30. A popular resort hotel has 300 rooms and is usually fully booked. About 7% of...

30. A popular resort hotel has 300 rooms and is usually fully booked. About 7% of the time a reservation is canceled before the 6:00 p.m. deadline with no penalty. What is the probability that at least 285 rooms will be occupied? Use the binomial distribution to find the exact value.

Expert Solution

orchestra answered 2 years ago

Avila Hotel has 300 rooms and charges $120 per room. The hotel estimates that the demand...

Avila Hotel has 300 rooms and charges $120 per room. The hotel estimates that the demand for the rooms follows a uniform distribution between 270 and 330 each day. Reservations may be canceled by 6pm with no penalty. The hotel estimates that 3% of the reservations are canceled by 6pm. Hence, the hotel allows overbooking by 20 room (the hotel allows up to 320 customers to make reservation). When more customers arrive than can be handled (e.g., more than 300...

The Hotel El Politécnico has # 500 rooms. They usually have a cost per room of...

The Hotel El Politécnico has # 500 rooms. They usually have a cost per room of $ 70.00, plus a fixed cost of $ 5,000.00 per day. Each room is rented for $ 175.00 per day during the summer season. Answer the following questions using the above data: a) If the Hotel operates at 70% capacity for one day, what is the net profit (gain / loss)? b) What is the equilibrium point (B. E. P.)? in units, if it...

Please use Visual Basic Hotel Occupancy The Hotel has 8 Floors and 30 rooms on each...

Please use Visual Basic Hotel Occupancy The Hotel has 8 Floors and 30 rooms on each floor. Create an application that calculates the occupancy rate for each floor, and the overall occupancy rate for the hotel. The occupancy rate is the percentage of rooms occupied, and may be calculated by dividing the number of rooms occupied by the number of rooms. For example, if 18 rooms on the 1st floor are occupied, the Occupancy Rate is as follows: 18/30=0.6 or...

1-If you were the manager of a luxury hotel with 300 rooms and different types of...

1-If you were the manager of a luxury hotel with 300 rooms and different types of restaurants, what functionalities would you want from the PMS? Give examples for the integration between the PMS and three other IT systems. 2-Give examples of other channels that you will use to sell the hotel and how the PMS will help you to manage those channels?

The Harriet Hotel in downtown Boston has 100 rooms that rent for $150 per night. It costs the hotel $30 per room in variable costs

In Crystal BallThe Harriet Hotel in downtown Boston has 100 rooms that rent for $150 per night. It costs the hotel $30 per room in variable costs (cleaning, bathroom items, etc.) each night a room is occupied. For each reservation accepted, there is a 5% chance that the guest will not arrive. If the hotel overbooks, it costs $200 to compensate guests whose reservations cannot be honored.How many reservations should the hotel accept if it wants to maximize the average...

suppose that a hotel has 100 rooms and the hotel is accepting overbooking anticipating some cancellations....

suppose that a hotel has 100 rooms and the hotel is accepting overbooking anticipating some cancellations. The probability for cancellation is 0.07. a) What is the probability that somoen who made a reservation will be turned away if this hotel has allowed for 110 resevations? b. 105 reservation c. why did the answer to part b go down

Q4 Hotel California has 160 rooms. The hotel has an ample low-fare demand at the room...

Q4 Hotel California has 160 rooms. The hotel has an ample low-fare demand at the room rate of $200 per night, but the demand from the high-fare class which pays $450 per night on average, is uncertain. Table below shows the number of high-fare rooms that were booked during the past 30 days. How many rooms should Hotel California protect for high-fare customers to maximize its expected revenue? (6 points) Number of high-fare rooms Frequency 0 5 1 3 2...

The Typhoon Resort, which has 100 rooms, has currently been experiencing an occupancy dip to a...

The Typhoon Resort, which has 100 rooms, has currently been experiencing an occupancy dip to a 60.00% level. The current rack rate is $80.00 with a marginal cost of $20.00 per room. The management of this resort would like to see the options when they apply $10.00 and 10.00% discounts from the current rack rate separately. Based on these two discount situations, what equivalent occupancy percentages must be achieved to maintain the same levels of contribution margin for both $10.00...

7. Application: Elasticity and hotel rooms The following graph input tool shows the daily demand for...

7. Application: Elasticity and hotel rooms The following graph input tool shows the daily demand for hotel rooms at the Big Winner Hotel and Casino in Las Vegas, Nevada. To help the hotel management better understand the market, an economist identified three primary factors that affect the demand for rooms each night. These demand factors, along with the values corresponding to the initial demand curve, are shown in the following table and alongside the graph input tool. Demand Factor Initial...

A hotel has 210 units. All rooms are occupied when the hotel charges $90 per day...

A hotel has 210 units. All rooms are occupied when the hotel charges $90 per day for a room. For every increase of x dollars in the daily room rate, there are x rooms vacant. Each occupied room costs $ 36 per day to service and maintain. What should the hotel charge per day in order to maximize daily profit?

Question