HOTEL INDUSTRY

Snow


The hospitality industry is a broad category of fields within the service industry that includes lodging, food and drink service, event planning, theme parks, transportation, cruise line, traveling and additional fields within the tourism industry.The hospitality industry is much broader than most other industries. The majority of business niches are composed of only a handful of different businesses, but this industry applies to nearly any company that is focused on customer satisfaction and meeting leisurely needs rather than basic ones. While this industry is very broad, there are some defining aspects that are important to understand. Hotels are only one sector of Hospiality industry.The hotel industry, which always strove to meet a changing society’s needs and demands, has meanwhile developed into a highly complex branch of the economy. Today, the hotel industry includes all categories of establishments from inexpensive guesthouses to luxurious 5 star hotels.

The hotel industry in India thrives largely due to the growth in tourism and travel.The Indian hospitality industry has been instrumental in contributing to the nation's economic growth. This trend is expected to continue especially with the introduction of e-visa for foreign tourists and with the domestic economy improving, there are clear signs of increased domestic travel. The growth rate in room demand (about 6.8%) has been consistently outpacing the supply (about 3%) growth in India for the past few years.Over the last decade and half the mad rush to India for business opportunities has intensified and elevated room rates and occupancy levels in India. Even budget hotels are charging USD 250 per day. The successful growth story of 'Hotel Industry in India' seconds only to China in Asia Pacific.