Question

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Answer 1

Answer:

1. Feasibility studies are important to business development. They can allow a business to address where and how it will operate. They can also identify potential obstacles that may impede its operations and recognize the amount of funding it will need to get the business up and running

2. Hotels are considered an important economic component to any community. In some cases, cities and municipalities will offer incentives in order to stimulate hotel development. These incentives can be in the form of tax breaks, favorable land leases, or assistance with financing. Prior to establishing incentives for hotel development, a city or municipality should conduct an economic impact study to estimate the economic benefits that results from the development. This assessment should evaluate the economic benefits of the initial investment both in the short term and over the long-term. The economic impact to local and regional economies from hotel development is typically separated into four categories: direct, fiscal, indirect, and induced.

Answer 2

Answer:

1.Feasibility studies are important to business development. They can allow a business to address where and how it will operate. They can also identify potential obstacles that may impede its operations and recognize the amount of funding it will need to get the business up and running.

2.The economic impact to local and regional economies from hotel development is typically separated into four categories: direct, fiscal, indirect, and induced.

●Direct Impact

Direct ImpactDirect impact includes all projected revenues that will be generated from consumers at the new hotel. 

●Fiscal Impact

Fiscal ImpactFiscal impact refers to all federal, state, and local taxes that will be collected from the development and operations of the new hotel. 

●Indirect Impact

In addition to local governments and hotel owners/employees, contractors and suppliers to a newly developed hotel will also benefit. 

●Induced Impact

Induced ImpactInduced impact refers to economic effects generated when employees (full-time and temporary) and suppliers re-spend their wages on local consumer purchases

●Calculation of Impact

Calculation of ImpactPinnacle Advisory Group has conducted several economic impact studies as a result of hotel development. 

Explanation:

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