The Research On Investment Project Evaluation Index System For High-star Hotel

In recent years, tourism has flourished at home and abroad, a significant expansion appears in the domestic tourist reception market. Hotel industry as an important part of tourist reception market attracted much attention of the investors’. High-star hotel, due to the positioning of high-end, high profit margin, become a more popular product for the investors. However, investment in high-star hotel has its own unique characteristics, and general industry investment theory does not apply to investments in high-star hotel. Due to lack of scientific decision-making methods and professional guidance of the theory of project pre-investment, investment projects of high-star hotel experiences a series of bottlenecks in the development process, such as the specifications of sub-standard, poor management, the scarcity of management talent or funds with insufficient. Majority of investors suffered serious losses. How to assess high-star hotel investment projects scientifically is worth investing is in a cause for concern. Project evaluation is a re-study of the feasibility study, on the basis of the feasibility study, carried out a study on the feasibility and rationality of the proposed project in terms of policy and economic, to provide the basis for the final scientific decision-making of the investment project. Traditional assessment methods for high-star hotel investment projects are mainly based on financial assessment indicator, but now we need assess the investment impact from many factors, a single assessment system can only reflect a particular aspect of the characteristics of the project, not systematically reflect the true overall situation of the project.Through looking up the literature on high-star hotel investment, we can only find two papers which refer to high-star hotel investment, one is about high-star hotel management model and the other one is about market analysis of high-star hotel star hotel before investing, and the literature about assessment of high-star hotel investment projects cannot be found out on the net. The pace of theoretical research has lagged far behind the needs of practice. Based on this, the construction and application of high-star hotel investment appraisal index system as the main content of the study, literature review as a starting point, the theoretical basis of the high-star hotel investment and reality basic research, we analysis, select index which could reflect investment of high-star hotel, build a preliminary indicator of the high-star hotel investment project evaluation framework. Then send a questionnaire to some experts to find out the relationship between indicators and the project, and then find that the most important factors which influence the project includes the company’s funds, the location of the hotel, the quality of the management team, competitors’ business location and characteristics of tourism development policies, the hotel industry development policies, the level of local tourism resources, the local tourist income, hotel products and services, competitor’s scale and local economic growth. Then build a high-star hotel investment project evaluation index system contains three levels, five criteria and22indicators. Use the Analytic Hierarchy Process, and MTALAB7.0software to assign weights of various indicators of the index system; fuzzy comprehensive evaluation method to define grading standards for the qualitative and quantitative indicators. We have build a Fuzzy evaluation model for high-star hotel project evaluation, through using formula to calculate each index score data to judge the final score of investment projects, and to find out whether the investment of the high-star hotel investment project worth of investing and implementation. Finally, through a simple application case to introduce the assessment procedures based on the evaluation model of high-star hotel investment projects, and gives some recommendations of the evaluation.