The High Towers Center is a 300-room hotel that was built ten years ago for a total project cost of $24,000,000. The market value of the facility is now estimated at $42,000,000, and the general manager estimates that the level of guest service is worth at least $5,000 per room per year. A close competitor of the hotel charges $110 per night per room. According to the $1 per $1,000 approach to pricing rooms, what should the price of a room night be at the High Towers Center?
a. $80
b. $110
c. $140
d. The answer cannot be determined from the information given.