The hospitality and tourism industry is hotwired into the global economy; how businesses in the sector prepare for and respond to economic shocks is critical to long-term growth prospects.
Established players in the hospitality and tourism sector are having to work harder than ever to find growth. A series of recent events have disrupted demand in the short-term, but longer term, the rise of the digital economy is threatening traditional operating models and sales channels. Businesses in the sector need to be alive to the challenges posed by online travel agencies and aggregators (OTAs), as they try to build their brand and maintain market share.
The hotel industry is going through a period of unprecedented, irreversible change and will look very different in 2020 than it does today.
Efficiency and cost savings are big business in hospitality and tourism. It's hard to think of another sector which was such an early adopter of environmentally-friendly business practices.
As the global economy slowly recovers its verve, so business leaders in the hospitality and tourism sector are looking at new ways to grow their operations. So says our International Business Report (IBR), which interviews around 150 senior executives in the sector globally every quarter.
Drawing on interviews with banks, private equity houses, advisers and hoteliers, the report calls for hotel businesses to address the way they deal with lenders and investors if they are to raise money in the new environment.