ABSTRACK

The type of research is a single case analysis about feasibility study of establishment of hotel
Pesonna Malioboro Yogyakarta by PT Pesonna Indonesia Jaya (PT PIJ), which is one of
subsidiary of PT. Pegadaian (Persero). Pesonna hotel Malioboro is one of 6 hotels that have
been established by PT PIJ from 13 hotels planned spread all around Indonesia. The reason of
the establishment of this hotel is as an effort to increase the income of the holding company
from other sectors outside the core business, namely pawn, as well as to optimize the ownership
of strategic assets owned by PT. Pegadaian. In this case the authors consider it important to
analyze the feasibility analysis of the establishment of this hotel project, given that the
investment is of great value while Pegadaian has not had a business background of hospitality.
For this reason the authors are interested to examine the feasibility analysis of the hotel's
investment with a focus on the financial aspects. Believes that the preparation of the feasibility
analysis of this hotel project using assumptions and data that are less precise and even tend to
be optimistic when viewed from the side of science that the author learned. Therefore, the
authors consider this issue important to be studied, with the hope that it can provide input to
the management of Pegadaian for the improvement of preparation of feasibility analysis of the
project for the construction of the next hotel. Armed with the above hypothesis, the author tries
to examine every variable used by PT PIJ in preparing the hotel feasibility analysis from the
financial aspect, then the writer make re-analysis of investment feasibility by using 4 method
of analysis, that is net present value (NPV), internal rate Of return (IRR), Payback Period (PP)
and Profitability Index (PI) using sensitivity test on 3 levels of data assumption that called
normal, optimistic, and pessimistic. From the results of the test analysis, it is evident that the
construction of Pesonna Malioboro Hotel Yogyakarta is only feasible or can be implemented
at an optimistic level.
The investment feasibility analysis by Pesonna Malioboro management resulted :
NPV of Rp. 34.240.266, -, IRR 86.31, Payback period of 9 years and PI 522.17. So the
Feasibility study of the hotel is feasible. While the results of the author analysis to generate
NPV (Rp. 27.739.604, -), IRR 7.19%, Payback period at 10.46 years and PI of 1.58

Keywords: investment feasibility analysis, net present value, internal rate of retun, Payback
Period and Profitability Index (PI)