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觀光暨餐旅財務管理. 老師 : 製作. Chapter 11. 餐旅暨觀光產業之不動產投資 The Real Estate Investments Management of Tourism and Hospitality. 1- 2. 本章內容. 內容: 1. 了解餐旅暨觀光產業與不動產投資的關係。 2. 學會運用不動產投資之「投資收益」與「投 資成本」之對等衡量。 3. 了解不動產投資風險分析方法。 4. 分析承作不動產貸款之風險。 5. 認識不動產證券化的種類。. 1. 觀光產業是一項複雜的綜合性產業,不動產與 醫療也是很重要的一環。

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Chapter 11

The Real Estate Investments Management of Tourism and Hospitality

1-2


1.

2.

3.

4.

5.


1.

2.

3.

4.


1.

2.

3.

4.


1.

2.


2000


1.

2.


1.

2.

3.

4.


1.

(ROE= )

2.


(ROE= )

(ROE)8%4,000,000320,000(4,000,0008)


(NOI)

1.5600,000,000

(DS)=400,000,000

(DCR)


600,000,000400,000,0002%10400,000,0003,593,040,000


1.

2.


10001000


3,0004%()(DCR)1.510%70030%

(1)

(2)(1) 5%


4080?


(Loan)(Equity)25

A.50

B.450

C.(Vacancy Allowance Ratio, VAR)(Potential Gross Income, PGI)10%

D.(Effective Gross Income, EGI)20%

E.(Debt Coverage Ratio, DCR)1.15

F.7%

G.

H.(Return on Equity, ROE)8%


(NPV)(IRR)(PI)(DCR)

1.

2.

3.



()()()

()


1.

2.

3.

4.

(Monte Carlo Simulation)



1.

2.

3.

4.

5.


1.

2.

3.

4.2030

5.


(MBS)


-1


-2


1. (Real Estate Investment, REIT)

(1)

(2)

(3)

2. (Real Estate Asset Trust, REAT)


1.

2.

3. 75%

(Real Estate Investment, REIT)


()

(Real Estate Asset Trust, REAT)


1.

2.

3.

4.

5.

6.


1.

2. --()


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