Analisis Pemilihan Alternatif Investasi Dan Sensitivitas Pada Properti Hotel Di Kelurahan Pleburan, Semarang

Kristiawan, Joel Wicaksana (2026) Analisis Pemilihan Alternatif Investasi Dan Sensitivitas Pada Properti Hotel Di Kelurahan Pleburan, Semarang. Other thesis, Institut Teknologi Sepuluh Nopember.

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Abstract

Kawasan Pleburan merupakan lokasi yang strategis untuk properti hotel karena dekat dengan pusat aktivitas Kota Semarang. Namun, tingkat okupansi hotel di Semarang sedang mengalami penurunan yang diperparah oleh kebijakan efisiensi pemerintah. Penelitian ini bertujuan untuk menganalisis alternatif investasi serta sensitivitas tingkat okupansi kamar, tarif sewa kamar, dan biaya konstruksi dari proyek hotel yang akan dibangun di area Pleburan, Semarang. Pemilihan alternatif investasi dilakukan dengan metode Incremental IRR (Internal Rate of Return) untuk mengidentifikasi alternatif dengan tingkat pengembalian tertinggi dari setiap penambahan biaya investasi. Sementara, analisis sensitivitas dilakukan untuk mengetahui pengaruh dari perubahan variabel tingkat okupansi kamar, tarif sewa kamar, dan biaya konstruksi dari satu alternatif yang terpilih. Seluruh alternatif investasi dievaluasi menggunakan kriteria Capital Budgeting, berupa NPV (Net Present Value), IRR (Internal Rate of Return), dan PP (Payback Period), sebelum dilakukan analisis lebih lanjut. Ditetapkan tiga alternatif berdasarkan jumlah kamar dan kelas bintang hotel. Berdasarkan hasil evaluasi, hanya alternatif 2 dan alternatif 3 yang memenuhi kriteria Capital Budgeting dengan MARR sebesar 8,93% dan masa investasi 20 tahun. Alternatif 2 memiliki NPV sebesar Rp21.401.971.494,37, IRR sebesar 12,40%, dan PP selama 16 tahun. Sementara itu, alternatif 3 memiliki NPV sebesar Rp63.771.792.894,69, IRR sebesar 15,505%, dan PP selama 12 tahun. Alternatif 3, yaitu Convention Hotel bintang 4 dengan 133 kamar, ditetapkan sebagai alternatif terbaik berdasarkan metode Incremental IRR (Internal Rate of Return). Hasil analisis sensitivitas menunjukkan bahwa tingkat okupansi dan tarif sewa kamar merupakan variabel paling berpengaruh terhadap hasil investasi dengan batas penurunan 19,83%.
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Pleburan is a strategic location for hotel property development due to its proximity to the major activity centers of Semarang City. However, the hotel occupancy rate in Semarang has been declining, a condition further exacerbated by the government's fiscal efficiency policy. This study aims to analyze investment alternatives and the sensitivity of room occupancy rates, room rates, and construction costs of a hotel development project planned in the Pleburan area, Semarang. Investment alternatives were evaluated using the Incremental Internal Rate of Return (Incremental IRR) method to identify the alternative that provides the highest incremental return for each additional investment cost. Furthermore, sensitivity analysis was conducted to examine the effects of changes in room occupancy rate, room rate, and construction cost on the selected investment alternative. Prior to further analysis, all investment alternatives were assessed using capital budgeting criteria, including Net Present Value (NPV), Internal Rate of Return (IRR), and Payback Period (PP). Three investment alternatives were developed based on the number of guest rooms and hotel classification. The evaluation results indicate that only Alternatives 2 and 3 satisfy the capital budgeting criteria, using a Minimum Attractive Rate of Return (MARR) of 8.93% and an investment period of 20 years. Alternative 2 yields an NPV of IDR 21,401,971,494.37, an IRR of 12.40%, and a payback period of 16 years. Meanwhile, Alternative 3 yields an NPV of IDR 63,771,792,894.69, an IRR of 15.505%, and a payback period of 12 years. Based on the Incremental Internal Rate of Return (Incremental IRR) method, Alternative 3, a four-star convention hotel with 133 guest rooms, is identified as the best investment alternative. The sensitivity analysis revealed that the room occupancy rate and room rate are the most influential variables affecting investment performance, with a maximum tolerable decline of 19.83%.

Item Type:	Thesis (Other)
Uncontrolled Keywords:	Analisis Investasi, Analisis Sensitivitas, Incremental Internal Rate of Return, Properti Hoel, Hotel Property, Incremental Internal Rate of Return, Investment Analysis, Sensitivity Analysis
Subjects:	T Technology > TX Home economics > TX911.2 Hotels--Design and construction.
Divisions:	Faculty of Civil, Planning, and Geo Engineering (CIVPLAN) > Civil Engineering > 22201-(S1) Undergraduate Thesis
Depositing User:	Joel Wicaksana Kristiawan
Date Deposited:	31 Jul 2026 02:42
Last Modified:	31 Jul 2026 02:42
URI:	http://repository.its.ac.id/id/eprint/138979

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