1. Following is information on Hotel 2313's annual operating statistics. Number of Rooms: 100 Occupancy Rate: 50% Required Net Income for Investors: 200,000 Tax Rate: 30% Fixed Costs include: - Depreciation expense: $250,000 - Property tax: $45,000 - Operating Costs: $751,800 The hotel receives lease income from the restaurant annually: $55,000 Double Occupancy Rate: 50% a) What would be the appropriate room rate (ADR) in order to obtain the required Net Income? b) The hotel has double and single rooms. Management wants to differentiate the room rates by $5. What should be the single and double rates?