This written report will be evaluated based on the depth and quality of the analysis.  The EMs should not be restricted to the questions posed.  They must discuss all the interesting and important aspects of the cases.

Executive Memos are limited to 3 standard size pages (one side only).  Two pages must contain your entire casecritique including your recommendations.  The third page is to be used for supporting data, tables, or graphs, etc

For the case in which you are assigned to complete this document, you will be classified as “designated hitters.” Grades are based on:
Structure 10%
Writing mechanics 40%  (include, but are not limited to, the following nine criteria:  spelling, grammar, complete sentences, correct use of vocabulary, punctuation, proof-reading, paragraph division,and capitalization)
Content 50%  (analysis, recommendation, rationale)

These questions can help frame your analysis and discussion of the case.

Marriott Corporation
1. Are the four components of Marriott’s financial strategy consistent with its growth objective? Why or why not?
2. What is the weighted average cost of capital for Marriott Corporation as a whole? Be sure to specify the risk-free rate and risk premium that you use to calculate the cost of equity, as well as how you estimated the cost of debt and the market risk premium.
a. What type of investments would you value using Marriott’s WACC?
b. If Marriott used a single corporate hurdle rate for evaluating investment opportunities in each of its lines of business, what would happen to the company over time?
3. What are the costs of capital for the lodging and for the restaurant divisions? Be sure to specify the risk-free rate and the risk premium that you use in calculating the cost of equity for each division and how you chose these values. Also, specify how you measure the cost of debt and the equity beta for each division.