X is a successful businesswoman and X is in the hotel business. X wanted to sell one hotel for Y.

Y asked X how many customers the hotel could attract during summer since it is by the beachside.

X said that it could attract about 5500 persons. Y had some doubts and he asked an independent consulting company to do survey on this. The report came out indicating that hotels of a similar room type and recreational facilities normally attract no more than 4000 persons. However, trusting that the location was fabulous, Y eventually entered into the contract with X. Later the sales revenue does not turn out to meet the expectation and Y sued X.

Is this above case is misrepresentation while it can fulfill all of following element ?

1. A statement of fact which is false;

2. Made by one contracting party to the other at/before the contract is made;

3. Induced another party to enter into the contract; and

4. Must be a material fact which is important fact

Thank you