Hospitality industry can be empirically divided into two parts: entertainment areas like clubs and bars, and accommodation. Accommodation takes the form of public houses, resorts, inn, campgrounds, hotels, hostels, serviced apartments, and motels. The clubs and bars category include restaurants fast foods, and nightclubs. The hospitality industry also includes tourism support commercial activities like airline cabin staff and travel agents. Travel technology like applied information technology (IT) and its workers in hospitality, travel and tourism are included in the hospitality industry.
It could be argued that the sector most hit by the global financial crisis is the entertainment and hospitality industry. This is because entertainment, leisure and tourism are very vulnerable to economic uncertainty and volatility. Most travel and tourism activities involve optional expenses. During times of economic recession, people like to conserve money to cover the essentials of life such as food, shelter and family necessities. This, however, does not mean that entertainment and tourism will be endangered species.
There will always be demand for the Hospitality sector irrespective of the Global Scenario.
ICREA can add value in the Hospitality Sector with the following advisory services: