The subject of this paper discusses investment decisions in greenfield investment hotel construction using capital budgeting methods. The study will provide a detailed overview of the capital budgeting process, the application of different methods on the actual project and the financial evaluation of the project itself. In order to ensure that goal, the representation of the basic theoretical postulates will be done, ecessary for understanding the material. The concepts of investment, risk, planning, cash flows of capital budgeting will be analyzed as continuous processes that include all previously mentioned concepts as a whole. What follows the theoretical part is an overview of capital budgeting methods, their explanations, mathematical formulas and simple examples needed to understand the whole process. A special focus will be on cash flows. Understanding cash flows as the "bloodstream" of any investment and business is necessary to understand the entire content of this study, which will be reflected in the last chapter. The last chapter analyzes the decision on a specific investment. The importance of comprehensive analysis of as much business information as possible is largely pointed out and it will be analyzed on the example of the presented classifications of this information in order to predict the cash flows of the future period. Based on financial cash flow analysis, all financial indicators necessary to achieve the desired goal of this paper will be calculated, which is the evaluation of the investment project using the method of capital budgeting.