Potential
Lodging and Hospitality industry has a vast spectrum. People can spend from 30 dollars to 3000 dollars a night. It serves the need for business overnighters. It is a growth industry with usual ups and down in any business. But as a whole the industry is expanding with new and innovative products and services. In USA this growth rate is 8% to 10% per year. The total volume of the market size is several billion dollars per year. There are many tiers on this industry.
The Entrepreneurs have researched the competitive factors of the market. They have analyzed the business potential of the project based on specific sites and specific customer profiles in mind
Entrepreneurs with in-depth knowledge and innovative ideas have good chance to venture into profitable market niches and operate and manage a successful enterprise.
The Entrepreneurs believe they have that quality and knowledge in hospitality industry. Thehospitality industry requires a modest investment, is real estate based, customer service oriented venture delivering long-term secure and steady return on investment. The following are important attributes for success:
- Selecting a correct location.
- Design and develop an optimum facility.
- Keep the facility in order as in the opening day and amenities in working condition all the time.
- Provide a safe, secure, serene, clean, and hygienic environment to the customer.
- Provide the best value to the price the customer pay.