TOURISM, ENVIRONMENT AND PROFITABILITY: THE CASE OF THE PAPHOS HOLIDAY COMPLEX

Andreas Andreou, Glenn Jenkins () and Savvakis Savvides

No 1989-03, Development Discussion Papers from JDI Executive Programs

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.

Keywords: Cyprus; Paphos holiday complex; project evaluation (search for similar items in EconPapers)
JEL-codes: H43 (search for similar items in EconPapers)
Pages: 60 pages
Date: 1989-11
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Persistent link: https://EconPapers.repec.org/RePEc:qed:dpaper:800

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