Reference no: EM132722450
The answer I got for this problem was $40.09. According to the submitted exam the correct answer was $55.08. I was wondering if someone can show me how to get to the second answer.
Use the following information to calculate a Hubbart Room Rate Formula:
A given hotel has 225 rooms.
Operating expenses run about $1,110,000 annually.
Depreciation is scheduled at $445,000 per year.
Additional costs (taxes, insurance, etc.) are expected to be about $135,000 for the year.
The owners require a reasonable return of $850,000 per year for their investment.
Net loss from other operating departments is projected to be $400,000 annually.
Calculate the rate required assuming a 65% annual occupancy rate:
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: According to the submitted exam the correct answer was $55.08. I was wondering if someone can show me how to get to the second answer.
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