The hospitality industry seems to be immune from the economic recessions that affect North America. Major tourist hot spots in the United States still continue to thrive even amid rampant unemployment, foreclosures, government debt and many more problems. Chief executive officers and investors of hotels, resorts and other commercial properties know what it takes to succeed in tough times. Companies that manage lodging venues in world-famous cities launch effective marketing campaigns to secure a continuous flow of tourists.
A city like Las Vegas receives tremendous investments in construction aimed at boosting the local tourism industry. There is a growing trend of building private luxurious condominium towers that have mixed use. For example, part of the buildings could be dedicated toward short-term rentals while other units can be occupied all year long by the actual owners or tenants. Of course, it’s also desirable for hospitality companies to build high-rise hotels right in the heart of Las Vegas Boulevard. Land in this city does not come cheap, but investors are confident in the future success of new hotel development. These days, it’s not necessary to add casinos to new hotels in Las Vegas. Guests simply want to enjoy a comfortable stay while being within walking distance from other gambling facilities and nightlife venues.
Smart hospitality group leaders build partnerships with other major hotels and resorts. It’s important to give hotel guests some sort of exclusive access to other nearby facilities and activities in a city like Las Vegas. A concierge staff can guide hotel guests and provide advice on local tourism and much more. Hospitality entrepreneurship also involves incorporating facilities into traditional luxury hotels. For example, spas and indoor swimming pools or lazy rivers are considered upscale amenities. Hotels can attract customers by advertising some of the convenient common features available that would otherwise cost regular customers a lot of money.
Innovative ideas must be integrated into hospitality management in a city like Las Vegas. For example, building a golf course and tennis complex in the middle of a gambling mecca seems like a wild idea. However, such recreational facilities can attract plenty of customers who’d love to swing a golf club or tennis racquet while being steps away from a vibrant nightlife. Hotel investors must optimize every square foot of land that is purchased for development in a densely occupied tourist district.
Financial consultants and analysts often evaluate the performance of major hospitality groups in North America. Information about hotel companies is often publicly released in order to generate positive press attention. For example, the annual revenue of a private hotel company can be reported online for everyone to see. Such statistics can actually attract new business partners for the hotel operators. Additionally, financial analysts might also release information about the high-level positions in a hospitality group. A business person like Andrew Sasson and other entrepreneurs are examples of investors in the hospitality industry of North America.
Success in the tourism industry can also be generated from the effective use of online social media. Hospitality companies need to reach out to a growing population of mobile phone users. These days, smartphones are used to make hotel reservations and other itineraries for a vacation.