Paper Title
Financial Feasibility Study On Spa Establishment With Lanna Wisdom In Chiang Rai

Abstract
This study aims to analyse the financial feasibility on spa establishment with Lanna wisdom in Chiang Rai. The project life is set at five years and uses a discount rate of 6.75% per annum. The initial investment is six million Baht, which comes from bank loan and owner funding equally. The main use of initial investment is building with applied Lanna architecture, decoration, and office equipment. The results show that the net present value (NPV) is 2,055,058.61 Baht, the benefits cost ratio (BCR) of 1.41, while the return of the project (internal rate of return: IRR) equals 18.06% and the payback period (PB) is 3.64 years. This study also changes the proportion of bank loan for the sensitivity analysis. The study also finds that NPV, BCR, and IRR are greater than zero, one, and lending interest rate, respectively. The study, therefore, concludes that the financial feasibility of project is a worthwhile investment. Keywords- Financial feasibility, Spa establishment, Lanna wisdom, Chiang Rai.