The cost to stay at the Sheraton Centre Toronto was CAD 444/night including taxes and fees, or 43,000 Bonvoy points.
Since the cash rates for downtown hotels are quite high, I opted for the points rate. I used the annual 35,000 point certificate which I earned by being a holder of the Marriott Bonvoy® American Express®* Card along with an 8,000-point topup.
Sheraton Centre Toronto – Get Marriott Bonvoy Points
In addition to the great welcome bonus on both cards, you’ll earn 2 points per dollar on all purchases and 5 points per dollar at Marriott locations. And each year, you’ll earn a certificate for one free hotel stay (35,000 point value) and 15 Elite nights toward your Marriott Bonvoy status.
The Sheraton Centre Toronto is centrally located on Queen street, at the northern end of the central downtown district. It’s a maximum of a 15-20 minute walk to most any other downtown location, and about 25 minutes to walk to the waterfront.
The plus of being on the northern end of downtown is that you have all the downtown locations within easy walking distance, while everything north of downtown is also in close proximity. This includes City Hall, Nathan Philips Square with its outdoor skating rink and iconic Toronto sign, the popular Art Gallery of Ontario, and Yonge-Dundas Square.
Public transport can be accessed by The Osgood subway station one block away, and various other bus routes which stop near the hotel.
A drive from Toronto Pearson airport will take at least 30 minutes plus traffic delays. Or the better way to get downtown is to take the UP Express train direct to Union station downtown. The hotel is a 10-15 minute walk or short taxi drive away.
If arriving at Billy Bishop city airport, take the free shuttle to the Fairmont Royal York, then proceed to the Sheraton which will be a 10 minute walk away.
Sheraton Centre Toronto – Arrival & Check-In
The hotel has one main entrance which can be accessed via Queen street to the north, or Richmond street to the south.
The entrance has one of my favourite features when visiting a downtown big-city hotel: An entry off the street in a private enclosed area. This makes for a stress-free arrival experience compared with some other downtown hotels where the hotel’s main entrance is right on the busy street.
At the Sheraton you drive up to the entrance and the valet will park your car for you. The cost is a steep 60 CAD/night. Since I arrived via train from the airport I didn’t have a car to park.
The Sheraton has a large and chic reception area with plenty of comfortable seating options. There is even a green space right outside the window with a small waterfall which helps to add a more natural feeling.
Being a downtown Toronto hotel, there is a focus on having multiple work areas for businesspeople. There are several single-person pods with a door that closes so one can work with some privacy right in the lobby area. There are also « Collaborate Studios » which can be booked to have a group meeting.
As a Platinum Elite member I was given an upgrade to a Deluxe King room way up on the 41st floor. The check-in agent was super friendly, and who I would see multiple times during my stay both in the reception area and in the club lounge. My other upgrade options included a Junior Suite, however it wouldn’t be ready for another hour and was on a lower floor with a worse view. Considering that I was travelling alone and anxious to get checked in, I chose the Deluxe Room with a nicer view which would meet my needs.
The agent also had a couple of vouchers delivered to my room for free cocktails in the club lounge. This was on account of my status and the fact that it was my first time in the hotel which was a very nice touch.
Sheraton Centre Toronto – Deluxe King Room
The room was a very good size for just one guest with a super comfortable king-sized bed. The room was also tastefully appointed with an armchair, ottoman and side table, a work desk with two work chairs, and a good amount of drawers for storage.
There was the typical in-room safe, and coffee/tea station which featured Urbanista coffee products and a Tazo tea selection. There was a small mini-bar area with bottled water (free for elite members), an ice bucket, and plastic cups. Now I don’t know if this is a personal pet peeve of mine, but the plastic cups always annoy me. It was otherwise a pretty high-quality room for a mid-range hotel brand. But the plastic cups, wrapped in yet more plastic, is not only terrible for the environment, but also cheapens the feel of the room in my opinion.
As promised, the view of Toronto was great, along with Nathan Philips Square.
The bathroom was quite small with a single sink. For me alone it was fine, but if a family of four were sharing the room it would be a tight squeeze. All the fixtures were of good quality, and water pressure was always great. The toiletry products were by Gilchrist & Soames and were quite nice. I was actually contemplating buying some to have at home too. But alas, more of the plastic glasses were here, wrapped in yet more plastic!!
Sheraton Centre Toronto – Club Lounge
One of the features I appreciated the most at the Sheraton Centre Toronto was its recently renovated club lounge. This was up on the top floor of the hotel and was quite stylish and comfortable, with terrific views all around of downtown Toronto.
There were various seating arrangements useful for eating, socializing, or working. I had access to this thanks to my Platinum Elite status. You can always book rooms which give you access to this if you don’t have status with Marriott.
Starting at 5:00PM each day, complimentary evening canapés are served, which were all pretty nice. Where the lounge really excelled though was a full bar service. The bartender was even able to produce smoked versions of Old Fashioned cocktails, which are some of my favourite. While many club lounges have alcohol available, it’s nice to have not just bar service with a bartender, but a cocktail list which was quite more extensive than you’d normally find.
In the morning the staff put out a full breakfast including eggs, sausages, oatmeal, yogurt, fruit, granola, toast&bagels, pastries&muffins, and a platter of meat and cheese. Water and a selection of juices were available to drink. They also had a mango lassi which was absolutely dynamite! I think I had three of them. Again you had wonderful morning views of the city while you ate.
I recently visited the club lounge at Le Centre Sheraton Montreal Hotel, which was was also recently renovated. Between the two of them, I have to give a slight edge to the club lounge in Montreal. The food selection and service were slightly better there. But for the best cocktails, Toronto wins hands down! But you can’t go wrong with either one, they are both really nice and a great perk of Marriott Elite status.
Sheraton Centre Toronto – Dining
Other than the club lounge, the hotel offers three other choices for food service:
43 Down which is the main bar and restaurant. There is definitively more of an emphasis on wine and drinks here, with mostly tapas-style food on the menu along with a couple of more substantive meals. I imagine most patrons use this place mostly for happy hour gatherings or after dinner drinks, rather than fine dining. I can’t blame the hotel, there are many outstanding restaurants in Toronto to compete with. I was in that camp as well since I had drinks and canapés in the club lounge, then went out to meet with friends elsewhere in the city for supper.
Dual Citizen is a bar and grab-and-go counter in the main lobby. It serves barista-style coffee, cocktails and wine, and prepared breakfast and lunch foods throughout the day.
Room service, which is available through the Marriott app or by calling from your room phone. The nice thing about this is that it’s not just « room » service here. They will deliver food to you in multiple locations, including the club lounge and even around the pool for you which is a nice touch.
Sheraton Centre Toronto – Facilities & Service
The hotel has ample event space for meetings, social events and weddings of all sizes. In addition to this, there is a gym which was being renovated while I was there. To make up for this, the hotel setup a temporary gym space which could be accessed with your room key in one of the rooms of the shopping area attached to the hotel lobby. I have to admit it was a pretty decent setup for a temporary gym with a fair amount of equipment for both cardio & strength training, and water and towels freely available.
My personal favourite though was the pool area, and was one of the main reasons I chose this property. The hotel has quite a unique heated indoor/outdoor pool which can be enjoyed year-round. In the winter (when I visited), there is a door which mostly closes to keep the cold air out, but you can easily swim under it and be able to swim outside. On the day of my visit it was a very crisp early winter afternoon with a blue, sunny sky. To be able to swim outdoors and enjoy the fresh air, surrounded by the skyscrapers of downtown Toronto, was a very cool way to workout!
In the summer the door is fully opened and the outdoor pool deck is used more extensively. There are lots of seats and loungers available with towels. You can also order food and drinks to be delivered right to you via the Marriott app. A very enjoyable place to spend some time! The only thing which was regrettably missing was a jacuzzi.
On the service side, it’s funny I kept seeing the same staff member. The same young woman who checked me in, also greeted me in and out of the club lounge, and then checked me out the next day. She was lovely, and the other staff I saw all seemed quite friendly as well. I also interacted with the staff in the club lounge who were very helpful, and the bartender was great with the specialty cocktails. The general feeling of hospitality I experienced was quite good.
$990ⓘMilesopedia first-year estimateFirst-year valueWelcome bonus$990Total$990Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
Milesopedia first-year estimateⓘFirst-year valueWelcome bonus$990Total$990Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
Apply with confidence — no impact on your credit scoreⓘApply with confidenceCheck whether your application will be approved before you submit it, with no impact on your credit score*When you apply for a personal American Express Credit Card, we will tell you whether you are eligible without affecting your credit score. So you can apply with confidence.*Instant decisions are only available for consumer Card applications (also called “personal Cards”).
The Marriott Bonvoy® American Express®* Card is the best credit card in Canada for free hotel nights.
New Cardmembers can earn up to 110,000 Marriott Bonvoy® points with the current offer:
Earn 80,000 points after you spend $6,000 on your Card in your first 6 months of Cardmembership.
Plus, earn 30,000 points by making a purchase during your 15th month of Cardmembership.
This offer ends on September 22, 2026. The annual fee is $120, and there is no annual fee on Additional Cards, so you can add a partner or a family member at no extra cost.
Every year after your first Card anniversary, you receive an Annual Free Night Award good for a redemption of up to 35,000 points at eligible hotels and resorts worldwide. At a valuation of 0.9 cents per Marriott Bonvoy point, that certificate is worth roughly $315, which on its own more than covers the $120 annual fee. That is the main reason to keep this Card year after year instead of cancelling it.
To get the most out of the certificate, aim it at a night that would otherwise price close to the 35,000 point ceiling.
The Card also gives you 15 Elite Night Credits each calendar year and automatic Marriott Bonvoy Silver Elite status. Those credits count toward the next Elite tier, so you begin every year 15 nights ahead of where you would otherwise start.
You move up to Gold Elite status automatically when you reach $30,000 in purchases on the Card in a year, or when you combine 10 qualifying paid nights within one calendar year with the 15 Elite Night Credits from your Card.
Marriott Bonvoy points are generally valued at 0.9 cents each. On that basis, the 110,000 point welcome offer is worth about $990, and an Annual Free Night Award used at its full 35,000 point ceiling is worth about $315.
Marriott Bonvoy points pull their weight on free nights rather than on gift cards or merchandise, which is why this Card should be judged on the hotel stays it produces.
You earn 5 points per dollar on eligible purchases at participating Marriott Bonvoy hotels and 2 points per dollar on all other purchases. Points can be redeemed for free nights with no blackout dates at more than 7,000 hotels around the world.
The Card carries a solid package of coverages: $500,000 travel accident insurance, flight delay, baggage delay, lost or stolen baggage and hotel or motel burglary at $500 each, car rental theft and damage up to $85,000 for rentals of up to 48 days, Purchase Protection for 90 days and a one year Extended Warranty.
Two things to plan around: the 2.5% foreign transaction fee on purchases made in a foreign currency, and the 21.99% purchase interest rate, which makes this a Card to pay in full every month. Like all American Express Canada Cards, no minimum income is published for this Card, and you can see whether you would be approved before you apply, with no impact on your credit score.
Legal
American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. If you apply and get approved for an American Express Card, we may receive compensation from American Express, which can be in the form of monetary payment.
Annual fee
Primary card$120
Additional card$0
Annual income required
Individual$0
Household$0
Conversion fees
2.5%
Earning rate
5xMarriott Bonvoy hotels
2xAll spending
Value
1st Year Value$1,437
2nd Year Value$312
Travel insurance
Delayed BaggageUp to $500
Lost BaggageUp to $500
Flight DelayUp to $500
Hotel BurglaryUp to $500
Travel AccidentUp to $500,000
Purchase protection
Purchase ProtectionIncluded
Extended Warranty+1 years
Auto Rental Collision (primary)Up to $85,000 / 48 days
Sheraton Centre Toronto – Hotel Fact Sheet
Parking
Valet $60/day
Breakfast included with room
No
Pool
Yes (inteior/exterior)
Rooms with balconies
No
Spa
No
Rooms with kitchenette
No
Gym
Yes
USB plugs in room
Yes
Restaurant
Yes
Smart TV
Yes
Accepts animals
One dog under 40 lbs is accepted for no additional fee
Shower/Bath
Depends on room type
Executive lounge
Yes
Sheraton Centre Toronto – Conclusion
I feel like Sheraton has been known in recent years for inconsistent experiences and sort of vague branding overall. But with my experience at this Sheraton downtown hotel, and my recent one with its counterpart in downtown Montreal, my feelings on that are starting to change. This refurbished Sheraton look is chic and modern, with quite friendly staff. This overall makes the hotel quite pleasant for either business or pleasure.
I chose this hotel for three reasons: The location, club lounge, and pool area. All of these were great, but I was pleasantly surprised with the entire experience being quite good.
The room cash rates are quite high however, but to be fair that is getting to be par for the course for hotels of this level in the downtown Toronto area. If I were staying for multiple days on a cash rate, and wasn’t planning on spending much time at the hotel, I might shop around a bit for other comparable properties to see who has the best rate. But overall I’d recommend the hotel, especially if you can use Bonvoy points which are a decent value here, particularly using 35,000 point certificates offered through the Marriott Bonvoy® American Express® cards.
$255ⓘMilesopedia first-year estimateFirst-year valueWelcome bonus$255Total$255Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
Milesopedia first-year estimateⓘFirst-year valueWelcome bonus$255Total$255Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
Apply with confidence — no impact on your credit scoreⓘApply with confidenceCheck whether your application will be approved before you submit it, with no impact on your credit score*When you apply for a personal American Express Credit Card, we will tell you whether you are eligible without affecting your credit score. So you can apply with confidence.*Instant decisions are only available for consumer Card applications (also called “personal Cards”).
The American Express Cobalt® Card is the best credit card from American Express, whether you want points for travel or cash back.
American Express Cobalt® Card welcome offer
The welcome bonus is paid out monthly over your first 12 months. You earn 1,250 Membership Rewards points for each monthly billing period in which you charge $750 in net purchases to your card, in any category (1X, 2X, 3X or 5X). That adds up to 15,000 Membership Rewards points over the year, a welcome offer we value at $255.
Earning the full bonus means $9,000 in net purchases spread across 12 monthly billing periods. This offer rewards steady monthly spending rather than one large purchase.
You can use these points as statement credits on everyday or travel purchases, at the same rate either way: 1,000 points = $10.
You can also transfer them to Aeroplan, Avios (British Airways and Qatar Airways), Flying Blue, Marriott Bonvoy or Hilton Honors. With the full welcome bonus, that is a choice between:
Here is what the card gives you, starting with the benefits cardholders use most.
5X points on eligible eats and drinks in Canada: groceries, restaurants and bars, home food delivery and convenience stores. A spend cap applies.
3X points on eligible streaming subscriptions in Canada.
2X points on eligible gas, public transit and ride sharing purchases in Canada.
1 additional point on eligible hotel and car rental bookings made through American Express Travel Online.
1X point per dollar on everything else, with no category restrictions.
Points that hold the same value either way: 1,000 points = $10 as a statement credit, or a 1:1 transfer to several airline and hotel loyalty programs.
No minimum income requirement, as with every American Express Canada card.
Additional cards at no extra cost: the first and every other supplementary card is $0.
The Hotel Collection: a room upgrade when available, 12pm check-in and late check-out when available, and up to $100 USD in hotel credit on amenities charged to the room for a stay of two or more consecutive nights, booked through American Express Travel.
Front Of The Line® presale and reserved tickets for concerts and theatre performances, plus offers and events curated for cardmembers through Amex Experiences.
A soft credit check before you apply: you can see whether you will be approved with no impact to your credit score. This applies to American Express personal card applications.
The 5X rate is the reason most people carry this card. In Canada it covers four kinds of merchants:
Groceries: Metro, IGA, Sobeys, Super C, Safeway, Whole Foods.
Restaurants and bars: sit-down meals, takeout and drinks.
Home food delivery.
Convenience stores: Couche-Tard, 7-Eleven.
The 2X rate covers gas stations such as Esso, Shell and Petro-Canada, along with public transit and ride sharing.
With the American Express Cobalt® Card, you earn between 1 and 5 points per dollar:
Category
Points per dollar
Grocery (Metro, IGA, Sobeys, Super C, etc.)
5
Home food delivery
5
Restaurants and bars
5
Convenience stores
5
Streaming services
3
Service station
2
Transport
2
Travel
1
Other
1
That works out to a 1 to 5% return on those purchases. For example, if you spend $1,000 per month across groceries, restaurants and food delivery, you earn $50 back per month, or $600 per year from that category alone. Transfer the points to a program such as Aeroplan instead and the return can be higher.
The card comes with a broad insurance package. The amounts below are the coverage limits; conditions, age limits and exclusions are set out in the certificate of insurance linked in the Insurance section above.
Travel insurance
Emergency medical: up to $5,000,000 for the first 15 days of a trip.
Travel accident: accidental death and dismemberment of up to $250,000 for you, your spouse and dependent children under age 23 when travelling on a common carrier (plane, train, bus or ship) and the tickets are charged to your card. Supplementary cardholders and their families are covered too.
Flight delay: up to $500 for necessary hotel, meal and sundry expenses bought within 48 hours when you are delayed or denied boarding for four hours or more and no other transportation is available. This $500 is an aggregate limit per occurrence, shared with missed connection and delayed baggage coverage.
Delayed baggage: up to $500 for essential clothing and sundries bought within four days when your outbound luggage is delayed six hours or more. This $500 is an aggregate limit per occurrence, shared with missed connection and flight delay coverage.
Lost or stolen baggage: up to $500 per occurrence for all insured persons combined, for checked or carry-on baggage and personal effects in transit, when the airline tickets are charged to your card. Within that limit, jewellery is capped at $300 per occurrence and golf clubs, including golf bags, at $250 per occurrence.
Hotel and motel burglary: up to $500 against the loss of most personal items if your hotel or motel is burglarized, when the stay is charged to your card.
Rental car insurance
Theft and damage coverage is included for a rental car with an MSRP, for its model year, of up to $85,000 excluding all taxes, for rentals of up to 48 days. To use it, decline the Loss Damage Waiver (LDW) or any similar option from the rental company and charge the full rental to your card. There is no cost for this coverage, and it replaces the daily insurance the rental company charges, usually $16 to $23 per day.
Mobile device insurance
Your device is covered for up to $1,000 per occurrence when it is charged to the card, for up to two years from the date of purchase. The payout is based on the depreciated value of the device, which falls by 2% of the purchase price for every completed month, less a 10% deductible. Theft and accidental damage coverage starts on the 91st day after purchase, because the first 90 days are covered by purchase protection.
Purchase protection and extended warranty
Eligible items charged to your card are insured against accidental physical damage or theft for 90 days from the purchase date, up to $1,000 per occurrence for all items combined. The card also extends the original manufacturer’s warranty by up to one additional year on eligible items, with indemnification limited to $10,000 per insured item and $25,000 per Cardmember per policy year for all items combined.
American Express Cobalt® Card fees
Card fee: $15.99 per month, which equals $191.88 per year, for residents outside Quebec. Quebec residents are billed $191.88 per year.
Additional cards: $0.
Purchase interest rate: 21.99%.
Cash advance interest rate: 21.99%.
Foreign transaction fee: 2.5%.
Minimum income required: none.
Because the fee is billed monthly rather than in one annual charge, you can stop and restart the cost in step with how much you are actually using the card.
Legal
American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. If you apply and get approved for an American Express Card, we may receive compensation from American Express, which can be in the form of monetary payment.
Annual fee
Primary card$191.88
Additional card$0
Annual income required
Individual$0
Household$0
Conversion fees
2.5%
Earning rate
5xRestaurants
5xGroceries
5xConvenience
3xStreaming
2xTransit
2xGas & EV
1xAll spending
Value
1st Year Value$1,828
2nd Year Value$799
Transfer partners
AeroplanAirline
British Airways ClubAirline
Cathay Asia MilesAirline
Etihad GuestAirline
Flying BlueAirline
Hilton HonorsHotel
Marriott BonvoyHotel
Travel insurance
Travel medical (under 55)Up to $5,000,000 / 15 days
Travel medical (55-64)Up to $5,000,000 / 15 days
Delayed BaggageUp to $500
Lost BaggageUp to $500
Flight DelayUp to $500
Hotel BurglaryUp to $500
Travel AccidentUp to $250,000
Purchase protection
Purchase ProtectionUp to $1,000 / 90 days
Extended Warranty+1 years
Mobile DeviceUp to $1,000 / 2 years
Auto Rental Collision (primary)Up to $85,000 / 48 days
$990ⓘMilesopedia first-year estimateFirst-year valueWelcome bonus$990Total$990Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
Milesopedia first-year estimateⓘFirst-year valueWelcome bonus$990Total$990Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
Apply with confidence — no impact on your credit scoreⓘApply with confidenceCheck whether your application will be approved before you submit it, with no impact on your credit score*When you apply for a personal American Express Credit Card, we will tell you whether you are eligible without affecting your credit score. So you can apply with confidence.*Instant decisions are only available for consumer Card applications (also called “personal Cards”).
The Marriott Bonvoy® American Express®* Card is the best credit card in Canada for free hotel nights.
New Cardmembers can earn up to 110,000 Marriott Bonvoy® points with the current offer:
Earn 80,000 points after you spend $6,000 on your Card in your first 6 months of Cardmembership.
Plus, earn 30,000 points by making a purchase during your 15th month of Cardmembership.
This offer ends on September 22, 2026. The annual fee is $120, and there is no annual fee on Additional Cards, so you can add a partner or a family member at no extra cost.
Every year after your first Card anniversary, you receive an Annual Free Night Award good for a redemption of up to 35,000 points at eligible hotels and resorts worldwide. At a valuation of 0.9 cents per Marriott Bonvoy point, that certificate is worth roughly $315, which on its own more than covers the $120 annual fee. That is the main reason to keep this Card year after year instead of cancelling it.
To get the most out of the certificate, aim it at a night that would otherwise price close to the 35,000 point ceiling.
The Card also gives you 15 Elite Night Credits each calendar year and automatic Marriott Bonvoy Silver Elite status. Those credits count toward the next Elite tier, so you begin every year 15 nights ahead of where you would otherwise start.
You move up to Gold Elite status automatically when you reach $30,000 in purchases on the Card in a year, or when you combine 10 qualifying paid nights within one calendar year with the 15 Elite Night Credits from your Card.
Marriott Bonvoy points are generally valued at 0.9 cents each. On that basis, the 110,000 point welcome offer is worth about $990, and an Annual Free Night Award used at its full 35,000 point ceiling is worth about $315.
Marriott Bonvoy points pull their weight on free nights rather than on gift cards or merchandise, which is why this Card should be judged on the hotel stays it produces.
You earn 5 points per dollar on eligible purchases at participating Marriott Bonvoy hotels and 2 points per dollar on all other purchases. Points can be redeemed for free nights with no blackout dates at more than 7,000 hotels around the world.
The Card carries a solid package of coverages: $500,000 travel accident insurance, flight delay, baggage delay, lost or stolen baggage and hotel or motel burglary at $500 each, car rental theft and damage up to $85,000 for rentals of up to 48 days, Purchase Protection for 90 days and a one year Extended Warranty.
Two things to plan around: the 2.5% foreign transaction fee on purchases made in a foreign currency, and the 21.99% purchase interest rate, which makes this a Card to pay in full every month. Like all American Express Canada Cards, no minimum income is published for this Card, and you can see whether you would be approved before you apply, with no impact on your credit score.
Legal
American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. If you apply and get approved for an American Express Card, we may receive compensation from American Express, which can be in the form of monetary payment.
Annual fee
Primary card$120
Additional card$0
Annual income required
Individual$0
Household$0
Conversion fees
2.5%
Earning rate
5xMarriott Bonvoy hotels
2xAll spending
Value
1st Year Value$1,437
2nd Year Value$312
Travel insurance
Delayed BaggageUp to $500
Lost BaggageUp to $500
Flight DelayUp to $500
Hotel BurglaryUp to $500
Travel AccidentUp to $500,000
Purchase protection
Purchase ProtectionIncluded
Extended Warranty+1 years
Auto Rental Collision (primary)Up to $85,000 / 48 days
Our editorial integrity
Our reviews and rankings are based on an objective assessment. Advertisers do not influence our content. We may receive compensation through some links; our analysis and opinions remain independent.