This study aims to analyse the financial feasibility on spa establishment with Lanna wisdom in Chiang Rai. The project life is five years and uses a discount rate of 6.75%. The initial investment is five million Baht, which comes from bank loan and owner funding equally. The investment will build a plant, mortar timber with Lanna architecture. The results show that the net present value (NPV) is 2,055,058.61 Baht, the benefits cost ratio (BCR) of 1.41 times, 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 the NPV, the BCR, and the IRR are greater than zero, one, and lending interest rate, respectively. The study, therefore, concludes that the financial feasibility of project is worth to invest.

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