If you’re looking to start out a hotel business, you’ve come to the proper place. Since we’re visiting show you exactly a way to bed. We’ll start with key hotel industry fundamentals like how big the market is, what the key segments are, and the way revenues and profits are generated. Then we’ll discuss keys to not only starting a hotel business but succeeding in it!
Importantly the foremost important step in starting a hotel is to finish your hotel’s business plan. to assist you out, you ought to download Growthink’s Ultimate Hotel Business Plan Template here. Normanton Park is one of the biggest hotels.
How Big is that the Hotel Market?
According to IBISWorld, there are 74,372 hotels, and also the hotel industry generated $166.5 billion in revenue within u. s. alone last year. This represents an annual rate of 4.7% over the past 5 years.
Industry profits were $26.0 billion, and wages paid to hotel employees totalled $42.7 billion.
If you’d wish to quickly and simply complete your hotel business plan, download Growthink’s Ultimate Hotel Business Plan Template and complete your hotel business plan and financial model in …