Please refer to Exhibit 9. In this dashboard, what is a reasonable explanation why the Average Daily Rate tends to rise and fall in correlation with the Occupancy %?

On slower days, the hotel is selling fewer higher-value rooms like Suites

On slower days, the hotel is only selling higher-value rooms like Suites

On busy days, the hotel is selling fewer higher-value rooms like Suites

The hotel sells an even mix of all room types every day

Exhibit 9 Occupancy and ADR 120 160 100 140 80 120 100 Occupancy% 60 Tunnut kuuluunluulnundinumitund A DR 80 40 60 40 20 20 0 0 1 Jun 3 Jun 5 Jun 7 Jun 9 Jun 11 Jun 13 Jun 15 Jun 17 Jun 19 Jun 25 Jun Jun 27 Jun 29 Jun 21 Jun 23 Occupancy% 2018 Occupancy% 2019 ADR 2018 ADR 2019 System Date Exhibit 9 Occupancy and ADR 120 160 100 140 80 120 100 Occupancy% 60 Tunnut kuuluunluulnundinumitund A DR 80 40 60 40 20 20 0 0 1 Jun 3 Jun 5 Jun 7 Jun 9 Jun 11 Jun 13 Jun 15 Jun 17 Jun 19 Jun 25 Jun Jun 27 Jun 29 Jun 21 Jun 23 Occupancy% 2018 Occupancy% 2019 ADR 2018 ADR 2019 System Date