부채형 회원제 콘도미니엄 개발 프로젝트의 부동산 자산소득을 고려한 사업가치 평가 모델

Abstract

Formal investment techniques for valuation are lacking in hospitality industry (Tsai, et al., 2011). Hospitality companies with much investments in fixed assets such as land, buildings and facilities have been found to utilize more long-term liability, which links to the maturity of the principle than any others. Today's domestic condominium companies take advantages of a huge portion of long-term debts from various individual members to develop a condominium hotel without paying any interest for a long period of time, about 20 years. This long-term debt works as security deposits so as to have them a return from the use of the condominium properties. A valuation technique in domestic condominium industry must be unique from the equity type of condominium investments such as regular equity, and time-share. This valuation study is never been done in hospitality industry. This study is to develop the valuation model based on discount cash flow in condominium industry, considering real property appreciation.