You have been retained by a major entertainment company to evaluate the purchase of land near one of its new amusement parks in Australia. The land will not be developed immediately, but it will be developed later for either high-density or low-density hotels, depending on the success of the amusement park. Describe a strategy for developing the land and the approach you would take to value the strategy. Comment on the merits of this approach to evaluating the value of the land (no computations required).