While it all started with providing only a place for sleeping, the traditional hospitality industry has evolved to become what we see today. Despite all the changes the industry saw, the customer has always been at the center. It is consistently evolving to become more advanced. In this new century, the hotels reached the new heights, literally. People built some of the tallest hotels in the 21st century. The technological advancements in the engineering made it all possible. Hotel Fairmont Makkah and Burj Al Arab are some examples of it.
Founded in the year 2008, Airbnb opened up a new segment in the hospitality industry. It acts as a marketplace connecting people who wanted to rent their property with those who want to rent it. Since more and more people are traveling for business or for leisure, this gives them a very convenient and affordable option. Also, there has been a great hike in the number of solo travelers globally. These solo travelers not much bothered about the amenities. They don’t mind sharing spaces. They love meeting and interacting with locals and fellow travelers. And that is why concepts of youth hostels and home-hospitality have become new trends. The Internet helps a lot to such hospitality businesses. People can see the availability, photos, and reviews from other users. Today, we can browse through all options for staying in any part of the world. We can know about services and amenities. Not only we can reserve our stay, but we can also pay in advance. The recent trends in the evolution of hospitality industry favor the construction of hotels which has a classic historic touch integrated with modern services.
The hotel industry has always contributed largely in terms of revenue for any healthy economy. The modern hotel industry in 1960 valued around $3 Billion, which crossed the mark of $25 Billion in the year 1990. These numbers went down because of attacks of 9/11 and recession in the early 2000s. But the industry and its people stood strong and got back its lost pace soon in the new decade. Today, the hotel industry is worth more than $500 Billion providing jobs to 4.5 million people.