Ken Wallace has been successful in developing lodging properties in the Atlanta area. He is considering building a new hotel with 300 rooms in the Midwest western town of Hannibal.

His research has resulted in the following facts for his target area:

Daily Average Number Competitive Properties Number of Rooms of Rooms Sold Pacers Inn 275 193 Suns Lodge 180 117 Celtic Resort 225 135 Trail Blazer Hotel 350 252 Laker Spa & Resort 325 244 Required:

1. Calculate the average daily occupancy rate for Hannibal.

2. Calculate the fair share of the market for Wallace’s proposed hotel.

3. Calculate Wallace’s projected occupancy for the first year.