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A project developer for Marriott must determine the economic attractiveness of acquiring two hotels in Germany. Strong strategic issues argue in favor of making the acquisitions. Students are given a completed discounted-cash-flow analysis that shows a negative net present value (NPV) for the acquisitions. The tasks for the students are to (1) test the sensitivity of NPV to changes in assumptions and (2) develop alternative terms by which Marriott might acquire the hotels. A student Lotus worksheet file is available on computer diskette for use with this case. A project developer for Marriott must determine the economic attractiveness of acquiring two hotels in Germany. Strong strategic issues argue in favor of making the acquisitions. Students are given a completed discounted-cash-flow analysis that shows a negative net present value (NPV) for the acquisitions. The tasks for the students are to (1) test the sensitivity of NPV to changes in assumptions and (2) develop alternative terms by which Marriott might acquire the hotels. A supplementary spreadsheet is provided for student use with this case.