Drip, Inc. has an opportunity to build a hotel in Madrid. It will be quite expensive to do so, is very risky, and the expected NPV is -$100 million. Drip, however, realizes there is a growth option embedded in the investment: If the hotel is a success, it can expand operations into a chain of massage parlors and considering the cash flows from the hotel and the massage parlors combined, the expected NPV of the combined Hotel/Massage parlor project is $160 million. What is the value of the growth option embedded in the project? The cost of capital is 11% and the risk free rate is 5%. Drip's tax rate is 10%.