Valor de ativos hoteleiros: Análise de valor e preço de unidades habitacionais em Condo-hotel

João da Rocha Lima, Odair Lido
2019 19ª Conferência Internacional da LARES   unpublished
The financing of commercial real estate in Brazil is a challenge. Entrepreneurs have to use creative and alternative mechanisms to develop their projects. Obtaining a loan to build a commercial property is a difficult task, since few credit lines for this purpose are available in Brazil, interest rates make the projects unattractive, and collaterals requested by the financial agents to release the credit, most of the times, make the projects unfeasible. In the hospitality sector, the funding
more » ... tor, the funding model found to structure most of the urban hotel focused on business tourism, was the capture of savings of small investors through the sale of hotel units, so-called Condo-hotels. In this model, the entrepreneur´s or developer´s goal is to sell the units, not keeping it in order to obtain long-term returns. On the other hand, the customer target of the developer is that investor who seeks regular and homogeneous long-term income. Typically, this investor profile has few tools to assess the quality of the investment and to weigh the risks in positioning its savings in this type of asset. The regulation of the segment established by the CVM through Instruction 602 of August 27 th , 2018, requires Developers to release a series of information about the projects and a risk analysis when making their public offerings. The objective of this article is to discuss the valuation process of hotel units commonly used for Developers and compare the value to the unit prices offered in the latest public offerings.
doi:10.15396/lares-2019-02_lido_darochalimajr fatcat:mxrsppgx6bbyxdovyzrepbzfwy