$-$ How can a loyalty program help the property operator and brand owner manage customers better?

$-$ Can you quantify the value of the HHonors program to Hilton? How does the value generated by the program compare to the program's cost?

$-$ If a franchisee had the choice of putting the Hilton brand or one of the Starwood brands onto its property, how would they assess the value of doing so$?$

$-$ What is Starwood doing, and How should Hilton respond?