PENETAPAN NILAI PASAR PROPERTI HOTEL MERCURE REGENCY MAKASSAR UNTUK TUJUAN PENJAMINAN UTANG BANK

Subair Jasmin Simpan, Muhammad Edhie Purnawan, M.A., Ph.D.

2013 | Tesis | S2 Magister Ek.Pembangunan

Pada penelitian ini, peneliti menilai salah satu hotel bintang tiga di Makassar yaitu Hotel Mercure Regency. Tujuan dari penilaian tersebut adalah mengestimasi nilai pasar dan nilai jual paksa Hotel Mercure Regency untuk kepentingan penjaminan utang di PT. Bank Negara Indonesia (Persero) Tbk. Hotel Mercure Regency Makassar dimiliki oleh PT. Kencana Royal dan berada di bawah manajemen PT. AAPC Indonesia (Accor). PT. Kencana Royal selaku pemilik Hotel Mercure Regency menerima kredit investasi di PT. Bank Negara Indonesia (Persero) Tbk untuk pembiayaan proyek pengembangan hotel tersebut. PT. Kencana Royal akan menjadikan Hotel Mercure Regency sebagai properti jaminan utang untuk kredit investasi di bank tersebut. Pendekatan yang digunakan dalam mengestimasi nilai pasar Hotel Mercure Regency adalah pendekatan biaya (cost approach) dengan metoda depreciated replacement cost (DRC) dan pendekatan pendapatan (income approach) dengan metoda discounted cash flow (DCF). Berdasarkan pendekatan biaya, indikasi nilai pasar Hotel Mercure Regency pada tanggal 20 Juli 2012 adalah sebesar Rp98.213.140.000,00, sedangkan berdasarkan pendekatan pendapatan, indikasi nilai pasar Hotel Mercure Regency pada tanggal 20 Juli 2012 adalah sebesar Rp99.755.000,00. Indikasi nilai pasar berdasarkan pendekatan biaya diberi bobot sebesar 49,61 persen dan indikasi nilai pasar berdasarkan pendekatan pendapatan diberi bobot 50,39 persen, sehingga menghasilkan kesimpulan nilai pasar Hotel Mercure Regency Makassar pada tanggal 20 Juli 2012 sebesar Rp98.990.083.250,00 yang dibulatkan menjadi Rp98.990.100.000,00. Nilai jual paksa Hotel Mercure Regency adalah sebesar 70 persen dari nilai pasar hotel tersebut, yaitu sebesar Rp69.293.070.000,00.

In this research, researcher assessed one of the three star hotel in Makassar which is Mercure Regency Hotel. The aim of the assessment is to estimate the market value and forced sale value of Mercure Regency Hotel, for the debt underwriting purpose in PT. Bank Negara Indonesia (Persero) Tbk. Mercure Regency Hotel Makassar is owned by PT. Kencana Royal and is under the management of PT. AAPC Indonesia (Accor). PT. Kencana Royal, the owner of Mercure Regency Hotel receive credit investment in PT. Bank Negara Indonesia (Persero) Tbk for the hotel development project financing. PT. Kencana Royal will make the Mercure Regency Hotel as debt collateral for investment loans in the bank. The approach used in estimating the market value of Mercure Regency Hotel is the cost approach with the depreciated replacement cost method (DRC), and the income approach with the discounted cash flow method (DCF). Under the cost approach, the market value indication of Mercure Regency Hotel on July 20th 2012 is Rp98.213.140.000,00, while based on the income approach, the market value indication of Mercure Regency Hotel on July 20th 2012 is Rp99.755.000.000,00. Indication of market value based on the cost approach was given a weight of 49,61 percent and an indication of market value based on the income approach is weighted 50,39 percent, resulting market value conclusion of Mercure Regency Hotel Makassar on July 20th 2012 is Rp98.990.083.250,00 and rounded to Rp98.990.100.000,00. Forced sale value of Mercure Regency Hotel is equal to 70 percent of the hotel’s market value, that is equal to Rp69.293.070.000,00.

Kata Kunci : penilaian, nilai pasar, nilai jual paksa, Hotel Mercure Regency Makassar, agunan, pendekatan biaya, pendekatan pendapatan