Valoración de proyectos hoteleros y centros comerciales en Colombia bajo el enfoque de opciones reales utilizando árboles binomiales

Abstract

The projects of estate infrastructure like shopping malls and hotels are characterized by: they have large levels of investment, they are built on land and with assets of random variations through of the time, and they generate the possibility of the new business. These features support the existence of Real Options like: Expansion option due the opportunity to increase the project proportionally to the existing cash flow, growth option due the possibility of make new businesses with nature and risk different and option of abandonment due the posibility of sell the assets and retire from the business. This work defines, applies and values the this real options by a project of malls with the possibility to build a hotel; It is concluded: this type of project must be valued including the flexibility of their Real Options, increasing the possibility of achieving them, taking advantage of economies of scale and generating added value.