STRATEGI PEMBIAYAAN INVESTASI HOTEL DI CIKARANG (STUDI KASUS: PT ABC) LAURENTIUS ADHYAKSA EKAT

• Main Author: ADHYAKSA EKATAMA (NIM: 29111065); Thesis Counselor: Ir. Achmad Herlanto Anggono, MBA., LAURENTIUS
• Format: Theses
• Language: Indonesia
• Online Access: https://digilib.itb.ac.id/gdl/view/18825
• Institution: Institut Teknologi Bandung

ABSTRACT <br /> <br /> <br /> <br /> <br /> Cikarang has become an industrial city as many national and multinational companies established its businesses, factories, stores, and office representatives in the area. This situation attracts people from outside the city to come to Cikarang, which then increases the demand of hotels in the area. PT ABC sees this condition as an opportunity to expand its business by investing in a new hotel in Cikarang. However, before that, the company needs to <br /> <br /> <br /> decide how it is going to finance this new investment, and also to evaluate the economic <br /> <br /> <br /> viability of the investment. <br /> <br /> <br /> <br /> <br /> There are financial strategies that PT ABC can use to finance its investment in Cikarang that includes these three financing alternatives, i.e. self-financing through shareholders’ loan, long-term debt through bank loan, and equity financing by a public offering in the capital market. <br /> <br /> <br /> <br /> <br /> The framework starts with the situational analysis that includes both external and internal environmental factors that influence the success of the company’s investment. Once the situational analysis is done, the effective strategy can be formulated in the form of business model. After conducting the situational analysis, and constructing the company’s business model, the alternative financial resources to strengthen PT ABC’s capital in regard to the financing of its new hotel in Cikarang are analyzed, based on their impacts on the economic <br /> <br /> <br /> viability of the company’s investment in Cikarang. <br /> <br /> <br /> <br /> <br /> The result of the research done shows that the cheapest financial strategy alternative for PT ABC to finance its investment in Cikarang is long-term debt through bank loan. NPV resulted from the company’s investment financed by bank loan is Rp144,040,529,937. Meanwhile, NPVs resulted from the company’s investment financed by 100 percent self-financing and stocks IPO are Rp75,448,131,674 and Rp55,879,804,353 respectively. This results show that <br /> <br /> <br /> the Weighted Average Cost of Capital (WACC) used to evaluate the company’s investment using bank loan is lower than those used in evaluating the investment using the two other financing alternatives because of the addition of cost of debt in bank loan. <br /> <br /> <br /> <br /> <br /> Based on the recommendation, the construction of the company’s hotel in Cikarang will partly be financed by bank loan. In total, the company will invest Rp82,088,411,025 for its Cikarang hotel, in which Rp71,429,154,775 will be used for the hotel construction, and Rp10,659,256,250 was used for the land purchase. Bank loan will be used to pay some <br /> <br /> <br /> portions of the investment in the hotel construction. With the credit from the bank of Rp50,000,408,343, that means 70 percent of the total hotel construction, and 60.91 percent of the total investment of Hotel XYZ Cikarang will be funded by the bank loan. <br /> <br /> <br /> <br /> <br /> Keywords: financial strategy, investment analysis, hotel