$2.$ 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