Select-Service Lodging Select-Service Lodging includes our Courtyard, Fairfield Inn and SpringHill Suites brands.
## Table 0 ##
2005 COMPARED TO 2004 Across our Select-Service Lodging segment, we added 66 hotels (8,363 rooms) and deflagged 18 hotels (2,309 rooms) in 2005.
The deflagged properties were primarily associated with our Fairfield Inn brand.
The increase in revenues for 2005 over the prior year reflects stronger RevPAR, driven by occupancy and rate increases and the growth in the number of rooms across our selectservice brands.
The $69 million increase in segment results versus the prior year reflects a $35 million increase in base management, incentive management and franchise fees, $4 million of higher owned, leased and other revenue net of direct expenses, $12 million of higher gains and other income, a $12 million increase in equity results, and $6 million of lower general, administrative and other expenses.
General, administrative and other expenses in 2005 included $8 million of higher pre-tax expenses associated with our bedding incentive program.
In 2004, as discussed below, we wrote off deferred contract acquisition costs, impacting general and administrative expenses, totaling $13 million.
The 2005 increase in gains and other income is primarily a result of the 2005 sale of a portfolio of land underlying 75 Courtyard hotels, which generated pre-tax gains of $17 million, a $10 million gain in 2005 associated with the repayment, before maturity, to us of the loan we made to the Courtyard joint venture and increased income of $3 million in 2005 associated with cost method joint ventures, partially offset by $20 million of gains in 2004 primarily associated with land sales.
Stronger performance at our reinvented Courtyard properties, versus non-reinvented properties, is also contributing to the increase in revenue and segment results from the prior year.
For additional information related to the Courtyard joint venture, see the “Courtyard Joint Venture” caption in “Liquidity and Capital Resources” later in this report.2004 COMPARED TO 2003 Across our Select-Service Lodging segment, we added 89 hotels (10,556 rooms) and deflagged 35 hotels (4,395 rooms) in 2004.
The increase in the Select-Service Lodging segment revenues for 2004 over the prior year reflects stronger RevPAR, driven by occupancy and rate increases, and the growth in the number of rooms across our select-service brands.
Base management, incentive management and franchise fees increased $31 million, and gains were $19 million higher than the prior year, reflecting land sales during the year as well as recognition of deferred gains associated with properties we previously owned.
Joint venture results increased by $5 million as a result of the strong business environment.
These increases were partially offset by an increase in administrative costs of $13 million.
Most of the increase in administrative costs is associated with a transaction related to our Courtyard joint venture (discussed more fully later in this report in “Liquidity and Capital Resources” under the heading “Courtyard Joint Venture”).
As the termination of the existing management agreements associated with the Courtyard joint venture was probable in 2004, we wrote off our deferred contract acquisition costs related to the existing contracts, resulting in a charge of $13 million.
Extended-Stay Lodging Extended-Stay Lodging includes our Residence Inn, TownePlace Suites, Marriott Executive Apartments and Marriott ExecuStay brands.
## Table 1 ##
2005 COMPARED TO 2004 Across the Extended-Stay Lodging segment, we added 37 hotels (4,293 rooms) in 2005.
Our base and incentive management fees in 2005 were $12 million higher than the prior year and our franchise fees, principally associated with our Residence Inn brand, also increased $12 million.
The increase in management and franchise fees is largely due to higher RevPAR driven by increased demand and to the growth in the number of rooms.
Owned, leased, corporate housing and other revenue, net of direct expenses declined $12 million compared to a year ago primarily as a result of our ExecuStay brand’s shift toward franchising.
Gains and other income was $11 million lower than last year, primarily reflecting gains on sales of real estate in 2004 versus no gains in 2005.
General and administrative costs were slightly higher, primarily reflecting 2005 pre-tax expenses of $4 million associated with our bedding incentive program and a $6 million charge in 2005 associated with the settlement of litigation, almost entirely offset by lower general, administrative and other expenses, including lower costs associated with ExecuStay’s shift toward franchising.
RevPAR for Select-Service and Extended-Stay Lodging comparable companyoperated North American hotels increased 9.4 percent to $76.49.
Occupancy for these hotels increased slightly to 73.8 percent from 72.6 percent in 2004, while average daily rates increased 8.7 percent to $103.70.2004 COMPARED TO 2003 In 2004, we added 20 hotels (2,303 rooms) and deflagged one hotel (80 rooms) across our Extended-Stay Lodging segment.
The decline in our Extended-Stay Lodging segment revenue in 2004 is primarily attributable to the shift in the ExecuStay business from management to franchising.
We entered into more than 20 new franchise markets in 2004, and only five managed markets remain at the end of 2004.
Our base management fees increased $4 million, and our incentive management fees were essentially flat with last year, while our franchise fees, principally associated with our Residence Inn brand, increased $9 million.
The increase in franchise fees is largely due to the growth in the number of rooms and an increase in RevPAR.
In addition, gains of $10 million in 2004 were favorable to the prior year by $4 million.
ExecuStay experienced improved results compared to the prior year, resulting from increased occupancy, primarily in the New York market, coupled with lower operating costs associated with the shift in business toward franchising.
The $2 million increase in general and administrative costs associated with supporting the segment’s hotel brands was more than offset by the $6 million decline in ExecuStay’s general and administrative costs associated with ExecuStay’s shift toward franchising.
RevPAR for Select-Service and Extended-Stay Lodging comparable companyoperated North American hotels increased 9.1 percent to $68.66.
Occupancy for these hotels increased to 72.6 percent from 70.0 percent in 2003, while average daily rates increased 4.4 percent to $94.52.
We compute the effect of dilutive securities using the treasury stock method and average market prices during the period.
We determine dilution based on earnings from continuing operations.
In accordance with FAS No.128, “Earnings per Share,” we did not include the following stock options in our calculation of diluted earnings per share because the option exercise prices were greater than the average market price for our Class A Common Stock for the applicable period: (a) for 2005, no stock options; (b) for 2004, no stock options; and (c) for 2003, 5.7 million stock options.
PROPERTY AND EQUIPMENT
## Table 2 ##
We record property and equipment at cost, including interest, rent and real estate taxes incurred during development and construction.
Interest capitalized as a cost of property and equipment totaled $30 million in 2005, $16 million in 2004, and $25 million in 2003.
We capitalize the cost of improvements that extend the useful life of property and equipment when incurred.
These capitalized costs may include structural costs, equipment, fixtures, floor and wall coverings and paint.
All repair and maintenance costs are expensed as incurred.
We compute depreciation using the straight-line method over the estimated useful lives of the assets (three to 40 years).
Depreciation expense totaled $156 million in 2005, $133 million in 2004, and $132 million in 2003.
We amortize leasehold improvements over the shorter of the asset life or lease term.
ACQUISITIONS AND DISPOSITIONS 2005 Acquisitions During the third quarter, we purchased from CTF Holdings Ltd.  and certain of its affiliates (collectively “CTF”) 13 properties (in each case through a purchase of real estate, a purchase of the entity that owned the hotel, or an assignment of CTF’s leasehold rights) and certain joint venture interests from CTF for an aggregate price of $381 million.
Prior to the sale, all of the properties were operated by us or our subsidiaries.
We plan to sell eight of the properties we have purchased to date to third-party owners, and the balances related to these full-service properties are classified within the “Assets held for sale” and “Liabilities of assets held for sale” captions in our Consolidated Balance Sheet.
One operating lease has terminated.
We operate the four remaining properties under leases, three of which expire by 2012.
Under the purchase and sale agreement we signed with CTF in the second quarter of 2005, we remain obligated to purchase two additional properties for $17 million, the acquisition of which was postponed pending receipt of certain third-party consents.
On the closing date we and CTF also modified management agreements on 29 other CTF-leased hotels, 28 located in Europe and one located in the United States.
We became secondarily liable for annual rent payments for certain of these hotels when we acquired the Renaissance Hotel Group N. V.  in 1997.
We continue to manage 16 of these hotels under new long-term management agreements; however, due to certain provisions in the management agreements, we account for these contracts as operating leases.
CTF placed approximately $89 million in trust accounts to cover possible shortfalls in cash flow necessary to meet rent payments under these leases.
In turn, we released CTF from its guarantees in connection with these leases.
Approximately $79 million remained in these trust accounts at the end of 2005.
Our financial statements reflect us as lessee on these hotels.
Minimum lease payments relating to these leases are as follows: $32 million in 2006; $33 million in 2007; $33 million in 2008; $33 million in 2009; $33 million in 2010; and $231 million thereafter, for a total of $395 million.
For the remaining 13 European leased hotels, CTF may terminate management agreements with us if and when CTF obtains releases from landlords of our back-up guarantees.
Pending completion of the CTF-landlord agreements, we continue to manage these hotels under modified management agreements and remain secondarily liable We compute the effect of dilutive securities using the treasury stock method and average market prices during the period.
We determine dilution based on earnings from continuing operations.
In accordance with FAS No.128, ¡°Earnings per Share,¡± we did not include the following stock options in our calculation of diluted earnings per share because the option exercise prices were greater than the average market price for our Class A Common Stock for the applicable period: (a) for 2005, no stock options; (b) for 2004, no stock options; and (c) for 2003, 5.7 million stock options.
PROPERTY AND EQUIPMENT
We record property and equipment at cost, including interest, rent and real estate taxes incurred during development and construction.
Interest capitalized as a cost of property and equipment totaled $30 million in 2005, $16 million in 2004, and $25 million in 2003.
We capitalize the cost of improvements that extend the useful life of property and equipment when incurred.
These capitalized costs may include structural costs, equipment, fixtures, floor and wall coverings and paint.
All repair and maintenance costs are expensed as incurred.
We compute depreciation using the straight-line method over the estimated useful lives of the assets (three to 40 years).
Depreciation expense totaled $156 million in 2005, $133 million in 2004, and $132 million in 2003.
We amortize leasehold improvements over the shorter of the asset life or lease term.
ACQUISITIONS AND DISPOSITIONS 2005 Acquisitions During the third quarter, we purchased from CTF Holdings Ltd.  and certain of its affiliates (collectively ¡°CTF¡±) 13 properties (in each case through a purchase of real estate, a purchase of the entity that owned the hotel, or an assignment of CTF¡¯s leasehold rights) and certain joint venture interests from CTF for an aggregate price of $381 million.
Prior to the sale, all of the properties were operated by us or our subsidiaries.
We plan to sell eight of the properties we have purchased to date to third-party owners, and the balances related to these full-service properties are classified within the ¡°Assets held for sale¡± and ¡°Liabilities of assets held for sale¡± captions in our Consolidated Balance Sheet.
One operating lease has terminated.
We operate the four remaining properties under leases, three of which expire by 2012.
Under the purchase and sale agreement we signed with CTF in the second quarter of 2005, we remain obligated to purchase two additional properties for $17 million, the acquisition of which was postponed pending receipt of certain third-party consents.
On the closing date we and CTF also modified management agreements on 29 other CTF-leased hotels, 28 located in Europe and one located in the United States.
We became secondarily liable for annual rent payments for certain of these hotels when we acquired the Renaissance Hotel Group N. V.  in 1997.
We continue to manage 16 of these hotels under new long-term management agreements; however, due to certain provisions in the management agreements, we account for these contracts as operating leases.
CTF placed approximately $89 million in trust accounts to cover possible shortfalls in cash flow necessary to meet rent payments under these leases.
In turn, we released CTF from its guarantees in connection with these leases.
Approximately $79 million remained in these trust accounts at the end of 2005.
Our financial statements reflect us as lessee on these hotels.
Minimum lease payments relating to these leases are as follows: $32 million in 2006; $33 million in 2007; $33 million in 2008; $33 million in 2009; $33 million in 2010; and $231 million thereafter, for a total of $395 million.
For the remaining 13 European leased hotels, CTF may terminate management agreements with us if and when CTF obtains releases from landlords of our back-up guarantees.
Pending completion of the CTF-landlord agreements, we continue to manage these hotels under modified management agreements and remain secondarily liable under certain of these leases.
CTF has made available €35 million in cash collateral in the event that we are required to fund under such guarantees.
As CTF obtains releases from the landlords and these hotels exit the system, our contingent liability exposure of approximately $217 million will decline.
We also continue to manage three hotels in the United Kingdom under amended management agreements with CTF and continue to manage 14 properties in Asia on behalf of New World Development Company Limited and its affiliates.
CTF¡¯s principals are officers, directors and stockholders of New World Development Company Limited.
At the closing date, the owners of the United Kingdom and Asian hotels agreed to invest $17 million to renovate those properties.
We and CTF also exchanged legal releases effective as of the closing date, and litigation and arbitration that was outstanding between the two companies and their affiliates was dismissed.
Simultaneously with the closing on the foregoing transactions, CTF also sold five properties and one minority joint venture interest to Sunstone Hotel Investors, Inc.  (¡°Sunstone¡±) for $419 million, eight properties to Walton Street Capital, L. L. C.  (¡°Walton Street¡±) for $578 million, and two properties to Tarsadia Hotels (¡°Tarsadia¡±)
## Table 3 ##
We record property and equipment at cost, including interest, rent and real estate taxes incurred during development and construction.
Interest capitalized as a cost of property and equipment totaled $32 million in 2006, $30 million in 2005, and $16 million in 2004.
We capitalize the cost of improvements that extend the useful life of property and equipment when incurred.
These capitalized costs may include structural costs, equipment, fixtures, floor and wall coverings.
All repair and maintenance costs are expensed as incurred.
We compute depreciation using the straight-line method over the estimated useful lives of the assets (three to 40 years), and we amortize leasehold improvements over the shorter of the asset life or lease term.
Depreciation expense totaled $155 million in 2006, $156 million in 2005, and $133 million in 2004.8 | ACQUISITIONS AND DISPOSITIONS 2006 Acquisitions During 2006, we acquired one full-service property for $130 million including aggregate cash consideration of $46 million plus the assumption of debt.
In addition we acquired three other fullservice properties for aggregate cash consideration of $134 million.
We plan to sell all four properties to third-party owners, and we classified the balances related to these properties as “Assets held for sale” and “Liabilities of assets held for sale” on our Consolidated Balance Sheet.2006 Dispositions In 2006 we sold our interest in the 50/50 joint venture with Whitbread PLC (“Whitbread”), which held 46 hotels consisting of more than 8,000 rooms, and we received approximately $164 million in cash, net of transaction costs, which was approximately equal to the investment’s book value.
We continue to manage the hotels under the Marriott Hotels & Resorts and Renaissance Hotels & Resorts brands.
For additional information regarding this joint venture, see Footnote No.10,“Marriott and Whitbread Joint Venture.
”We also sold our minority interest in five other joint ventures during 2006 for cash proceeds of $64 million and recognized gains of $43 million.
Additionally, one cost method investee redeemed the preferred stock we held for $81 million in cash consideration, and we recognized income of $25 million on the redemption.
During 2006 we also sold 10 full-service properties for cash proceeds of $487 million and recognized gains totaling $14 million.
We accounted for each of the sales under the full accrual method in accordance with FAS No.66,“Accounting for Sales of Real Estate,” and will continue to operate eight of the properties under long-term management agreements.
The sold properties included eight properties purchased in 2005 from CTF Holdings Ltd.  and certain of its affiliates (collectively “CTF”).
For additional information regarding the CTF transaction, see the “2005 Acquisitions” caption later in this footnote.
Prior to the sale of one property, balances associated with that property were reclassified in conformity with other “held and used” properties, in the first half of 2006 as the property was not expected to be sold, within one year of its classification as “held for sale.
” In conjunction with that reclassification, we recorded depreciation expense of $2 million in the first half of 2006 that would have been recognized had the asset been continuously classified as “held and used.
” Cash proceeds of $26 million for one hotel sold in 2006 are not reflected in the disposition proceeds of $487 million as the proceeds were initially recorded as a deposit because of a contingency and impacted the “Other investing activities” section of our Consolidated Statement of Cash Flows rather than dispositions.
The contingency was subsequently resolved and sale of accounting was achieved in 2006.
Other asset sales generated cash proceeds of $2 million.
Late in 2006, we sold a 75 percent interest in a joint venture to a third party for its book value of $14 million.
At the time of the sale, the joint venture’s only asset was a parcel of land.
In conjunction with the sale, we made a $25 million bridge loan to the joint venture, which matures on February 28, 2007.
Following the guidance found in EITF 98-8,“Accounting for Transfers of Investments That Are in Substance Real Estate,” and FAS No.66, “Accounting for Sales of Real Estate,” due to our continuing involvement with the joint venture, we are consolidating the joint venture for the period of time that the bridge loan remains outstanding.
Subsequent to the bridge loan’s repayment, we will account for our remaining interest in the joint venture under the equity method as required by APB 18,“The Equity Method of Accounting for Investments in Common Stock.
” In 1988, the Company as landlord, entered into a 59-year ground lease with a lessee for land that was improved with a hotel that is owned by the lessee.
The hotel was previously branded a Marriott property; however, currently it is not.
The lease contains contractual rental increases over the term of the lease, and annual ground rent on the land currently totals approximately $5 million.
The lease also contains a provision that permits the lessee, under certain circumstances, to purchase the land for a fixed price.
The Company and the lessee have had various discussions concerning the land as well as the hotel.
During the 2006 second quarter, it became probable that none of the proposed transactions were acceptable to both parties, and the lessee indicated its intent to exercise its option to purchase the land.
Accordingly, in the 2006 second quarter, we reclassified the land from the “Property and equipment” caption in our Consolidated Balance Sheet to the “Assets held for sale” caption and recorded a $37 million non-cash charge to adjust the carrying amount to net realizable value.
Additional amounts may be due us depending on the lessee’s use of the land subsequent to purchase; however, such amounts will only be recorded if and when paid.2005 Acquisitions During the third quarter of 2005, we purchased from CTF Holdings Ltd.  and certain of its affiliates (collectively “CTF”) 13 properties (in each case through a purchase of real estate, a purchase of the entity that owned the hotel, or an assignment of CTF’s leasehold
2016 Compared to 2015 Comparable?Company-Operated North American Properties
## Table 4 ##
Comparable?Systemwide North American Properties
## Table 5 ##
(1) Includes JW Marriott, The Ritz-Carlton, W Hotels, The Luxury Collection, St.  Regis, and EDITION.
(2) Includes Marriott Hotels, Sheraton, Westin, Renaissance, Autograph Collection, Gaylord Hotels, Le Méridien, and Tribute Portfolio.
(3) Includes Composite North American Luxury and Composite North American Upper Upscale.
(4) Includes Courtyard, Residence Inn, Fairfield Inn & Suites, SpringHill Suites, and TownePlace Suites.
Systemwide also includes Four Points, Aloft, and Element.
(5) Includes North American Full-Service and Composite North American Limited-Service.
Table of Contents Global Brand Concepts American Living Launched exclusively at JCPenney in February 2008, American Living offers classic American style with a fresh, modern spirit and authentic sensibility.
From everyday essentials to special occasion looks for the entire family to finely crafted bedding and home furnishings, American Living promises stylish clothing and home products that are exceptionally made and offered at an incredible value.
American Living is available exclusively at JCPenney and JCP.
com.
Chaps Chaps translates the classic heritage and timeless aesthetic of Ralph Lauren into an accessible line for men, women, children and the home.
From casual basics designed for versatility and ease of wear to smart, finely tailored silhouettes perfect for business and more formal occasions, Chaps creates interchangeable classics that are both enduring and affordable.
The Chaps men’s collection is available at select department and specialty stores.
The Chaps collections for women, children and the home are available exclusively at Kohl’s and Kohls.
com.
Our Wholesale Segment Our Wholesale segment sells our products to leading upscale and certain mid-tier department stores, specialty stores and golf and pro shops, both domestically and internationally.
We have continued to focus on elevating our brand by improving in-store product assortment and presentation, and improving full-price sell-throughs to consumers.
As of the end of Fiscal 2011, our Ralph Laurenbranded products were sold through approximately 10,000 doors worldwide and during Fiscal 2011, we invested approximately $35 million in related shop-within-shops primarily in domestic and international department and specialty stores.
Department stores are our major wholesale customers in North America.
In Europe, our wholesale sales are a varying mix of sales to both department stores and specialty shops, depending on the country.
Our collection brands — Women’s Ralph Lauren Collection and Black Label and Men’s Purple Label and Black Label — are distributed through a limited number of premier fashion retailers.
In addition, we sell excess and out-of-season products through secondary distribution channels, including our retail factory stores.
In Japan, our wholesale products are distributed primarily through shop-within-shops at premiere and top-tier department stores, and the mix of business is weighted to Women’s Blue Label.
In Asia (excluding Japan and South Korea), our wholesale products are sold at mid and toptier department stores, and the mix of business is primarily weighted to Men’s and Women’s Blue Label.
In Asia and on a worldwide basis, products distributed through concessions-based sales arrangements are reported within our Retail segment (see “Our Retail Segment” for further discussion).
Worldwide Distribution Channels The following table presents the number of doors by geographic location, in which Ralph Lauren-branded products distributed by our Wholesale segment were sold to consumers in our primary channels of distribution as of April 2, 2011:

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td></td><td></td><td></td><td colspan="2"> Annual Change </td></tr><tr><td> <i></i> <i>($ in millions)</i><i></i> </td><td> 2005 </td><td> 2004 </td><td> 2003 </td><td> 2005/2004 </td><td> 2004/2003 </td></tr><tr><td>Revenues</td><td>$1,265</td><td>$1,118</td><td>$1,000</td><td>13%</td><td>12%</td></tr><tr><td>Segment results</td><td>$209</td><td>$140</td><td>$99</td><td>49%</td><td>41%</td></tr></table>
<table><tr><td></td><td></td><td></td><td></td><td colspan="2"> Annual Change </td></tr><tr><td>  <i>($ in millions)</i> </td><td> 2005 </td><td> 2004 </td><td> 2003 </td><td> 2005/2004 </td><td> 2004/2003 </td></tr><tr><td>Revenues</td><td>$608</td><td>$547</td><td>$557</td><td>11%</td><td>-2%</td></tr><tr><td>Segment results</td><td>$65</td><td>$66</td><td>$47</td><td>-2%</td><td>40%</td></tr></table>
<table><tr><td><i>($ in millions)</i></td><td>2005</td><td>2004</td></tr><tr><td>Land</td><td>$259</td><td>$371</td></tr><tr><td>Buildings and leasehold improvements</td><td>659</td><td>642</td></tr><tr><td>Furniture and equipment</td><td>827</td><td>771</td></tr><tr><td>Timeshare properties</td><td>1,249</td><td>1,186</td></tr><tr><td>Construction in progress</td><td>132</td><td>100</td></tr><tr><td></td><td>3,126</td><td>3,070</td></tr><tr><td>Accumulated depreciation</td><td>-785</td><td>-681</td></tr><tr><td></td><td>$2,341</td><td>$2,389</td></tr></table>
<table><tr><td> <i>($ in millions)</i></td><td>2006</td><td>2005</td></tr><tr><td>Land</td><td>$316</td><td>$301</td></tr><tr><td>Buildings and leasehold improvements</td><td>724</td><td>659</td></tr><tr><td>Furniture and equipment</td><td>888</td><td>827</td></tr><tr><td>Construction in progress</td><td>215</td><td>132</td></tr><tr><td></td><td>2,143</td><td>1,919</td></tr><tr><td>Accumulated depreciation</td><td>-905</td><td>-785</td></tr><tr><td></td><td>$1,238</td><td>$1,134</td></tr></table>
<table><tr><td></td><td colspan="2">RevPAR</td><td colspan="3">Occupancy</td><td colspan="2">Average Daily Rate</td></tr><tr><td></td><td>2016</td><td>Change vs. 2015</td><td>2016</td><td colspan="2">Change vs. 2015</td><td>2016</td><td>Change vs. 2015</td></tr><tr><td>JW Marriott</td><td>$187.02</td><td>4.0%</td><td>76.8%</td><td>2.2%</td><td>pts.</td><td>$243.57</td><td>1.1%</td></tr><tr><td>The Ritz-Carlton</td><td>$252.40</td><td>3.6%</td><td>71.9%</td><td>1.0%</td><td>pts.</td><td>$350.99</td><td>2.2%</td></tr><tr><td>W Hotels</td><td>$239.94</td><td>-2.2%</td><td>81.7%</td><td>0.2%</td><td>pts.</td><td>$293.82</td><td>-2.5%</td></tr><tr><td>Composite North American Luxury<sup>-1</sup></td><td>$242.10</td><td>2.8%</td><td>76.3%</td><td>1.4%</td><td>pts.</td><td>$317.13</td><td>0.9%</td></tr><tr><td>Marriott Hotels</td><td>$144.94</td><td>2.4%</td><td>75.4%</td><td>0.7%</td><td>pts.</td><td>$192.23</td><td>1.4%</td></tr><tr><td>Sheraton</td><td>$149.49</td><td>2.1%</td><td>76.5%</td><td>-0.5%</td><td>pts.</td><td>$195.40</td><td>2.7%</td></tr><tr><td>Westin</td><td>$167.21</td><td>0.9%</td><td>77.4%</td><td>-0.6%</td><td>pts.</td><td>$216.07</td><td>1.7%</td></tr><tr><td>Composite North American Upper Upscale<sup>-2</sup></td><td>$149.92</td><td>2.3%</td><td>76.1%</td><td>0.3%</td><td>pts.</td><td>$196.98</td><td>1.8%</td></tr><tr><td>North American Full-Service<sup>-3</sup></td><td>$166.97</td><td>2.4%</td><td>76.2%</td><td>0.5%</td><td>pts.</td><td>$219.25</td><td>1.7%</td></tr><tr><td>Courtyard</td><td>$103.65</td><td>2.2%</td><td>73.1%</td><td>0.3%</td><td>pts.</td><td>$141.83</td><td>1.7%</td></tr><tr><td>Residence Inn</td><td>$118.14</td><td>3.8%</td><td>79.0%</td><td>0.6%</td><td>pts.</td><td>$149.56</td><td>3.0%</td></tr><tr><td>Composite North American Limited-Service<sup>-4</sup></td><td>$106.20</td><td>2.8%</td><td>75.0%</td><td>0.5%</td><td>pts.</td><td>$141.68</td><td>2.1%</td></tr><tr><td>North American - All<sup>-5</sup></td><td>$147.48</td><td>2.5%</td><td>75.8%</td><td>0.5%</td><td>pts.</td><td>$194.64</td><td>1.8%</td></tr></table>
<table><tr><td></td><td colspan="2">RevPAR</td><td colspan="3">Occupancy</td><td colspan="2">Average Daily Rate</td></tr><tr><td></td><td>2016</td><td>Change vs. 2015</td><td>2016</td><td colspan="2">Change vs. 2015</td><td>2016</td><td>Change vs. 2015</td></tr><tr><td>JW Marriott</td><td>$178.91</td><td>3.5%</td><td>76.0%</td><td>1.3%</td><td>pts.</td><td>$235.47</td><td>1.8%</td></tr><tr><td>The Ritz-Carlton</td><td>$252.40</td><td>3.6%</td><td>71.9%</td><td>1.0%</td><td>pts.</td><td>$350.99</td><td>2.2%</td></tr><tr><td>W Hotels</td><td>$239.94</td><td>-2.2%</td><td>81.7%</td><td>0.2%</td><td>pts.</td><td>$293.82</td><td>-2.5%</td></tr><tr><td>Composite North American Luxury<sup>-1</sup></td><td>$231.99</td><td>2.8%</td><td>76.0%</td><td>1.2%</td><td>pts.</td><td>$305.36</td><td>1.2%</td></tr><tr><td>Marriott Hotels</td><td>$124.39</td><td>2.0%</td><td>72.4%</td><td>0.3%</td><td>pts.</td><td>$171.92</td><td>1.5%</td></tr><tr><td>Sheraton</td><td>$115.58</td><td>2.4%</td><td>73.3%</td><td>0.3%</td><td>pts.</td><td>$157.73</td><td>2.0%</td></tr><tr><td>Westin</td><td>$152.94</td><td>2.4%</td><td>76.9%</td><td>0.1%</td><td>pts.</td><td>$198.98</td><td>2.3%</td></tr><tr><td>Composite North American Upper Upscale<sup>-2</sup></td><td>$130.44</td><td>2.5%</td><td>73.9%</td><td>0.4%</td><td>pts.</td><td>$176.52</td><td>1.9%</td></tr><tr><td>North American Full-Service<sup>-3</sup></td><td>$141.11</td><td>2.6%</td><td>74.1%</td><td>0.5%</td><td>pts.</td><td>$190.41</td><td>1.9%</td></tr><tr><td>Courtyard</td><td>$101.49</td><td>1.9%</td><td>72.9%</td><td>—%</td><td>pts.</td><td>$139.24</td><td>1.9%</td></tr><tr><td>Residence Inn</td><td>$112.78</td><td>2.4%</td><td>79.0%</td><td>-0.1%</td><td>pts.</td><td>$142.78</td><td>2.6%</td></tr><tr><td>Fairfield Inn & Suites</td><td>$77.96</td><td>1.2%</td><td>70.1%</td><td>-0.5%</td><td>pts.</td><td>$111.20</td><td>1.9%</td></tr><tr><td>Composite North American Limited-Service<sup>-4</sup></td><td>$96.62</td><td>2.0%</td><td>74.2%</td><td>—%</td><td>pts.</td><td>$130.15</td><td>2.0%</td></tr><tr><td>North American - All<sup>-5</sup></td><td>$116.47</td><td>2.3%</td><td>74.2%</td><td>0.2%</td><td>pts.</td><td>$157.00</td><td>2.0%</td></tr></table>

Question: what is the highest total amount of JW Marriott?
Answer: 235.47