Practice_Prelim__1_ANSWERS

Practice_Prelim__1_ANSWERS - Prelim 1 Fall 2007 SKAR ANSWER...

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Prelim 1 - Fall 2007 ANSWER KEY SKAR Page 1 I. OVERVIEW (70 points) 35 questions @ 2 pts. each 1. Which of the following is a public goal for a hotel development project? (a) To create brand awareness (b) To minimize risk (c) To gain strategic advantage (d) To increase market share (e) To build a tax base 2. Which of the following scenarios would increase the value of a luxury hotel property? (a) A direct competitor being built right next door (b) Elimination of bellhops (c) Fifteen percent reduction in area population (d) Increase in the cost of natural gas (e) Expansion of the hotel’s health spa For Questions 3-12 below, match the development team members with the responsibility or responsibilities they are most likely to have on the team. Possible responses: (a) Architect (b) Engineer (c) Hotel Operator (d) Developer (e) Asset manager Which team member is primarily responsible for: 3. Designing the placement of the tile for the hotel bathrooms? A 4. Advising on whether there should be tile in the hotel bathrooms? C 5. Obtaining the funding for construction? D 6. Attracting investors? D 7. Hiring the bellhops? C 8. Coordinating the production of the CD’s? A 9. Determining the placement of pipes for the hotel’s water system? B 10. Negotiating a zoning variance from the city? D 11. Determining the look and feel of the building? A 12. Monitoring the hotel operation on behalf of its owners? E
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Prelim 1 - Fall 2007 ANSWER KEY SKAR Page 2 13. Based on our discussions in lecture, which of the following is not typically a consideration when determining a hotel concept? (a) Brand (b) Level of service (c) Management structure (d) Market (e) Setting 14. The best measure of an operating hotel’s value is the: (a) Net present value of cash flows from operations (b) Net present value of the proceeds from the reversion (c) Net present value of cash flows from operations minus the proceeds from the reversion (d) Net present value of cash flows from operations plus the proceeds from the reversion (e) Net present value of the project’s revenues 15. When evaluating a feasibility study, a potential equity investor is most concerned about whether the project will: (a) Meet or exceed her hurdle rate (b) Be finished on time and on budget (c) Be affiliated with a nationally recognized brand (d) Meet relevant building codes and zoning laws (e) Make a good impression on the community 16. If a 12,000 SF site has an FAR of 20 and a setback of 10 feet, what does this mean to the developer? (a) The most space the developer can build per floor is 24,000 GSF (b) The most space the developer can build on the site is 239,990 GSF above grade (c) The most space the developer can build on the site is 240,000 GSF above grade (d) The highest the developer can build the building is 240,000 feet (e) The highest the developer can build the building is 20 stories 17. Chapter 4 in the textbook describes “urban resorts”. Which of the following market segments would likely be the primary
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This test prep was uploaded on 02/24/2008 for the course HADM 265 taught by Professor Robson during the Spring '08 term at Cornell.

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Practice_Prelim__1_ANSWERS - Prelim 1 Fall 2007 SKAR ANSWER...

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