PROSPECTS FOR THE GLOBAL HOTEL INDUSTRY DEVELOPMENT
Abstract
The hotel industry is a part of the hospitality industry that specializes in providing accommodation services to clients. In recent years, more and more people around the world perceive traveling as an essential part of life. The article considers the dynamics of the hotel industry market during 2014-2018; a tendency of its increasing is revealed. Data on the level of occupancy of the hotel industry around the world are presented, as well as data on global revenue per available room in 2018-2019 are analyzed. It is established that in 2019 the growth of hotel occupancy was slower than in 2018, due to a number of reasons, such as: Brexit, exchange rate fluctuations in Venezuela and Argentina, a large increase in the hotel market offer in Europe and more. The hotel and number fund of the largest international hotel chains and its changes from 2014 to 2018 are studied and the positive vector of their development during the this period is determined. It is noted that the introduction of information and communication technologies in the global hotel industry is an important and urgent step to increase the number of travelers, because online booking of travel services, online travel agencies, online self-booking at airlines, car rental companies and hotels are becoming more popular with tourists. In addition, the possibilities of information and communication technologies are necessary for the promotion of business tourism. It is substantiated that information and telecommunication technologies stimulate the creation of innovations in tourism. The negative impact of the COVID-19 pandemic on the hotel industry in 2020 is considered, namely: cancellation of reservations, all-time low level of hotel reservations, dismissal of employees, cancellation of dividend payments by global hotel chains, as well as delay of capital costs. It is proved that the hotel industry is in a great crisis. It is proposed to take measures at the global level to protect the tourism industry in general and the hotel industry in particular, concerning the activities of public and private funds to help the most affected enterprises and employees due to the COVID-19 pandemic, as well as finding creative and innovative ways to overcome the crisis and bail out the hotel industry.
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Hite, A., & Rossmann, R. (2019). 2018 Global Hotel Study. An unprecedented, worldwide view of the hospitality industry. CoStar Realty Information, Inc. Retrieved from: https://str.com/sites/default/files/2019-06/str-global-hotel-study-2018-preview.pdf
Hite, A., & Rossmann, R. (2020). 2019 Global Hotel Study. An unprecedented, worldwide view of the hospitality industry. CoStar Realty Information, Inc. Retrieved from: https://str.com/sites/default/files/global-hotel-study-report-2019-2020.pdf
Marketing & Technology Group (2020). HOTELS Passion for Hospitality. Retrieved from: https://www.hotelsmag.com
Nhamo, G., Dube, K., & Chikodzi, D. (2020). Impacts and Implications of COVID-19 on the Global Hotel Industry and Airbnb. In: Counting the Cost of COVID-19 on the Global Tourism Industry (pp. 183-204). Springer, Cham. https://doi.org/10.1007/978-3-030-56231-1_8.
Grant Thornton International Ltd (2020). Hotel industry: navigating the impact of COVID-19. Surviving, adapting and preparing for the new normal. Retrieved from: https://www.grantthornton.sa/globalassets/_markets_/sau/media/pdfs/hotel.pdf
