Marriot case Analysis
1, financial strategy
According to the case, we noticed that Marriott Corporation intends to remain a premier growth company, to be the preferred employer, the preferred provider and the most profitable company. And in order to achieve these goals, it incorporated four main elements into its financial strategy. In our opinion, these elements are consistent with the financial strategy.

First, Marriot sold its own hotel assets to limited partners but retain the operating control as the general partner. In other words, Marriot tried to reduce the assets it owns. According to ROA, which is calculated by dividing a company’s annual earnings by its total assets, we can know that, ROA will increase as asset reduced, which gives us a sign that Marriott’s profitability is increasing. At the same time, by diversifying the owners of the hotel assets, it may also reduce the risk to invest Marriott, which will also attract more investors to enter this Corporation and helps the company to have more capital to develop. Also, Marriot is able to retain the operating control as the general partner under a long-term management contract, so it might reduce the possibility for someone to take over the whole hotel assets and make changes about the current operating control right. Thus Marriot will operate in a growing and profitable way.

Second, Marriot used discounted cash flow techniques to evaluate the projects and invest in projects that increase shareholder value. By using the discounted cash flow, Marriot took the time value of money into consideration and can make scientific decision to invest in the projects that have positive NPV, which benefits the stockholders and increase the value of the firm when Marriot accept the positive NPV projects. In order to get NPV of the firm, Marriot has to add up all the values of the different projects, divisions