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business
management in the hospitality industry

Questions and Answers of Management In The Hospitality Industry

How is the internal rate of return defined?
Which capital budgeting techniques do lodging chains most often use?
How is the payback period calculated when the annual cash flow varies from year to year?
When based on cash flows, do accounting rates of return usually overstate or understate the true return on a project? Why?
When using the ARR approach, why is it important to know whether you are dealing with ROA or ROE?
What are the strengths and weaknesses of the accounting rate of return ap- proach to capital budgeting?
Hospitality Investment, Inc., spent $250,000 last year for an option to purchase a piece of property for $1,500,000. Because the option is about to expire, HII is considering the following three
The Bluenwhyte Restaurant chain currently owns a plot of land worth $60,000. The chain’s managers are considering building one of two restaurants (either the Palace Royale or the Burger Palace) on
The Springfever Restaurant specializes in beer and pizza to go. The manager thinks that the sales volume of the restaurant can be increased if the existing pizza oven is replaced with a new conveyor
The manager of the Incredibly Edible Deli is considering purchasing a 20-gallon gold-plated espresso machine to make coffee for the deli. The espresso machine will cost $25,000 and will have a life
A hotel is considering the purchase of a more efficient dishwashing system.The new system costs $40,000 and has a life of 10 years. The after-tax energy savings is estimated to be $2,000 per year,
A restaurant is trying to determine which of two delivery trucks to purchase.The standard model costs $15,000 and the deluxe model costs $18,000. Both have a working life of 5 years and will be
The Empire Restaurant is considering an expansion of its dining room. Its pres- ent dish machine, although fully depreciated, is in good working order and able to handle the restaurant's current
The Traverse Bay Restaurant Company owns a piece of land that it could sell today (net of taxes) for $500,000. Last year, it commissioned a consulting com- pany to recommend the most suitable type of
The Breakaway Resort is replacing its old golf carts with new ones. Each old cart has been depreciated to a book value of $500. Management of the Breakaway has received an offer to purchase the old
The manager of the Neapolitan Restaurant gives you the following information:20X4 20X5 20X6 Sales (all cash) $820,000 $832,000 $840,000 Depreciation 605,000 611,000 618,000 Interest Expense 50,000
Why can a project have some net working capital cash flows that are inflows and others that are outflows?
What does it mean when two projects are mutually exclusive? Give two examples of mutually exclusive projects.
How can taxes affect cash flows when an asset is sold at the end of a project’s life? What variations are possible?
What is the relationship between an investor’s nominal rate of return and the real required rate of return? How might this relate to the treatment of inflation in capital expenditure analysis?
Do sunk costs affect cash flow estimation? Why or why not?
How can the incremental cash flow principle be used to present an argument against allocating overhead costs to a project on the basis of an arbitrary allocation formula?
What is the incremental cash flow principle? How is it useful?
Should accounting flows or cash flows be used in capital budgeting? Why?
What are several common types of capital expenditure projects?
What is the difference between a revenue expenditure and a capital ex- penditure? Do these differences matter when you determine their value- creation potential? What are some examples of each?
The Last Chance Hotel Corporation is currently planning to build one new hotel. It is evaluating two alternatives and has estimated the following information:First Chance Second Chance Total initial
The Top Notch Hotel chain is currently considering purchasing a hotel property for $1,000,000. Top Notch’s managers feel that they can bring this hotel up to their high standards with an additional
The Nuidea Hotel is considering building a new wing that will add 40 new rooms to the existing hotel. The new addition is expected to have a total initial cost of $1,000,000. The hotel’s marketing
The Mountain Top Resort is evaluating the purchase of a nearby ski lodge. The managers of Mountain Top have estimated that the ski lodge will generate$500,000 in OCF each year for the next 10 years.
Assume that the Pleasant Restaurant’s management uses a WACC approach to NPV, the initial investment is $20,000, the project has a beta of 1.5, the re- turn on the market portfolio is 16%, the
Using the financial approach, calculate the annual after-tax operating cash flow (OCF,) for the Pleasant Restaurant's new project based on the following information.Annual revenue (R,) $18,000 (years
Assume that the borrowing rate (kp) is 8%, the owner’s required rate of return(kz) is 15%, the tax rate is 40%, the project’s cost is $30,000, and $9,000 of the project's cost will be financed
Using the accounting income statement approach, calculate the after-tax oper- ating cash flow (OCF,) for the Chippewa Hotel’s project based on the follow- ing information:Annual revenue (R,)
Assume that the cost of debt (kp) is 8%, the cost of equity (kz) is 14%, the tax rate is 40%, and the leverage ratio is 30%. Calculate a firm’s after-tax weighted average cost of capital (k,).
Assume that a project costs $20,000 and has an annual after-tax operating cash flow of $11,000 for 6 years and an after-tax weighted average cost of capital of 10%. Calculate the NPV on the project.
Under what circumstances is it necessary to use the APV approach to NPV estimation?10./Is it possible to change the NPV on a project from positive to negative based on the way the project is actually
Why is the assumption of a constant leverage ratio for most hospitality firms a reasonable one?
When using WACC, should the leverage ratio be based on book values or market values for debt and equity used to finance the project? Why?
When using the accounting income statement approach to estimating OCF,, is depreciation added to or subtracted from net income? Why?
What is the difference between kp- and k,?
What makes the WACC approach to NPV especially useful to large hospitality firms with many individual units?
What is a depreciation tax shield? How does it affect a firm’s cash flows?
How is today’s value of an owner’s share of stock determined?2/. What is the dividend valuation model for valuing a hospitality firm?
The Blue and White Restaurant chain is planning a future promotional cam- paign. It wants to spend $600,000 in 2 years, $400,000 in 4 years, and a final$300,000 in 6 years.Required:Assuming the chain
The Nittany Restaurant is currently expected to pay a dividend cash flow stream per share to its owners as follows:You estimate that Nittany shares have a beta of 1.25, the expected return on the
The manager of the College Town Restaurant is considering placing a hot dog cart in front of his restaurant over the lunch hour. After some careful analysis, he estimates that the cart will generate
A hotel has purchased new exercise equipment, which it has partly financed by borrowing $60,000 from a bank at 10% interest. The bank expects the loan to be paid back in 3 equal annual installments
A restaurant purchased a new pizza oven and borrowed $15,000 of the purchase price from a local bank. The loan will be paid back over 4 years in equal annual installments (beginning at the end of the
Your employer would like to set aside a sum of money today so that you are able to spend $5,000 at the end of each year for the next 5 years on room refurbishment. Your employer is able to earn 8%
A bank is willing to lend a developer $200,000 to build a restaurant. The bank expects to be paid back $394,788.79 in 6 years.Required:Calculate the annual rate of interest on the loan.
Which amount is worth more today at a discount rate of 8%? Show your work.@ $20,000 received today.#@ $25,000 received 2 years from now.$5,000/year (beginning at the end of the first year) for 6
Find the present value of the following:a 2:sh$5,000 received 8 years from now discounted at 8%.$10,000 received 5 years from now discounted at 6%.$8,000 per year (beginning at the end of the first
Calculate the following future values:bie Ze=$10,000 (at time 0) compounded annually for 5 years at 8%.$50,000 (at time 0) compounded annually for 10 years at 10%.$500 per year (beginning at the end
How is the calculation of a cash flow stream’s present or future value simplified when the cash flow stream is an annuity? Why can you make this simplification?
How is a loan amortization table constructed?
What happens to the effective annual return as the length of the compounding period within the year is shortened? Why?
Assuming k > 0, is FV,,; < 1.0? Is PV,,, > 1.0? Why?
What is the difference between the present value of a single cash flow table and the present value of an annuity table?
What are three methods used to calculate the present value of a future cash flow?
How might a knowledge of the timing of cash flows affect various financial decisions? What sorts of decisions might it affect?
What is the difference between discounting and compounding?
Describe the importance of the selection process, and compare the features of the multiple hurdles and compensatory selection strategies. (pp. 117123)
Describe how managers use application blanks and pre- employment tests as selection tools. (pp. 123-130)
Identify the types of information that reference checks provide and explain the legal issues surrounding reference checks. (pp. 130-137)
Assume MSDSs were, in fact, available to the facility’s employees. Do you think the facility fulfilled its obligation to provide a safe working environment for Mr. Magana?
Do you believe the facility has an obligation to provide safety information to Mr. Magana in his primary language (Spanish)?
Based on your knowledge of HR management, if you were Mr. LaColle, what specific steps would you take to avoid future OSHA violations of this type?
Some HR managers are surprised to hear that they can be held personally liable for their actions at work, even when those actions are taken as the result of direct instructions from their boss or
Consider the “constructive discharge” charge filed by Ann Roberts. Should there be written records of the incidents leading to her allegation, as well as management’s response? What would it
Assume you are Bill Zollars. Would your primary concern in this situation be the liability exposure of this hotel’s general manager, that of your company, or the future of your own career? Explain.
What issues do you think the courts and a jury would likely consider as they evaluate the legitimacy of the parents’ lawsuit?
What is the likely outcome if Mr. Lapinski refuses to meet with the investigative reporter? What if Mr. Lapinski has not been properly trained to do so?
Assume you were the HR manager assigned to Mr. Lapinski’s district; what would you advise him to do regarding this investigative reporter’s request?
What evidence is there, in this case, of a hostile work environment?
What evidence is there, in this case, of quid pro quo harassment?
Discuss the specific advantages and disadvantages to Angela Larson if she initiates an EEOC sexual harassment charge (or lawsuit) in this case.
What are the most important rights of Angela Larson that must be protected?
What are the most important rights of Roger Sheets that must be protected?
If you were Peggy Richards, how would you advise Tom Delaney to proceed?
What would you like to see Peggy Richards and her HR director do next?
Assume that, when approached, Roger Sheets denies that the conversations and actions reported by Angela Larson ever took place. Would you instruct your corporate attorneys to defend, at company
What specific steps would you instruct your corporate - level HR director to take to minimize the chances that a problem such as this would occur again?
What, if any, role do you think that Susan’s production staff played in the situation that has caused the present marketing challenge?
List tactics that Susan, as her facility’s HR manager, should now use to involve her production staff in the decision-making process.
What are alternative ways that Susan can now work to minimize the production staff members’ resistance to change?
What can Drake and Thomas say to, and do for, their unit managers that will help explain, defend, and justify the need to prioritize consideration of longterm challenges that will likely confront
What are your specific recommendations about what Drake and Thomas can do to assist their property-level management team with their short-term planning needs?
Should managers at the restaurant organization’s highest levels develop plans and then roll them down to the individual units or vice versa: should planning be done at the unit level with plans
When, if at all, do you recommend that Mindy and Stacey inform the employees in their existing lodging property about the decision to eliminate the franchise relationship, if this decision is made?
Do you think Mindy and Stacey ’ s employees are likely to become stressed and anxious about these pending decisions? Why? Defend your response.
What, if any, types of concerns might managers, front - office managers, and food and beverage managers in the property have?
What, if any, difference do you think it will make in the way Mindy and Stacey recruit new staff members for their property if they are no longer affiliated with the chain organization?
What, if any, immediate changes relating to human resources will occur if the franchisor – franchisee affiliation ends?
What longer - term changes in human resources management might occur if the lodging properties become independent?
Assume the union had represented the employees for the last several years. What kind of financial - and employee - related information should Maureen and her foodservices management team have
What are the most important management rights that remain and, hopefully, will not be lost by the school district?
What, if any, impact do you think the results of this bargaining process will have when the agreement is next negotiated?
What procedures should Maureen use to educate her supervisors and managers about the terms of the new agreement?
What are the most serious consequences of the new contractual clause that ties input (labor hours) to output (number of meals/meal equivalents served)?

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