Choice Hotels				Marriott International					(2016/2015)-1	(2016/2015)-1
10-K	CHH 2016 10-K Report	CHH 2015 10-K Report		10-K	MAR 2016 10-K Report	MAR 2015 10-K Report			Choice percent change from 2015 to 2016	Marriott percent change from 2015 to 2016
Account Name	2016 10-K	2015 10-K		Account Name	2016 10-K	2015 10-K			Choice	Marriott
CASH FLOWS FROM OPERATING ACTIVITIES				OPERATING ACTIVITIES				OPERATING ACTIVITIES
Net income	$ 139,371.00	$ 128,029.00		Net income	$ 780,000	$ 859,000		Net income	9%	-9%
Adjustments to reconcile net income to net cash provided by operating activities:	$ 11,705.00	$ 11,542.00		Adjustments to reconcile to cash provided by operating activities:	$ (77,000)	$ (41,000)		Adjustments to reconcile to cash provided by operating activities:	1%	88%
Net cash provided by operating activities	$ 152,035.00	$ 159,872.00		Net cash provided by operating activities	$ 1,682,000	$ 1,515,000		Net cash provided by operating activities	-5%	11%
CASH FLOWS FROM INVESTING ACTIVITIES				CASH FLOWS FROM INVESTING ACTIVITIES				CASH FLOWS FROM INVESTING ACTIVITIES
Net cash used by investing activities	$ 98,467.00	$ 99,810.00		Net cash provided by (used in) investing activities	$ (2,409,000)	$ (367,000)		Net cash used by investing activities	-1%	556%
CASH FLOWS FROM FINANCING ACTIVITIES				CASH FLOWS FROM FINANCING ACTIVITIES				CASH FLOWS FROM FINANCING ACTIVITIES
Net change in cash and cash equivalents	$ 9,484.00	$ 19,389.00		Net cash (used in) provided by financing activities	$ 1,589,000	$ (1,805,000)		Net change in cash and cash equivalenets / Net cash provided by financing activities	-51%	-1.88

1. Based on your horizontal analysis of Choice Hotels' and Marriott International's operating, investing, and financing activites, which company is most attractive for an acquisition by the equity firm and why?

2. What advice would you give to the client, Choice Hotels, to improve their investing and financing activities?

3. Based only on the statement of cash flow, which company would you invest in and why?