Economic Returns to Travel and Hospitality Businesses in Hot Spring Attraction Areas in The Upper Northern Provinces of Thailand
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Abstract
The main objective of this present study was to examine economic returns to tourism business in hot springs attraction areas in the upper northern provinces of Thailand. Data were collected from 30 entrepreneurs and managers in tourism business. The instrument for data collection was a business financial information interview form. Data were analyzed through financial analyses. Results indicated that business types had an effect on economic returns. The spa businesses had the average net present value (NPV) of 5,742,440.81 baht, the internal rate of return (IRR) of 128.95%, benefit-cost ratio(B/C) of 1.53 times and payback period (PB) of 1.61 years. The food and beverage businesses had the average NPV of 495,455.35 baht, IRR of 62.21% , B/C of 1.34 times and PB of 1.97 years. The accommodation businesses had NPV of 9,739,357.81, IRR of 56.53% , B/C of 2.00 and PB of 1.85. The CBT has NPV of 2,312,388.42, IRR of 86.17%, B/C of 2.15 times and PB of 1.87 years. The other business had NPV of 4,241,483.16 baht, IRR of 75.68%, B/C of 1.69 times and PB of 1.92 years. Also, findings indicated that the top three economic returns for travel and hospitality businesses were spa business (S45), CBT tourism business (T46), and Food and beverage business (F46), respectively.
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