Hospitality has long been synonymous with the hotel industry. Any changes in trends of hotel business have wide scale implications on an otherwise diverse industry. What might be an opportunity for a traveler can be a matter of survival for hotels? It will not be an oversimplification to suggest that the emerging concepts in hotel industry reveal an atmosphere of stiff competition. Here is a look at a few major issues:
Is Green better?
Amid growing concern over environment friendly services, a majority of travelers now prefer Green and Eco lodgings. Recent surveys by trade associations such as Partnership Travel Industry Association and online retailers like Yahoo revealed that nearly seventy percent of the tourists are willing to pay extra when it comes to environmental friendly lodgings. These surveys further revealed that these guests will pay anywhere from nine to ten percent premium on the already advertised prices. Future trends in the hotel construction will seek to maximize the use of building areas by constructing a multi purpose facility that will include Casinos, shopping outlets and Theatres.
The evolution of savvy traveler
The evolution of internet has given rise to a phenomenon where travelers are becoming ever more demanding. Industry professionals suggest that an increase in a trend, to review properties online, will make travelers less forgiving as they are able to post their travel experiences. Such an overemphasis on web may even lead to stiff competition and price reduction strategies where only large players may be able to survive.
To ward of such threats, the small business owner is now turning towards opening a boutique establishment as an alternate to 70s style motels. Such niche properties are popping up everywhere by advertising a more personalized “home away from home” kind of experience.