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Tourism, Environment And Profitability: The Case Of The Paphos Holiday Complex

Author

Listed:
  • Andreas Andreou
  • Glenn Jenkins

    (Queen's University, Kingston, On, Canada)

  • Savakkis Savvides

Abstract

This paper presents a project evaluation study in which the methodological tools taught in the H.I.I.D Program in Investment Appraisal and Management are applied. It examines the feasibility of a hotel project in Cyprus covering all aspects of investment appraisal. It begins with an analysis of the market for tourism in Cyprus and a definition of the project concept. The financial appraisal analyzes the project cash flow from the investment and owners’ perspectives. The economic appraisal of the project is completed after working out the economic discount rate, foreign exchange premium and a series of economic conversion factors for Cyprus. The distributive analysis identifies the project externalities and show how these may be attributed to various economic groups. Sensitivity and risk analysis further enhance the appraisal by identifying and measuring the level of uncertainty surrounding the projected results. Finally, the study considers the impact of the project on the environment.

Suggested Citation

  • Andreas Andreou & Glenn Jenkins & Savakkis Savvides, 1989. "Tourism, Environment And Profitability: The Case Of The Paphos Holiday Complex," Development Discussion Papers 1989-03, JDI Executive Programs.
    • Handle: RePEc:qed:dpaper:800
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    More about this item

    Keywords

    Cyprus; Paphos holiday complex; project evaluation;
    All these keywords.

    JEL classification:

    • H43 - Public Economics - - Publicly Provided Goods - - - Project Evaluation; Social Discount Rate

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