We are very excited about the launch of "Edition," a new genre of lifestyle brand that will combine the intimate and unique lodging experience invented by the visionary pioneer Ian Schrager with Marriott's development scale and operational expertise. We expect the portfolio to reach more than 100 hotels worldwide, and have signed preliminary agreements on nine hotels in such world-class destinations as Paris, Madrid, Costa Rica, Miami, Washington, D.C., Chicago and Los Angeles.

Through a partnership with Nickelodeon, the top kids' entertainment brand, Marriott plans to capture the hearts of our younger customers and the young at heart — their parents. Powered by Nickelodeon's irreverent and fun entertainment, these upscale resorts will feature state-of-the-art spas, pools and water parks, and live entertainment starring Nick characters.

Our full-service brands — Marriott Hotels & Resorts and the uniquely stylish Renaissance Hotels & Resorts — are transforming their public spaces to encourage guests to work and socialize there, incorporating the latest design, technology and food and beverage offerings. To date, 20 lobbies have been redesigned, with another 80 anticipated by 2009. Featured in this report, the Renaissance New York Hotel Times Square showcases this new concept, and how our owners are infusing the brand with a nearly $2 billion investment in new hotel construction, conversions and renovations.

Building on the surging global demand for luxury, The Ritz-Carlton Hotel Company, L.L.C. has increased its development pace with 2007 hotel openings in Beijing, Dallas, Dublin, Vail, Col., Moscow, and Tokyo. The Ritz-Carlton plans to double its portfolio over the next eight years, leveraging its reputation to create new opportunities with The Ritz-Carlton Residences^®. The Ritz-Carlton has scored a virtual "sweep" of prestigious number one rankings in recent surveys by J.D. Power and Associates and Consumer Reports. Our JW Marriott Hotels & Resorts brand, which offers relaxed luxury, will reach 50 hotels and resorts in 22 countries by July 2009.

In 2007, Residence Inn debuted a breakthrough integrated marketing campaign, "Master the Long Trip^SM." The TV and print ads feature "feat performers" who demonstrate the brand's dramatic support to business travelers on long stays and highlight the new décor, which includes stainless steel appliances, granite kitchen countertops, and more luxurious bedding.

Courtyard is gaining traction from reinvented hotels and new unit growth, and customers will be delighted by the brand's contemporary new lobby design with its cutting-edge technology platform. Courtyard is growing dramatically outside the United States, entering new markets such as the Czech Republic, El Salvador, Japan and Thailand.

Our moderate TownePlace Suites brand is reinventing itself to meet the needs of a growing segment of self-sufficient, value-conscious travelers on extended stays. Warm and functional lobbies with a floor-to-ceiling TowneMap^® encourage guests to gather and share great places to eat, shop and relax.

SpringHill Suites is evolving to capture the upper-moderate lifestyle category. It continues its rapid growth, with more than 175 hotels across the United States and Canada at year-end 2007 and more than 120 more in its pipeline, including those that combine lodging, retail and residential space.

Fairfield Inn and Fairfield Inn & Suites is our fastest-growing brand, rejuvenated by an aggressive "plant and prune" strategy. The brand expects to expand from more than 535 hotels at year-end 2007 to 700 hotels over the next three years.

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