Hotel – The most common use of the word hotel is for an establishment that offers lodging or accommodations for travelers and tourists. The term can also be applied to large-scale commercial buildings that offer a variety of services for guests, such as restaurants, bars, conference facilities and more. A hotel can be either a transient or resort property, and may provide a number of guest amenities such as internet access, TV, laundry facilities, and even spas and swimming pools.
The first period of hotel building began in Europe around the 17th century. With the invention of currency and wheels, travel became more commonplace and hotels emerged as important hubs of commerce and community in cities and towns across Europe. These hubs offered more than just a place to sleep, with well-appointed hotel parlors and ballrooms being favored venues for card parties, dances, and other sociable events.
In the United States, the second period of hotel building took off after the conclusion of World War II. This expansion was catalyzed by a three-decade economic boom that greatly increased the incidence of business travel, sent incomes soaring, and made paid vacations possible for millions of Americans. The advent of safe and reliable passenger air travel further accelerated the growth of hotels.
During the expansion of hotel industry, many independent and chain-operated properties emerged. An advantage of a chain operation is the economies of scale that come with a centralized management system and shared resources such as marketing and training. An independent hotel, on the other hand, often offers a more personalized experience to its guests, as its staff is able to take time to get to know each of its customers and their individual needs.
Hotels can be categorized into four primary types: economy, mid-scale, luxury, and resort hotels. The type of hotel that a business chooses to invest in will depend on several factors, including location, size, amenities, and brand affiliation.
Whether investing in an existing property or creating one from scratch, it is essential to conduct thorough market research before making any final decisions. This includes researching competitor prices, reviews, and revenue streams. It is also helpful to speak directly with local hotel owners, as they will have valuable insight into the hotel business.
A successful investment in a hotel can yield a steady income stream, especially for those in prime locations or popular tourist destinations. Additionally, the underlying real estate can appreciate over time, providing additional financial returns. Lastly, the addition of a hotel can diversify a portfolio and mitigate risk by spreading investments across different industries and assets.
The front desk is the face of a hotel, and the people who work there are critical to a customer’s satisfaction. Hotel employees must be friendly, knowledgeable, and willing to go the extra mile to make sure that their guests have an unforgettable stay.
To create a memorable stay, hotels should offer the following amenities:
