| Summary: | This research aims to estimate the value of Hotel Grand Aston City Hall
Medan related to Build Operate and Transfer (BOT) on the state asset by using
income approach through the method of hotel valuation formula � ten year DCF
and the cost approach. Hotel Grand Aston City Hall Medan is
a five star standard hotel which was built, operated, and developed with BOT
mechanisms on the state asset. This research is quite interesting considering the
BOT model is just developing in Indonesia and the main basis for determining the
royalty contribution to the government on the utilization of assets is the value of
the hotel.
The data observed in this researh for the income approach consists of data
of financial statements Hotel Grand Aston City Hall Medan, information in annual
reports, the Central Statistics Agency data, the risk free rate, the BOT data and
other supporting data. Data used for the cost approach consists of physical data of
hotel construction, material, building components, building area, and data
assessment component of the building.
Analysis using the income approach by using hotel valuation formula -
ten-year DCF conducted an analysis stages asset revenue projections, projections
of financial statements, the projected free cash flow (free cash flow) of net income
of real property, the determination of the discount rate, the determination of
terminal value, and the estimated value. The cost approach analysis involves
calculating the cost of various components of hotel property is rated a new
reproduction cost of buildings and facilities and calculating the building
depreciation. The value of the hotel can be estimated using the overall cost
incurred to build the hotel minus the building depreciation.
Result of research shows that the estimated fair value of Hotel Grand
Aston City Hall Medan using hotel valuation formula - ten-year DCF on January
1, 2011 is Rp285.172.000.000,00 and based on the cost approach is
Rp192.062.040.000, 00. Based on sensitivity analysis, the value of hotel by using
hotel valuation formula - ten-year DCF is sensitive to the change of discount rate,
growth rate, and constant growth rate. Reconciliation of these two methods
produce the estimated value of Hotel Grand Aston City Hall Medan is
Rp247.700.052.563,23.
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