Reference no: EM133054164
1. Which of the following statements about hotel development is TRUE?
a. A back-of-the envelop analysis is conducted in the document development phase.
b. Equity partners are the only source of financing in hotel development projects.
c. Pre-Development phase involves not only developers and financers but also may involve architects, lawyers, and consultants.
d. The finance team prepares detailed financial feasibility studies for developers which may not be accessible at any stage by capital partners.
2. With the same assumptions as in the previous question, what is the property's current property value under the DCF method?
a. $206.13
b. $231.04
c. $400
d. $1000
3. Which of the following statements about the financial feasibility report is TRUE?
a. The financial feasibility report must be developed by an external consultant.
b. Since the purpose of the financial feasibility report is to preliminarily assess the feasibility of the project, no detailed cash-flow analysis is needed.
c. An analyst must use both objective information and subjective judgment in developing the report.
d. Financial feasibility is the first to be evaluated in a feasibility study and therefore is the most elaborate and important element of the feasibility report.
4. Which of the following is NOT an approach to commercial real estate appraisal?
a. Cost approach
b. Back-of-the-envelope approach
c. Income capitalization approach
d. Sale comparison approach
5. Which of the following statements about the feasibility of a hotel is TRUE?
a. Local regulations govern the structure of ownership, income taxation, etc.
b. A hotel project must adhere to both local and national regulations.
c. Hotel development need not be sensitive to local politics.
d. All of the above.
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