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HMG 6476 Feasibility Studies for the Hospitality

Question

Answered

Task:

This exam is open-book and must be completed within two hours. Please answer the questions in the following format: 1a, 2b, 3c, etc., and email your exam to: Professor

1. Other Operated Department Revenues, including Telecommunications, Valet, Audio/Visual and services, Retail Store sales (if owned by the hotel), etc. are:
a)Per available room
b)Per occupied room
c)Percent of Room Revenues
d)Percent of Total Revenues
e)None of the above
2. Administrative and General Expenses are:
a)Per occupied room
b)Per available room
c)Percent of Room Revenues
d)Percent of Total Revenues
e)None of the above
3. FF&E Reserves are:
a)Per occupied room
b)Per available room
c)Percent of Room Revenues
d)Percent of Total Revenues
e)None of the above
4. Rooms Departmental Revenues are:
a)Per available room
b)Per occupied room
c)Percent of Total Revenues

d)None of the above - you would do a full market analysis for your specific hotel project and project both demand (room nights) and Average Daily Rate. Rooms Department revenues would be based on your projections of occupancy and average rate

5. Rooms Departmental Expenses are:
a)Per occupied room
b)Per available room
c)Percent of Room Revenues
d)None of the above
6. Property Taxes are:
a)Per occupied room
b)Per available room
c)Percent of Total Revenues

d)None of the above, the BEST way is to do Research with Tax Assessor's Office about taxes paid by other nearby hotels (same County/City etc.) as a basis for your calculation if possible
7. Food and Beverage Expenses are:
a)Per occupied room
b)Percent of Food and Beverage Revenues
c)Per available room
d)None of the above
8. Sales and Marketing Expenses are:
a)Per available room
b)Per occupied room
c)Percent of Room Revenues
d)Percent of Total Revenues
e)None of the above
9. Base Management Fees are:
a)Per occupied room
b)Per available room
c)Percent of Room Revenues
d)Percent of Total Revenues
e)None of the above
10. Insurance is:
a)Per occupied room
b)Per available room
c)Percent of Room Revenues
d)Percent of Total Revenues
e)None of the above

11. Your banker is trying to decide whether to make a loan to you for your proposed hotel. The projected total cost of the proposed hotel is $12.5 million. You are requesting a $11 million loan. Based on typical market conditions as researched by the class, your banker's response is likely to be:
a)Your Loan to Value ratio (LTV) is too high - I won't consider the loan
b)Your Loan to Value ratio (LTV) is too low - I won't consider the loan
c)Your Loan to Value ratio (LTV) is within the limits most banks are considering -I will consider this loan
d)Hotel deals are too risky - banks never have financed hotels and are not financing hotels now
12. Assume that a banker DOES approve a loan for development of a hotel. The feasibility study shows that once revenues stabilize the hotel will have $1.8 million in net operating income after reserve for replacement is taken out. The mortgage payment will be $1.2 million. What is the calculated DSCR for this loan at that point?

a)Not possible to calculate based on the information given

b)0.67
c)0.50
d)1.50
e)1.25

13. In the world of hotel finance, an APPRAISAL for a hotel is conducted for the following reason:

a)Tax authorities need to appraise the hotel in order to determine what property taxes to charge
b)A lender wants to make a loan for the hotel and wants to know what the property is worth as collateral
c)The hotel needs to be appraised for ranking on the various travel sites - especially Trip Advisor
d)A and B are both true
e)B and C are both true

Data for ONE day of performance for a competitive set of hotels Is provided below. Please answer questions 14 through 17 using the data presented.

HMG 6476 Feasibility Studies for the Hospitality

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Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Hac habitasse platea dictumst vestibulum rhoncus est pellentesque. Amet dictum sit amet justo donec enim diam vulputate ut. Neque convallis a cras semper auctor neque vitae. Elit at imperdiet dui accumsan. Nisl condimentum id venenatis a condimentum vitae sapien pellentesque. Imperdiet massa tincidunt nunc pulvinar sapien et ligula. Malesuada fames ac turpis egestas maecenas pharetra convallis posuere. Et ultrices neque ornare aenean euismod. Suscipit tellus mauris a diam maecenas sed enim. Potenti nullam ac tortor vitae purus faucibus ornare. Morbi tristique senectus et netus et malesuada. Morbi tristique senectus et netus et malesuada. Tellus pellentesque eu tincidunt tortor aliquam. Sit amet purus gravida quis blandit. Nec feugiat in fermentum posuere urna. Vel orci porta non pulvinar neque laoreet suspendisse interdum. Ultricies tristique nulla aliquet enim tortor at auctor urna. Orci sagittis eu volutpat odio facilisis mauris sit amet.

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Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Hac habitasse platea dictumst vestibulum rhoncus est pellentesque. Amet dictum sit amet justo donec enim diam vulputate ut. Neque convallis a cras semper auctor neque vitae. Elit at imperdiet dui accumsan. Nisl condimentum id venenatis a condimentum vitae sapien pellentesque. Imperdiet massa tincidunt nunc pulvinar sapien et ligula. Malesuada fames ac turpis egestas maecenas pharetra convallis posuere. Et ultrices neque ornare aenean euismod. Suscipit tellus mauris a diam maecenas sed enim. Potenti nullam ac tortor vitae purus faucibus ornare. Morbi tristique senectus et netus et malesuada. Morbi tristique senectus et netus et malesuada. Tellus pellentesque eu tincidunt tortor aliquam. Sit amet purus gravida quis blandit. Nec feugiat in fermentum posuere urna. Vel orci porta non pulvinar neque laoreet suspendisse interdum. Ultricies tristique nulla aliquet enim tortor at auctor urna. Orci sagittis eu volutpat odio facilisis mauris sit amet.

Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.

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