NAME FINANCIAL MANAGEMENT FOR HOSPITALITY MRS STUR 3. Kenley wants to open a 100-room hotel. It will cost $8,500,000 to open the property. She can come up with $3,500,000 and has to finance the rest. She wishes for a 15% return on her investment and can get a loan for 12% Her income tax rate is 25%. She has unallocated costs o $1,500,000, direct room expenses of 20% plus $150,000, and a management fee of 5%. She figures that the occupancy percentage will be 75%. Calculate the average daily rate required