분양형 호텔 개발 PF사업의 부실채권(NPLs) 정상화 연구

초록

In This Study, The following analysis was conducted to Establish the "NPLs Normalization Model due to Property Development PF Project" as a Case of a Pre-sale (or Profitable) Hotels. First, By reviewing Laws and Theories, "The Government Established and Operated a Mediation Committee for Normalization of PFVs in Property Development by announcing Instruction No. 774 and 787, and studied Laws and Policies that "The Government Established Laws such as Asset-Backed Securitization(ABS) Act" and Real Estate Investment Trust(REITs) Act. Second, "FGI analysis by Expert Discussion" was conducted to identify "the Actual Condition and Problems of Pre-sale Hotels," and furthermore, "A Solution to the problems of Pre-sale Hotels" was derived. Third, By analyzing "Statistical Data on Registration Status of Tourism Accommodation Businesses" annually surveyed by the Korea Hotel Business Association, "Standard Indices to be applied to the Establishment of Normalization Models such as 'ADR, OCC, revPAR' of Hotels Nationwide and 00 Hotels in Jung-gu, Incheon" were derived. Based on these Analysis Results, The 00 Resort PF Project, which became NPLs due to Default in February 2009, was Set as a "Normalization Model" and the "20-year Operating Profit Cash Flow by Time Series Prediction" applied with the Standard Index of This Study was Analyzed to reach the Result that 00 Resort can be Normalized.

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