As a result of Covid-19 an international resort hotel in Cairns, Australia has lost a lot of patronage and has been closed for refurbishment during the pandemic and resulting lockdowns. It is planned to re-open and re-launch the hotel for the upcoming Australian summer on November 1^st, 2021. The property will continue to trade on its reputation as a top of the range 5-star hotel. Following the renovation, the hotel has been valued at $700 million.

After re-opening the resort will be open 365 days of the year. In terms of cost accounting the resort has a number of cost centres including Repairs and Maintenance and the Front Office which are relatively fixed. The hotel also has variable costs relating to cleaning and servicing rooms. You have been provided with the following data regarding the refurbished hotel:

Available Rooms	600
Average Room Tariff (per night)	$495
Fixed Financing Costs	$15 million
Fixed Operating Costs	$100 million
Variable Operating Costs (per room per night when occupied)	$50

1. Management of the hotel expects the property to achieve 70% occupancy over the year. What will be the Net Profit (Loss) for the year if the hotel achieves that level of occupancy?