Q.4. You are working as a junior manager in a chain property with 310 rooms. You would eventually like to work full time in revenue management. Knowledge of revenue management and ability in using revenue techniques will be critical to the achievement of this goal. You are currently becoming familiar with all the challenges associated with rooms management. You are also doing a revenue management course, in your own time, to increase your expertise and really prove your interest in the area. You want to impress the property's executive management team and show them the new knowledge and skills you have acquired. Demonstrate these by answering the following: (a) A group wants to make a block booking of 100 rooms for three days in your property. The forecast suggests 270 transient rooms sold for the first day, 255 for the second and 190 for the third. The average transient rate for the property is 250 per room. There is a minimum of 6,000 in additional food revenue expected from the group over the three days. A minimum spend by the group in the property's spa facilities of 3,800 over the three days is also anticipated. Calculate: (1) The minimum rate (per room, per night) to charge the group. (10 marks) (ii) The minimum room rate to charge if the booking increased to a 120 room block. Assume the additional food revenue would increase to 7,200 over the three days. No additional spend in the spa would be envisaged