Lodging is expected to be up 5% next year? What percentage of the bed base is Riviera?
If Lodging continues to operate near capacity, and capacity continues to grow, that isn't a bad thing for the bottom line.
I think the DVC model has worked well for Disney, and will serve them well for the near future.
I'd be curious to see what the next DVC project is after Reflections.
They have announced (or recently opened) somewhere around 2,000 rooms, which is a 4-5% increase in rooms based on the near 40k they have today.