Although individual hotels and other hospitality businesses suffered during the recent recession, the U.S. hotel industry as a whole was able to operate profitably. Although challenges remain in rebuilding rate structures, the relatively quick recovery of the travel industry will be a boon to hotels in the U.S. and worldwide. According to analysts at the Cornell Hospitality Research Summit (CHRS), it is clear that the prospects for hotels in all countries are linked by a common thread—namely, the progress of the world economy. We know that the world’s economy is made up of national economies, and those national economies are the aggregate of regional and local economies. Even with all those individual economies, the fact remains that the world’s tourism industry has much in common. Presenters at the CHRS examined the status of the hotel industry in the U.S. and internationally, and particularly outlined the underlying trends and drivers, notably, the effects of the internet.
Withiam, G. (2011). Cautious optimism: CHRS examines hospitality industry trends [Electronic article]. Cornell Hospitality Roundtable Proceedings, 3(1), 6-10.