It is well worth the effort building your own tiki lounge.  Give yourself about a month for planning, researching books, taking ideas from pictures, and working the design into your available space.  Indoor vs. Outdoor is a huge difrerence, and I highly recommend sticking to indoor for your first project. 

Secondly, but as many things pre-made as possible for your first project.  Bamboo fencing works particularly well for wall covering!  Amazingly well.  Then you can cut trim at your leisure.

Third, remember to paint/coat your bamboo with fire retarding paint before deploying.  We take fireproof components for granted in the US now, but bamboo is NOT fireproof be nature.  Be prepared in advance.

Finally, Leave yourself a month for acquisition of items, especially shipping bamboo. 

Components used to build the tiki room.  Many dollars have been expended since, but this was the initial list.

• 2 gallons BEHR paint, "Pineapple Soufflé"
• 8 - 8' bamboo poles about 1" diameter
• 1 bundle of small bamboo poles from Pier 1 (accent)
• 6 bundles of midsize bamboo poles from Pier 1 (chair rail)
• TWINE! 
• Miscellaneous tiki mugs from Ebay, Munktiki, Into the Volcano, Myriah ‘s Polynesian Bazaar, and Tiki Farm.
• Umbrella drink mobile from Middle Earth in Ann Arbor.
• Assortment of liquor (many rums) from Discount Drinks & Caribbeanrums.com (now defunct)
• Tiki Bottle Opener and Fridge magnet from tikiking.com
• Glass monkeys, umbrellas, tiki string lights, and palm tree drink stirs from tikibosko.com
• Tiki light switch from instantliving.com
• Colored light bulbs for bar (Home Depot has 'em)
• Red light rope to light up the bamboo on the front of the bar from "gags and games", now available anywhere including KMart (these were hard to find at the time as they had just came to market).
• Tiki torch poles from Pier 1, accented with tissue paper to look like flames (stole that idea from the Middle Earth store window)
• Bamboo Drink tray from Pier 1
• Tiki necklaces from my trip to Jamaica as a kid
• Tribal Hawaiian mask from TLCHawaii.com
• 15' of 6' wide flat bamboo fence (cut in half to 3’) for the lower three feet of walls (bamboofencer.com).  This requred wire cutters and a saw to create the effect.
• 2 Lampac mats for the upper half of the walls (bamboofencer.com)
• 1 Cabana Mat for front of bar (bamboofencer.com)
• 1 Woven bamboo floor mat to cover some of my bright white tile floor in front of the bar.(bamboofencer.com)
• 2 big sections of sawgrass carpet (wears over time and must be replaced) from WorldMarket.
• 2 rain capes (thatch roof) (bamboofencer.com)
• 1 tatami mat to be the bar top cover (bamboofencer.com).  This does a great job of not absorbing water.
• Faux palm trees (4 before all was said and done).
• Wooden tiki toilet seat from tikizone.com
• Coconut oil scent from any lame new age shop featuring 'aromatherapy'.  Add to any trickling water fountain to set the "smell mood".  This worked amazingly well.
• Pint of Kona Brown paint for all the trim and the cabinet doors behind the bar.
• Havana Hat from cash extracting lobby of the Bahama Breeze restaurant (Caribbean food & exotic drinks)
• 5 medium oak cabinet door (bar replacements) from Home Depot
• DVD of "The Jerk" staring Steve Martin (needed for the "be sombody" picture)
• Many Jpegs of "SHAG" art.
• Poster frames
• A 4' coconut tiki pole
• Custom made tiki room sign from Island Comforts
• Hand painted bamboo curtain
• Liquid Nails (it causes cancer!  says so right on the tube!!!)
• A martini clock
• The "Book of Tiki", "Shag Art" and "BeachBum Berry drinks" books.  (Atomic magazine for the center table)
• One 1970's round table, brown.  Was probably a small kitchen table?
• Cheesy velvet pictures from Ed's parents' basement.
• Giant wooden fork and spoon courtesy of Ed's parents' basement.
• 3 Wooden Shelves (floating) from Home Depot (to hold drink mugs).
• Glass vase with 2 Bamboo stalks (real) and some shiny rocks.
• Various stuffed pillows featuring "Spongebob Squareparts" (added much later as this project was done before the show premiered.)
• String of tiki head lights for over the doorwall.
• Plastic fish (hand painted) from the flea market in Florida.