부동산 자산소득을 고려한 부채형 회원제 콘도미니엄 개발 프로젝트의 사업가치 평가 모델

To develop a hotel, hotel companies require most of the investment in fixed assets such as land, buildings and facilities. Those financing hotel developments have to utilize more long-term liabilities 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 such a long period of time as about 20years. Instead, this members' long-term debt works as security deposits, giving them a return from the use of the condominium properties with discounted rates. The members can have the principle back after 20 years. Formal investment techniques for valuation are lacking in hotel industry(Tsi, Pan, and Lee, 2011). A valuation technique in domestic condominium industry must be unique and different from the equity type of investment in typical hotel investments. This valuation study is never been done in hotel industry. This study is to establish the valuation model based on discount cash flow in condominium industry, considering real property appreciation. The valuation model has to include the aspects of financial structure and real property future value because the investment fund is mostly financed by debt-based membership fees without paying any interest. We found that value in this valuation model could be raised by the earnings improved by lowered cost of capital incurred by the long-term debt-based membership fees without paying any interest. This study valuation model is also influenced by the change of real property value and the maturity period of debt-based membership fees.