The goal of the diploma thesis is to devise an investment project in development in recreational infrastructure in village of Valaská located in Horehronie region and economic analysis of this project. To achieve this goal, it was necessary to define issues of tourism in Slovak republic focusing on Horehronie region, to identify opportunities and risk of investments in tourism. The diploma thesis consists of seven chapters. First four chapters form a theoretical part of the thesis. First chapter explains basic travel and tourism terminology and quantifies the capacities and the number of overnight stays in particular categories of accommodation facilities in county of Banska Bystrica. Second chapter centers on the issue of investments in tourist industry. The goal of this diploma thesis is explained in the third chapter. Fourth chapter defines methods of evaluating an investment project applied on practical part of this work. Fifth chapter is devoted to practical part, which consists of the characteristics of natural and economic conditions, including infrastructure in the region which is necessary for the development in recreational and sport services in the region. Sixth chapter is devoted to a proposal of a specific investment project focusing on the development in tourism and its interpretation. In the seventh chapter, the results of this thesis are compiled into conclusion.