The hospitality industry is a broad category of fields within the service industry that includes lodging, restaurants, event planning, theme parks, transportation, cruise line, and additional fields within the tourism industry. The hospitality industry is a several billion dollar industry that mostly depends on the availability of leisure time and disposable income. A hospitality unit such as a restaurant, hotel, or even an amusement park consists of multiple groups such as facility maintenance, direct operations (servers, housekeepers, porters, kitchen workers, bartenders, etc. , management, marketing, and human resources. The hospitality landscape is evolving quickly as new technology demands that hotels become more social and engaging in their marketing efforts, travelers are looking for the best value propositions, and consumer demand is pushing for hotels to make concerted efforts on property upgrades and improvements. 3 key observations about the hotel performance *
Despite economic headwinds, at home and abroad, the key performance indicators through August 2012 have been strong. “Regarding supply & demand, currently the industry is in a sweet spot. Demand growth is, and has been outpacing supply growth for over 25 months. When STR is asked if we are in a recovery or not, from a demand stand point, the recovery occurred back in Feb. 2011. Demand has been normalizing and is expected to slow and grow around +2%, while supply growth will remain muted. ” * “In prior downturns, ADR never declined as severely as occupancy so when occupancy recovered, the industry was able to recover ADR at the same pace.
The Term Paper on Hospitality Industry 5
... time. In other words, the hospitality industry are not only great hotels and restaurants, but also ... development can be found in cheaper supplies in improvement of goods and services ... functional components: market segmentation; Structuring pricing policy; Demand forecasts; Willingness and ability to lead; ... innovation and career in the industry and also economic growth. It advice the employers how ...
This was not the case in the 2008/2009 downturn, occupancies declined close to 10% and when the recovery began, ADR’s continued to decline. For the first time ever there was disconnect. Currently, the industry wide ADR growth is above occupancy growth; however, our only concern is that the ADR rebound trajectory appears to be flattening out too soon. ” Future predictions The upcoming year is projected to be a better and brighter one for the hospitality industry, but what are the new factors driving the market in 2012?
The landscape is evolving quickly as new technology demands that hotels become more social and engaging in their marketing efforts, travelers are looking for the best value propositions, and consumer demand is pushing for hotels to make concerted efforts on property upgrades and improvements. The hospitality industry is one of the most dynamic industries and continues to grow year after year. The World Travel Organization predicts that it will triple in size by the year 2020, becoming one of the largest industries in the world.
This growth will provide many employment opportunities for people with the right qualifications. Even when the world economy is showing a sluggish growth with uncertain employment prospects, the fast growing hospitality industry is heralding a pivotal change in career options with an exciting variety of career choices thereby increasing scope and future prospect of hospitality and tourism industry. Tourism in expected to grow further over the next few years due to the changes taking place on the demand and supply sides.
The factors that will account for the further growth of tourism will include the following: * Change in standards of living * More disposable income * Better education * Long leisure time * Aging population Owing to growth of tourism sector, infrastructure will improve, competition will increase, new products will enter the market and better services will be provided. Today, all the major international hotels like Holiday Inn, Radisson, Le Meridian, Hyatt, and Hilton are present in Canada. With all the positive signals, hospitality industry in Canada is getting consolidated and has many more opportunities to grow further.
The Essay on Hospitality Tourism
Brevard County Tourism D. Grulich 12/8/98 Brevard County is a nice place to visit for the sun, surf, and sand. In addition to the beautiful beaches of Brevard there are other attractions tourists to the area frequent. Such attractions consist of the Kennedy Space Center, Ron Johns Surf Shop, the Astronaut Hall of Fame, the Ace of Hearts Ranch, the Sebastian Inlet and Reserve, the famous Wednesday ...
