Hotel management is the industry that deals in the accommodation facilities for guests all across the world. Hotels might seem like a relatively new phenomenon that came into existence only after globalisation. However, they have been around since the beginning of time and Christ. Not to mention the famous story of Jesus’s birth where Mary and Joseph took shell in a lodge. From that tiny horse shed being used as a lodge, to humongous skyscrapers that constitute a billion dollar industry. The global hotel management industry is one that has only seen an accelerated growth over the past. From merely being a place where tourists from foreign lands resided, to being an entirely separate world defined by bonafide luxury where even natives could come as a way to escape their reality. Let us understand some of the working of the hotel industry.
Why hotel management is an extremely expensive yet a profitable business?
The profession of a hotel owner is said to be synonymous with luxury and wealth. If someone claims to be a hotel owner, you instantly think of them as someone with bottomless buckets of wealth at their disposal, that come from a highly stressful job. Both those assumptions can be deemed true. Running and managing a hotel is not an easy task. The guests that visit a hotel are willing and ready to pay morbidly high prices for simple commodities, because they expect the absolute epitome of luxury in exchange for the price tag. The larger the hotel, the bigger the responsibilities. A hotel manager must be aware of the whereabouts of their guests at all times. Especially if they have a high profile vip staying there. Not only this but it is the job of a hotel manager to make every guest feel personally looked after and taken care of.
The entire hotel industry thrives on word of mouth publicity. If guests leave from a particular hotel feeling unsatisfied then they are sure to leave the hotel with negative reviews on various social media websites as well as not recommend it to their close friends and family. Owners and managers understand this phenomenon and that is the main reason why they are not afraid to splurge on items that they feel would provide their guests with the most luxurious experience. Hotel owners also have to take major losses from their competitors to retain their business. To sum it up, it would be safe to say that the hotel management industry is a high risk high reward one.