Analisa Kelayakan Investasi Pada Pembangunan Hotel Rungkut, Surabaya

Abstract

Surabaya, the capital of East Java province, is one of the largest and most important cities in Indonesia. The city has a rich and diverse history, reflecting its strategic position on the map of Indonesian history. Investment opportunities in the tourism facilities sector, such as hotels, are experiencing significant growth and aim to meet the accommodation needs of tourists visiting Surabaya. The method used to solve the problem formulation is by collecting numerical data, so that the research results can be statistically measured. This data is then analyzed using Net Present Value (NPV), Internal Rate of Return (IRR), Benefit-Cost Ratio (BCR), Break Even Point (BEP), and sensitivity analysis. The analysis was conducted by considering whether or not the investment in the project was feasible from financial, sales volume, break-even point, and time perspectives. The financial feasibility analysis shows that the non-star hotel is financially feasible, with a Net Present Value (NPV>0) of IDR 5,300,445,213.61, an Internal Rate of Return (IRR = MARR 9.21%) of 67% exceeding the MARR of 9.21%, and a Benefit–Cost Ratio (BCR >1) of 1.29. The Break-Even Point (BEP) is reached in the 15th year, indicated by a positive cumulative NPV, assuming an average hotel occupancy rate in East Java of 27.52%. A simulation of upgrading the hotel class from non-star to one-star shows that the project is not financially feasible. Therefore, while the non-star hotel project is feasible, upgrading it to a star-rated hotel does not meet the established financial feasibility criteria.