What are the salient features of the hotel industry?

Answer 1

The hospitality industry consists of companies within the food services,accommodations, recreation, and entertainment sectors.The hospitality industry is a several billion dollar industry that mostly depends onthe availability of leisure time and disposable income. A hospitality unit such as arestaurant, hotel, or even an amusement park consists of multiple groups such as facilitymaintenance, direct operations (servers,housekeepers,porters, kitchen workers, bartenders, etc.), management, marketing, and human resources.Usage rate is an important variable for the hospitality industry. Just as a factoryowner would wish to have his or her productive asset in use as much as possible (asopposed to having to pay fixed costs while the factory isn't producing), so do restaurants,hotels, and theme parks seek to maximize the number of customers they "process".In viewing various industries, " barriers to entry" by newcomers and competitiveadvantages between current players are very important. Among other things, hospitalityindustry players find advantage in old classics (location), initial and ongoing investmentsupport (reflected in the material upkeep of facilities and the luxuries located therein), and particular themes adopted by the marketing arm of the organization in question (such as arestaurant called the 51st fighter group that has a WW2 theme in music and other environmental aspects). Very important is also the characteristics of the personnel workingin direct contact with the customers. The authenticity, professionalism, and actual concernfor the happiness and well-being of the customers that is communicated by successfulorganizations is a clear competitive advantageThis significant growth of the tourism industry is the direct result of changes ininternational consumer behaviors as well as economic prosperity and political stabilitywithin the region. Historically, the supply of lodging facilities within the region has provedto be both inadequate in terms of product quality as well as insufficient in quantity for meeting the increasing levels of demand.

These elements of supply and demand have created a favorable investment climate

for development within the region, resulting in a real estate boom in both tourism and

residential development. The growth in residential real estate development has been

primarily driven by foreign demand for vacation and retirement homes in both urban and

resort destinations within the region. Investment and development has been further

supported by the variety of financial incentives for investment in tourism projects offered

by national governments as well as the availability of local capital for the financing of

large projects.

The first goal is to find ways to operate the hotel according to the idea of a "triple

bottom line," which embodies profitable operation combined with attention to the people

who use and work in the hotel and a focus on careful stewardship of resources. While that

goal is important, even more vital is to use the hotel's position as an industry leader in the

nation's capital to demonstrate to the hotel industry, customers, and vendors that

sustainable operation is the best strategy to ensure successful hotel operation. The

sustainability initiative goes beyond such well-known ideas as reusing guest linens,

recycling waste materials, and changing to compact fluorescent lamps.