The covid 19 pandemic showed that there are a few challenges for the travel and hospitality industry in a globalized world, but at the same time, many industries learned from the circumstances and turned challenges into opportunities. The hotel industry is one sector that had to rethink the way it operated, but came out stronger then one might have thought.
In 2021, a total of 2,246 hotels opened across the world, and the numbers are expected to grow to 2,934 hotel openings in 2023. And it is not just cheap hostels that are increasingly in demand by backpackers, but also luxury resorts that are becoming popular getaways for families and business travelers. Just look at the rise of Westgates Orlando resorts, which attracts guests from all over the world. Whether you are looking for a sunny workplace or a fun trip for you and your family, Westgate has a resort to offer. But they are not alone. Several hotels, resorts and management companies seem to have picked up on the trend.
It is impossible to predict what the future will bring, but as travel becomes more commonplace for the middle class, the hotel industry is likely to continue to flourish.
The Travel Boom and the Increased Need to Relax Is a Recipe for Success
One of the supposed reasons why the hotel industry is constantly growing is that we are traveling more than ever before. In the first three months of 2022, international tourism grew by 182 %. The fact that we are traveling more than ever may be because it is easier to do so, and we associate travel with good memories and happiness. But as we live in societies where work is a great part of our daily lives, we also seek to escape the stress of everyday life, and travel is a great way to do so.
We are also becoming increasingly digital and many of us can work remotely, which also means that more people are working while traveling. This, combined with a growing demand for comfort, means we are turning to luxury hotels and resorts where we can relax in our hotel rooms.
The Future of the Hospitality Industry
The hospitality industry is growing rapidly as people travel more, both nationally and internationally. This allows new hotels to establish without worrying about the competition as well as for existing companies to adapt to current customer demands and expand their business further.