Pemilihan Alternatif Investasi Pembangunan Hotel Patra Surabaya

Gusnata, Marvelano Aldo (2026) Pemilihan Alternatif Investasi Pembangunan Hotel Patra Surabaya. Other thesis, Institut Teknologi Sepuluh Nopember.

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Abstract

Surabaya sebagai kota metropolitan terbesar kedua di Indonesia memiliki pertumbuhan yang pesat pada sektor properti dan perhotelan sehingga menjadi salah satu tujuan investasi yang menarik. Namun, tingginya persaingan, biaya operasional, dan ketidakpastian permintaan menyebabkan investasi hotel memiliki risiko finansial yang besar. Kasus penutupan Hotel Singgasana Surabaya akibat kegagalan memenuhi kewajiban sewa lahan menunjukkan pentingnya analisis finansial yang komprehensif sebelum pelaksanaan investasi. Penelitian ini bertujuan menganalisis investasi pembangunan Hotel Patra Surabaya, menentukan alternatif desain investasi terbaik, serta mengukur sensitivitas investasi terhadap perubahan biaya investasi, biaya operasional, dan tingkat okupansi kamar. Analisis dilakukan melalui penyusunan arus kas berdasarkan data perencanaan investasi, kemudian dievaluasi menggunakan metode Capital Budgeting, dilanjutkan dengan pemilihan alternatif menggunakan Dominance Principle dan Incremental IRR, serta analisis sensitivitas. Hasil penelitian menunjukkan bahwa desain awal memiliki kinerja finansial yang lebih baik dibandingkan alternatif desain dengan nilai NPV sebesar Rp210.262.278.432,08, IRR sebesar 12,58%, dan Payback Period selama 14 tahun. Berdasarkan analisis Dominance Principle dan Incremental IRR, desain awal dipilih sebagai alternatif investasi terbaik karena menghasilkan tingkat pengembalian yang lebih tinggi dengan kebutuhan investasi yang lebih rendah. Analisis sensitivitas menunjukkan bahwa proyek masih berada pada batas aman hingga terjadi kenaikan biaya investasi sebesar 25,41% per tahun, kenaikan biaya operasional sebesar 57,46% per tahun, dan penurunan tingkat okupansi kamar sebesar 13,69% atau setara dengan tingkat okupansi 51,78% per tahun. Tingkat okupansi kamar merupakan variabel yang paling sensitif sehingga menjadi faktor utama yang perlu dikendalikan untuk menjaga keberlanjutan investasi.
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Surabaya, as the second-largest metropolitan city in Indonesia, has experienced significant growth in the property and hospitality sectors, making it an attractive destination for hotel investment. However, intense competition, rising operating costs, and uncertainty in market demand expose hotel investments to considerable financial risk. The closure of Hotel Singgasana Surabaya due to its failure to fulfill land lease obligations highlights the importance of conducting a comprehensive financial analysis prior to investment implementation. This study aims to analyze the investment feasibility of the Hotel Patra Surabaya development, determine the most favorable investment design alternative, and evaluate the investment sensitivity to changes in investment costs, operating costs, and room occupancy rates. The analysis was conducted by preparing project cash flows based on investment planning data, followed by evaluation using the Capital Budgeting method, alternative selection using the Dominance Principle and Incremental Internal Rate of Return (Incremental IRR), and sensitivity analysis. The results indicate that the initial design demonstrates superior financial performance compared to the alternative design, with a Net Present Value (NPV) of IDR 210,262,278,432.08, an Internal Rate of Return (IRR) of 12.58%, and a Payback Period (PP) of 14 years. Based on the Dominance Principle and Incremental IRR analyses, the initial design was selected as the preferred investment alternative because it provides a higher rate of return while requiring a lower initial investment. The sensitivity analysis indicates that the project remains financially feasible under an increase in investment costs of up to 25.41%, an increase in operating costs of up to 57.46%, and a decrease in room occupancy of up to 13.69%, equivalent to an annual occupancy rate of 51.78%. Among these variables, room occupancy is the most sensitive factor and therefore requires careful management to ensure the long-term financial sustainability of the investment.

Item Type:	Thesis (Other)
Uncontrolled Keywords:	Hotel, Investasi, Finansial , Sensitivitas, Alternatif Investasi ======================================================================= Hotel, Investment, Financial, Sensitivity,Investment Alternatives
Subjects:	T Technology > TA Engineering (General). Civil engineering (General)
Divisions:	Faculty of Civil Engineering and Planning > Civil Engineering > 22201-(S1) Undergraduate Thesis
Depositing User:	Marvelano Aldo Gusnata
Date Deposited:	28 Jul 2026 08:31
Last Modified:	28 Jul 2026 08:31
URI:	http://repository.its.ac.id/id/eprint/138878

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