procurement process needs to be expertly managed and
tightly controlled until the last towel is placed in the guestrooms. The
hotel FF&E procurement process is full of stories of kickbacks, inferior
products being delivered late or the wrong product arriving at the last
minute. The procurement process is a haven for cost padding and political
and self-serving decisions that affect the hotel operations for the useful
life of the products. Solution Cost control and quality can be maintained by implementing a
coordinated FF&E procurement process including:
Pitfall #3 Costs Spiraling Out Of Control—You Need Another
Check? Issue Without a clearly conceived strategy for implementing the
project, together with experience, coordination and communication, a project
can literally spin out of control. The financial implications that result
from development pitfalls can be devastating. Following are some of the
potential hazards:
The business of building a hotel from the ground up is
complex and multifaceted. Of ten owners and developers do not account for
cost overruns, which can have dramatic implications on the project. Solution Experience is key to the hotel development process and
qualified advisers can mitigate most of these issues with minimum
involvement by the owner. The primary objective of advisers is to ensure
that the owner’s best interest is met during all stages of development. To
accomplish such a project, the development team must focus on the following:
1. Establishing benchmarks and performance targets:
2. Bringing market leverage and pressure to all cost
categories. 3. Mitigating risk and liability. 4. Retaining a high level of control:
Pitfall #2 Overlooking The Small Details — What
Do You Mean We Need A Liquor License? Issue Finally the hotel is built and almost ready to open for
business. Often this is when the owner must feverishly scramble to secure
all licenses and permits necessary to open the hotel. Time is money, and any
delay in the hotel opening can be costly. Construction delays are one aspect
of the equation. The other side of the equation is the lack of understanding
and knowledge of the process for obtaining the necessary permits, licenses
and certificates to open a hotel. The following list represents some of the
required licenses and permits prior to opening:
Solution There is no excuse for not having all the licenses,
certificates and permits in place upon completion of the development. These
documents may require planning months in advance and should be an integral
part of the development’s critical path planning. To ensure a smooth
process of attaining the necessary licenses and permits, it Pitfall #1 Missing The Deadline—The Guests Are
Knocking But Nobody's Home! Issue Project delays resulting in the postponed opening of a hotel
can have many adverse consequences. In order to ease the financial pressure
of the typical hotel start up, the sales and marketing team will begin to
book association and group business 12 to 18 months prior to opening. The
importance of establishing an opening date and completing the hotel on
schedule is critical to avoid the cost of relocating group bookings and the
associated negative publicity. The same can be said for the various
publications and directories catering to the corporate and leisure
travelers. If group Solution Critical path planning and adherence to development schedules
are imperative to a hotel project’s financial success. Managing the
development schedule and assuring compliance requires that all interaction
between the owner/developer, the hotel operator and the design and
construction team are managed. Management of the development schedule requires an intimate
understanding of the owner’s decision-making processes, the creation of
interim milestone dates with the necessary tracking process, and the
necessary expertise to provide real time solutions to remedy construction
delays. To ensure that a hotel opens on time, many construction
contracts will include performance clauses such as bonus incentives for
early completion or liquidated damages as a penalty for late completion.
Other steps that can be implemented to ensure timely openings include staged
occupancy of critical components of the hotel. Typically kitchens, training
facilities, computer rooms, and laundry and operating supply areas are
brought online three to four months before opening, while guest rooms, front
office and reception are turned over four to six weeks ahead of The strict management of the development schedule, including
establishing and tracking critical milestones, managing an “Action Item
List” throughout design and construction and identifying and tracking
long-lead items will result in a smooth ending of a long and demanding
development process. Jones Lang LaSalle—Project and Development Services Approach
to Hotel Development A successful Project & Development Services (PDS) team
must provide expert management of all aspects of a project while acting in
the owner’s best interests based upon clearly defined goals and
objectives. Strategy, communication and experience are required to manage
the design teams; to communicate on all aspects of the project; to juggle
multiple financial objectives and expectations; to control phasing, budgets
and schedules; and to meet unique hotel operating requirements. The primary
goal is to deliver a project that fits the investor’s business plan ON
TIME, ON BUDGET and WITHOUT SURPRISES. The Jones Lang LaSalle Advantage
Jones Lang LaSalle’s Project and Development Services (PDS)
brings a bottom-line business focus to our client’s project and property
challenges on all project t ypes and industries. Our 400+ professionals are
based throughout the United States and can implement customized and creative
solutions that fit our clients' specific requirements while ensuring
strategically smart solutions at the lowest cost and within the most
expedient time frame. PDS services include development management, advisory,
build-to-suit, interior project management, renovation & rehabilitation,
move management, furniture project management, multi-site program management
and strategic occupancy planning. In addition to our expert management of the design,
construction and relocation processes, we have uniquely integrated resources
within Jones Lang LaSalle which can be deployed to handle any complex real
estate issue, resulting in real quantifiable value—wherever our services
are needed. Jones Lang LaSalle Hotels, the world’s leading hotel
investment services group, provides clients with value-added investment
opportunities and advice. In 2001, its success story includes the sale of
7,972 hotel rooms to the value of US$1.3 billion in 39 cities and advisory
expertise on 100,550 rooms to the value of US$26.3 billion across 255
cities. Jones Lang LaSalle Hotels’ services include transactions,
mergers and acquisi tions, financial advice and capital raising, valuation
and appraisal, asset management, strategic planning, operator assessment and
selection and industry research. Jones Lang LaSalle can offer a wide range of consulting,
project management and development services specifically tailored to any
hotel development. Biographies of Contributors
©2002 Jones Lang LaSalle IP, Inc. All rights reserved. All
information contained herein is from sources deemed reliable, however no
representation or warranty is made to the accuracy thereof. Disclaimer Copyright — All material in this publication is
the property of Jones Lang LaSalle Hotels (NSW) Pty. Ltd. (ABN 65 075 217
462). No part of this publication may be reproduced or copied without
written permission. The information in this publication
should be regarded solely as a general guide. While care has been taken in
its preparation, no representation is made nor responsibility accepted for
the accuracy of the whole or any part. This publication is not part of any
contract and parties seeking further details should contact the author Contact: http://www.joneslanglasalle.com/ THE OBEROI GROUP RECEIVES TOP AWARDS FOR TWO LUXURY
PROPERTIES IN INDIA
NEW DELHI, March 5, 2002 - Amarvilas in Agra, and Rajvilas in
Jaipur, Amarvilas won the highly acclaimed Gallivanter's Guide
"Editor's Gallivanter's Guide, published in the UK, is a very
prestigious Declaring Rajvilas the "Grand Award Winner" of its
23rd annual Hotels The highly prestigious award of the US-based Andrew Harper's
Hideaway Rajvilas has also been accorded India's National Tourism award
for Oberoi Hotels and Resorts are known worldwide for their
excellence. The Oberoi Group, founded in 1934, operates in 7 countries
with 36 FOR MORE INFORMATION: SHEILA DONNELLY & ASSOCIATES HOTEL CRISIS STRATEGIES – GOOD TIMES AHEAD (FINALLY) Report by The Plasencia Group, Inc. We at The Plasencia Group feel rather positive about what lies
ahead for the balance of the year. We have spent the last few weeks
speaking with our close friends throughout the industry with the goal of
painting a clear picture for our clients and ourselves of what we might
expect. We thought we would take a moment to share with you the
information we have gathered. It’s All Relative A wise philosopher once said, “To know where you’re going,
you must look to where you’ve been.” As we looked back, then, at
the lodging industry’s recent past, we have compiled the following
observations:
So where is the road we’ve been on leading us?
Here’s what we’re hearing about what lies ahead following our numerous
conversations with contacts in various corners of the industry:
What next? So, we put everything we’ve recently learned into the
blender, mixed it around, and here we pour out our candid expectations for
the balance of 2002. Our outlook must unfortunately carry the caveat
that all bets are off should the United States or any other major economic
power experience another tragic event such as the September 11th terrorist
attack on the United States. However, drawing on all of the sources
we’ve related above, we firmly believe the hospitality industry has hit
its low point, presenting great opportunities in the coming months.
Property Performance We have found that the lodging properties that have thus far
rebounded most quickly from the recession and the lingering effects of
September 11th are those located near interstate thoroughfares. Those
properties are the beneficiaries of former frequent flyers who have now
become frequent drivers! Properties situated in urban or suburban
markets – those more traditionally dependent on the frequent individual
traveler and smaller group meetings – have also responded particularly
well since the first of the year. Next come the big group hotels that
have seen larger association and corporate meetings return nicely albeit
slowly. These convention hotels must still contend with moderate
levels of attrition in group rooms pick-up. The two segments that have fared the worst are smaller,
independent or boutique hotels and resort properties. Both of these
segments have historically been very dependent on the leisure traveler as
their “bread and butter” business. This type of traveler, however,
has not been as quick to return to the friendly skies, notwithstanding the
amazing incentives being offered by the airline industry. In fact,
resort properties situated in markets with problematic airline “lift”
issues may be in for a rather protracted downturn. Hotels in these
segments have begun a serious market share game, resorting to deep rate
discounts and promotions in a frantic effort to capture a meager slice of a
shrinking pie. All in all, we expect the lodging industry, in the aggregate,
to return to some sense of regularity by the end of 2002 or early 2003 as we
experience a slow and gradual strengthening of lodging fundamentals through
the end of the year. We do not, however, expect industry performance
to reach the levels of the pinnacle year 2000, at least not until the
effects of demand growth and supply stagnation combine to produce robust
occupancies and a return to pricing power. The bottom line is that
occupancies have fared well across the board in early 2002, while ADR still
lags as a result of the rate cutting and discounting that operators resorted
to as they practiced the “heads in beds” method of hotel management.
Supply and Demand One of the few positives to come out of the last six-month
period of devastation has been the implicit moratorium on the construction
of new hotel rooms in virtually every segment of the industry. Since
it has been practically impossible to secure debt for hotel construction,
very few new rooms will have been added to the national inventory from a
period that actually began in late 2001 and will last until mid-2003, if not
longer. This lack of new competitive supply will finally allow the
existing market to absorb the demand that is out there today. The lag
in new construction also bodes well since newly created demand, expected to
hit the market once the economy gains momentum, will actually allow existing
hotel supply to benefit from an expected economic surge with little or no
new competition. We expect typical construction patterns to reemerge
in a few select markets by the end of 2003. In the meantime, we look
forward to the return of a sellers’ market in lodging that will clearly be
accelerated by the scarcity of new supply. Buyers Simply put, there is no shortage of buyers in the market
today. We have not seen as much private equity out looking for deals
since the early nineties. Pension fund and private equity money
abound. But thus far, most of this equity has been extremely
opportunistic in nature. Deep discounts to replacement, or cap rates
in the low- to mid-teens seem to be the norm here. However, very few
sellers have opted to part with their assets with the expectation that the
market will improve by the end of 2002, and an improvement in values will
follow. As such, very few deals are getting done, and many of those
that are occurring are “must sell” situations where a lender has taken
back an asset, or an owner is being forced to liquidate. Opportunistic buyers will always be around in virtually any
market, ready to pounce on those once-in-a-blue-moon situations.
However, in today’s market, those opportunities for purchases at deep
discounts may be fleeting, and unless such buyers become more realistic
about return hurdles, they may miss the inherent opportunity in what we view
as a quickly closing window. Leveraged investment return levels in the
mid- to high-twenty percent range, in our opinion, are nothing more than
wishful thoughts for the next year. It is important to note, however, that several investors have
recently taken note of some owners’ need or desire to sell, but not at
deep discounts. Various groups have become more creative and
aggressive in their acquisition posture and have opted to take a more
speculative approach in order to place dollars. Earn-outs are being
employed creatively, and several public companies wishing to grow their
dormant portfolios have offered Operating Partnership (O.P.) units or stock
to sweeten the pot. For all intents and purposes, one-off transaction debt is
non-existent and, as a result, the only deals getting done these days seem
to be all-cash transactions where there is no financing contingency.
While debt might eventually be placed on a property, buyers are closing with
cash and then shopping for the best debt, or simply playing the waiting game
until lending parameters ease. Either way, the market will still
benefit from all-time-low rates when debt returns. We firmly believe that more and more transactions will occur
in the comings months as the gap between buyer and seller narrows, and as
debt becomes more plentiful. There is already a build-up of cash
available behind the scenes that needs to be wisely invested. And
given that hotels have proven to be excellent investments in
inflationary-prone economic times, the next three to five years may bring a
boon in hotel transactions. In today’s market, sellers (or potential sellers) can be
categorized into four general categories:
While many public companies once promised to quickly unload
their “non-core, non-strategic” assets, the fact of the matter is that
the cash stream from those unwanted assets is too important to current
earnings. Several CMBS servicers are now struggling with an abundance
of problem assets, many of which have been in monetary default and in need
of capital for months. Pension fund investors, including many life
insurance company separate account managers, are under pressure to thin out
their hotel holdings. And now, those pension funds are submitting
withdrawal notices to their advisors and managers – requests that must be
promptly met. Many would-be sellers are facing the need for immediate
infusions of capital to maintain product competitiveness or to meet brand
standards. The ability to refinance and use the resulting proceeds to
fund such renovations is simply not there. These hotel owners face
investing new dollars with great uncertainty as to the likelihood of a
return on the newly invested funds. Other potential sellers face large recapture threats. As
hotel values declined from the abnormally high peak in the mid-1990s, many
of these “wannabe” sellers find that a desired disposition will not
yield sufficient funds to satisfy their recapture or capital gains needs and
will, therefore, face out of pocket expenditures. Some deals that are
getting done today will include provisions for keeping the former owner
involved as a “passive” investor so as to defer looming tax
consequences. While all of these various investors may have a need or desire
to get out of the hotel ownership arena, suffice it to say that very few
owners are in a position to dispose of their properties on the open market
at this time. In the past decade or so, most hotels have been priced using
the income capitalization method. This “income cap” method has
always worked for the investment community during the good times. The
main problem with that theory today is the recognized inherent vulnerability
of a hotel’s net operating income (NOI), and the lack of stable financial
performance resulting from the latest recession and September 11th.
Once hotel owners can generate a P&L statement with several months of
stable financial history, or once they can make a case for a credible
underwriting performance scenario – only then will there again be a
vibrant and stable market for hotel investments. Values Much has been made in the last few months about “permanent
value impairment”. The notion behind this concept is that the
effects of September 11th have permanently altered both the nature of US
travel patterns and the lodging valuation paradigm. We would certainly agree that hotel values have been hard hit
in the past six months. But we submit that the recent devaluation of
assets has had much more to do with general economic conditions (i.e. gross
revenues and net operating income) than it has to do with September 11th.
We do not believe that the fundamentals of travel in the US have been
permanently impacted or that hotel values will experience any permanent
decrease in values. It is our opinion that hotel valuation parameters will return
to pre-September 11th levels after some period of national economic
stability and once we return to some state of normalcy. Ask yourself
these questions: What was a resort hotel on the island of Oahu worth
on December 6th, 1941? By how much had its value increased on
September 10th, 2001? Certainly, hotel valuations and appraisals will
be underwritten differently in the near future, as a result of the
eye-opening and heart wrenching events we have all experienced. Cap
rates will indeed inch higher taking into account the potential risk of a
resort hotel, as one example, being situated in a hard-to-reach locale.
But in the end, that same property will still be valued on its net operating
income, on its ability to generate a desired return and on its comparative
stability versus other available ownership or investment opportunities.
Availability of Debt As long as there is a perceived environment of heightened risk
in the economy, debt will continue to be on extended vacation. Very
few lenders will be placing money these days into an industry that has been
so hard-hit by the recession and the recent tragic events. We expect some liquidity to return to the debt marketplace by
the middle to end of 2002. Nevertheless, the more stringent
underwriting parameters are expected to stay with us for quite some time.
And when debt does return, look for lenders to mitigate their risk.
Spreading their money through a geographically diverse portfolio of mixed
product types will likely be more appealing to lenders wishing to deploy
than one large chunk of debt into a single convention hotel in San
Francisco, Washington, DC or New York City. Wrap-up As we look toward the balance of this year, here’s what we
at The Plasencia Group believe the lodging industry can expect:
© The Plasencia Group 2002 The Plasencia Group has been quite active in all aspects of
the transaction markets. Notwithstanding the effects of September 11th
or the recent recession, the firm’s activity has increased rather
dramatically since the beginning of this year in the representation of both
buyers seeking hospitality assets, as well as sellers who have made the
decision to dispose of the physical hospitality assets. We have also
taken on a variety of assignments involving the sale of performing and
non-performing notes on several first-class hospitality assets. Additionally, during this time the firm has also accepted
numerous new consulting engagements to assist institutional and private
owners in assessing their equity and loan portfolios. These studies
encompass operations reviews focused on improving financial performance,
franchise reviews to determine most appropriate affiliations, and management
company performance. Many of these consulting efforts have now evolved
into portfolio strategy engagements whereby The Plasencia Group is assisting
owners, operators and lenders with developing investment short-term (one to
three years) plans and policies, as well as operations and disposition
strategies for their real estate and financial assets. With a staff of seasoned hospitality professionals and
industry veterans – each possessing years of experience in the industry
and at financial institutions – The Plasencia Group is in a unique
position to represent owners seeking to maximize profits and the values of
their hospitality assets. We welcome your comments and invite you to
visit our web site at www.tpghotels.com for further information, comparable
sales, timely data and other industry articles. The Plasencia Group is already bringing its expertise to bear
on behalf of our clients in need. If we may be of service to you, to obtain
more information or to schedule a Strategic Asset Value Enhancement®
review, please call Lou Plasencia at 813 / 932-1234 or email at lplasencia@tpghotels.com.
The result was in line with analyst forecasts of 381-520.1
million euros. It said that despite a difficult market in the late part of
2001 that it expected to post growth of revenue per available room in 2002. Althought it expected a 30-35 percent decline in investment
this year, it planned to open 224 hotels in 2002, representing 25,116 rooms.
It said the expansion would be made via franchising and
management contracts rather than by acquisition. HONG KONG ARRIVALS MAY RISE 8 PCT AS TOURISTS RETURN TO SKIES SCMP -
Tourist arrivals could grow by 7.9 per cent this
year amid signs that visitors from the US and Europe who stayed at home
after the September 11 terrorist attacks are returning to the skies, the
Tourism Board said yesterday. Hong Kong received 1.18 million visitors in January, a 10.5
per cent increase on the same month last year. Arrivals from the US and
Europe showed growth of 11 and 13 per cent respectively - the first clear
indication of a recovery in these markets, according to figures released by
the board yesterday. Apart from Taiwan, growth in arrivals was recorded from
all markets. Mainland tourists topped the per capita spending list,
overtaking those from America and Europe. Each mainland visitor spent an
average of $ 5,169 during their stay. Tourism Board chairwoman Selina Chow Liang Shuk-yee said:
"We were worried immediately after the September 11 attacks. But the
situation has improved a lot in the past few months. Now, with the American
economic recovery in sight, we believe the performance this year will be
good." Executive director Clara Chong Ming-wah, who visited the US
last week, was told by travel agents there that tour bookings to Hong Kong
had increased steadily. She set a goal of a 7.9 per cent increase in the
number of visitors for 2002 and estimated tourism receipts could reach $
66.4 billion, up 2.8 per cent from last year. Ms Chow said the board would try to raise the number of
international conventions and conferences held in Hong Kong. The board has planned a series of major events this year to
attract tourists. The Hong Kong Flower Extravaganza began on Monday and will
last until March 17. The Mega Hong Kong Sale, the focus event of the year
that will see a co -ordinated campaign of discounts for tourists, will be
held from mid-June to August. Ms Chow said research showed tourists were most interested in
buying cosmetics, jewellery and watches, audio and video products and
Chinese food. The board will step up its promotional work in Taiwan, South
Korea and India, which are seen as emerging markets.
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