{"product_id":"rljlodgingtrust-five-forces-analysis","title":"RLJ Lodging Trust Porter's Five Forces Analysis","description":"\u003cdiv class=\"pr-shrt-dscr-wrapper orange\"\u003e\n\u003csection class=\"pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"pr-shrt-dscr-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Magnifier-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eFrom Overview to Strategy Blueprint\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-content\"\u003e\n\u003cp\u003eRLJ Lodging Trust faces moderate buyer power and intense rivalry amid cyclical demand and branded competition, while supplier and substitute threats remain manageable; regulatory and capital access risks add nuance to its strategic positioning. This brief snapshot only scratches the surface. Unlock the full Porter's Five Forces Analysis to explore RLJ Lodging Trust’s competitive dynamics, market pressures, and strategic advantages in detail.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eS\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003euppliers Bargaining Power\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper green\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eDominance of Global Brand Franchisors\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eRLJ Lodging Trust depends on major franchisors—Marriott, Hilton, Hyatt—for flags; these brands control booking channels, loyalty programs, and standards that drive ~60–75% of chain-scaled RevPAR for upper-midscale and upscale assets.\u003c\/p\u003e\n\u003cp\u003eBy late 2025 brand consolidation left few alternatives, so franchise fees (often 3–6% of room revenue) and mandatory brand investments reduced RLJ’s bargaining room and pressured margins and FFO per share.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eLabor Market Constraints and Wage Inflation\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eThe tight U.S. labor market in 2025—national unemployment ~3.7% in Jan 2025 and leisure\/hospitality unemployment ~6.0%—raises supplier (labor) bargaining power; RLJ Lodging Trust must compete in urban markets like NYC and D.C. for skilled staff, pushing average hourly wages up ~6–8% year-over-year and driving higher benefits spend. Higher labor costs pressure RLJ’s margins—labor typically ~25–30% of hotel operating expenses—so wage inflation is a material margin risk.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eOnline Travel Agency Market Control\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eThird-party distribution channels like Expedia Group and Booking Holdings act as powerful suppliers of guest bookings for RLJ Lodging Trust, taking commission rates commonly between 15%–25% which can shave millions off net revenue per available room (RevPAR); RLJ reported RevPAR of $68.12 in 2024, so a 20% commission equals about $13.62 per room night lost to fees. These platforms drive essential volume—online travel agencies (OTAs) accounted for roughly 40% of U.S. leisure bookings in 2024—yet their market share and marketing spend give them leverage to set pricing, placement, and rate parity terms that constrain RLJ’s direct-booking margins and pricing autonomy, forcing the trust to invest more in marketing and loyalty programs to reclaim guests.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eReliance on Specialized Management Companies\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eRLJ uses third-party hotel managers for operations; their local expertise and systems are costly to replicate, giving managers bargaining power.\u003c\/p\u003e\n\u003cp\u003eA small pool of top managers in growth markets lets them press for higher fees or favorable terms at renewals; RLJ reported 78% of rooms third-party managed in 2024, increasing dependency.\u003c\/p\u003e\n\u003cp class=\"lst_crct\"\u003e\u003c\/p\u003e\n\u003cli\u003e78% of rooms third-party managed (2024)\u003c\/li\u003e\n\u003cli\u003eFew top managers in key markets\u003c\/li\u003e\n\u003cli\u003eHigher fees at renewals risking NOI\u003c\/li\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eRising Costs of Renovation and Construction\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eMaintaining RLJ Lodging Trusts premium brands requires regular capex: company reported $92.5M in property-level capital expenditures in 2024, reflecting ongoing renovations to support RevPAR growth.\u003c\/p\u003e\n\u003cp\u003eSuppliers of construction materials, FF\u0026amp;E (furniture, fixtures \u0026amp; equipment), and hospitality tech have raised prices—U.S. construction cost inflation ran about 6–8% in 2024—giving suppliers more bargaining power.\u003c\/p\u003e\n\u003cp\u003eRLJ must balance competitive upgrades with capital limits; if renovation costs rise \u0026gt;8% vs budget, asset-level returns and payout capacity could compress, forcing timing or scope changes.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e2024 property capex: $92.5M\u003c\/li\u003e\n\u003cli\u003eU.S. construction inflation 2024: ~6–8%\u003c\/li\u003e\n\u003cli\u003eSupplier pricing power ↑ due to supply chains, specialized FF\u0026amp;E\u003c\/li\u003e\n\u003cli\u003eRisk: higher capex reduces asset-level yields and dividend flexibility\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eFranchisors, OTAs and capex bite RevPAR—$13.62\/night lost at 20% OTA commission\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eSuppliers hold meaningful leverage: franchisors (Marriott, Hilton, Hyatt) drive ~60–75% of chain-scale RevPAR, franchise fees 3–6% of room revenue, and 2024 RevPAR $68.12 implies ~$13.62 per night lost at 20% OTA commission; 78% of rooms were third-party managed (2024), 2024 property capex $92.5M, and U.S. construction inflation ~6–8% (2024).\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue (2024)\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eRevPAR\u003c\/td\u003e\n\u003ctd\u003e$68.12\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eOTA commission (example)\u003c\/td\u003e\n\u003ctd\u003e20% → $13.62\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRooms third-party managed\u003c\/td\u003e\n\u003ctd\u003e78%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eProperty capex\u003c\/td\u003e\n\u003ctd\u003e$92.5M\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eU.S. construction inflation\u003c\/td\u003e\n\u003ctd\u003e6–8%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-includes\"\u003e\n\u003ch2\u003eWhat is included in the product\u003c\/h2\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Word-Icon.svg\" alt=\"Word Icon\"\u003e\n\u003cstrong\u003eDetailed Word Document\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eTailored exclusively for RLJ Lodging Trust, this Porter's Five Forces overview uncovers competitive drivers, buyer and supplier influence, entry barriers, substitutes, and emerging threats shaping its hospitality sector positioning.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"plus-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Plus-Icon.svg\" alt=\"Plus Icon\"\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Excel-Icon.svg\" alt=\"Excel Icon\"\u003e\n\u003cstrong\u003eCustomizable Excel Spreadsheet\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eOne-sheet Porter's Five Forces for RLJ Lodging Trust—quickly spot competitive risks and capital allocation priorities to relieve strategic decision friction.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eC\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eustomers Bargaining Power\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eLow Switching Costs for Travelers\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eIndividual and business travelers face almost zero switching costs when choosing competitors over RLJ Lodging Trust, so a 1% price gap or a small drop in service can push occupancy away; US chain hotel guests showed 8–12% churn in 2024 when guest satisfaction scores fell one point, per J.D. Power.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eDigital Price Transparency and Comparison\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eDigital price transparency via metasearch and apps lets guests compare RLJ Lodging Trust rates instantly; 2025 data show 72% of U.S. leisure bookings use comparison tools, so buyers often pick lowest available rate. That visibility forces RLJ to run aggressive revenue management—dynamic pricing, length-of-stay rules, and channel-specific promos—to protect RevPAR (RLJ reported $43.20 RevPAR in 2024). With consumers more informed, RLJ cannot raise ADR without a clear, demonstrable value add.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInfluence of Corporate Travel Managers\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eA large share of RLJ Lodging Trust’s 2024 revenue—about 45% per company disclosures—comes from corporate accounts that secure volume discounts tied to annual room nights, giving corporate travel managers strong price leverage. Consolidation in corporate travel purchasing has increased buying blocks; procurement teams for firms with 10,000+ employees can shift thousands of room nights to rivals, risking single-account revenue losses of millions annually for RLJ. \u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eImpact of Online Reviews and Social Proof\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eIndividual buyers use platforms like TripAdvisor and Google to amplify few bad stays; a single subpar review can cut potential bookings by thousands—online sentiment drove 30% of travel decisions in 2024 per Phocuswright.\u003c\/p\u003e\n\u003cp\u003eRLJ Lodging Trust (ticker: RLJ) must spend on guest satisfaction and reputation management; in 2024 RLJ’s reported property-level spend rose ~6% to protect RevPAR and high ratings.\u003c\/p\u003e\n\u003cp\u003eThe social proof effect caps pricing power; travelers compare ratings before booking, so average review score declines correlate with measurable RevPAR drops—here’s the quick math and actions:\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eFew bad reviews → large demand hit\u003c\/li\u003e\n\u003cli\u003e2024: guest spend +6% for reputation\u003c\/li\u003e\n\u003cli\u003eRatings affect RevPAR and pricing\u003c\/li\u003e\n\u003cli\u003eInvest in operations, staff, fast responses\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eLoyalty Program Sophistication\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eRLJ faces pressure as 2025 travelers chase highest redemption value; 62% of U.S. loyalty members say they switch brands for better rewards, so temporary promotions pull stays away from core brands.\u003c\/p\u003e\n\u003cp\u003eWhen competitors raise points value or perks, even repeat guests defect, forcing RLJ into costly brand marketing and promotions that compress margins; RLJ spent $18.6M on guest marketing in 2024 to defend share.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e62% of members switch for better rewards\u003c\/li\u003e\n\u003cli\u003eCompetitor promos increase short-term defections\u003c\/li\u003e\n\u003cli\u003e$18.6M RLJ 2024 guest marketing spend\u003c\/li\u003e\n\u003cli\u003eHigher promo spend lowers RevPAR margins\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCustomers Hold Pricing Power: High Churn, Comparison Tools \u0026amp; Heavy Promo Costs\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eCustomers hold high price power: near-zero switching costs, 72% use comparison tools (2025), 45% revenue from corporate accounts (2024), 62% loyalty churn for better rewards (2025), and RLJ spent $18.6M on guest marketing (2024); ratings drive RevPAR (RLJ RevPAR $43.20 in 2024), forcing ongoing promo and ops spend to protect share.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003e2024 RevPAR\u003c\/td\u003e\n\u003ctd\u003e$43.20\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRevenue from corporates\u003c\/td\u003e\n\u003ctd\u003e45%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGuest marketing spend 2024\u003c\/td\u003e\n\u003ctd\u003e$18.6M\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eUse of comparison tools (2025)\u003c\/td\u003e\n\u003ctd\u003e72%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eLoyalty churn (2025)\u003c\/td\u003e\n\u003ctd\u003e62%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003ch2\u003e\n\u003cspan style=\"color: #3BB77E;\"\u003ePreview the Actual Deliverable\u003c\/span\u003e\u003cbr\u003eRLJ Lodging Trust Porter's Five Forces Analysis\u003c\/h2\u003e\n\u003cp\u003eThis preview shows the exact RLJ Lodging Trust Porter’s Five Forces analysis you'll receive immediately after purchase—no placeholders or samples; it’s the full, professionally formatted document ready for download and use.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Explore-Preview.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e","brand":"MatrixBCG","offers":[{"title":"Default Title","offer_id":56747139236217,"sku":"rljlodgingtrust-five-forces-analysis","price":10.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0911\/3554\/1625\/files\/rljlodgingtrust-five-forces-analysis.png?v=1772195321","url":"https:\/\/growthsharematrix.com\/products\/rljlodgingtrust-five-forces-analysis","provider":"Growth Share Matrix","version":"1.0","type":"link"}