Model of economic evaluation of hotel construction based on multiple criteria decision synthesis methods

Abstract

The theme and subject of this study is very topical for today’s Lithuanian tourism market because of the fast development of hotel construction industry, also because of increasing negative tourism market forecast of experts, who are saying what hotel market overstocked in Vilnius. Subject and methods of study: Particular hotel building project in Vilnius city was selected as the research subject and it is taken under consideration in economical aspects. Decision support system applying multiple criteria synthesis methods in construction were applied for results evaluation. Objectives: Objectives of this study are design of a model, which would support decision making for a hotel construction on a selected site, reduction of experts scope of work, and increase of reliability of expert’s estimation. Conclusions: The model helps to estimate economical utility of a hotel construction on a selected site. The model is designed just for Vilnius. For the application in other areas, some of criteria estimations must be revised.