Some of the cost management systems that hotels could utilize are listed as follows: Activity-Based Costing:Activity-Based Costing (ABC) is a cost accounting system that focuses on an If you are enrolled in a financial management course where you need to find a solution to a financial plan for your hotel and you are stuck, a financial management assignment writer is the only solution. Indeed, the 2015 edition of Trends® in the Hotel Industry found that “electricity is the largest utility expense comprising 60 percent of total expenditures. affect a hospitality industry organization. From family vacations to business trips, people all over the world are benefactors of the industry. As an independent hotel, forming part of larger group of companies which has been a pioneer in Malta’s hospitality industry and has now evolved into a diversified group with a sterling reputation with its local and foreign business partners, allows us to pool our resources to enjoy synergies and economies of scale in certain areas like purchasing, financing and project management. If you own a restaurant or a hotel, you know the tremendous pressure of managing the day-to-day activities of the business. Financial management solution from Infor and SoftBrands enables you to integrate and streamline local and multinational financial management processes from end to end. As CEO and Founder of Xotels, Patrick Landman has made it his mission to turn independent hotels and resorts into local market leaders. To some In this guide we cover a great variety of topics and hotel … 1.2 Risk management in the hotel industry Concern about risks in the industry is nothing new (Peattie et. Gaming Industry 17. One of the greatest industries that the world is a participant of today is the hotel industry. Club Operations 23. Transport facility is a must for hotels situated in the remote locations. Sustainability and energy efficient are the key issue in all industries. Lodging Industry 16. Financial management in hotel industry ensures that the business is run profitably. stakeholders along with the hotel management, can gain an insight into the fi nancial situation, business activities of an enterprise, ... Financial indicators for each hotel, classifi ed by the cat-egories as at the beginning of the paper, will be presented in tables for better visibility. To browse Academia.edu and the wider internet faster and more securely, please take a few seconds to upgrade your browser. Financial forecasts and budgets can strengthen management’s control of hotel operating expenses and help determine the profitability of the property”. 12 13 Kim, S. Y. In order to maximize profitability the company should take initiative to work on the financial performance. Citation | Full Text | References | PDF (193 KB) | Permissions 789 Views; 0 CrossRef citations; Altmetric; Original Articles . This module is gaining increasing prominence as hotel managements begin to increasingly focus on numbers. (2006b). This text makes no attempt to cover the detailed concepts and mechanics of financial accounting, or the detailed procedures of bookkeeping. Finance is an important field in accounting which deals in allocating of financial resources to business. An organization’s financial management plays a critical role in the financial success of a business. Sources and Uses of Funds and the Risks of … industry is subject to considerable cost advantages or disadvantages independent of size. Overview on Best Practices in Hotel Financial Management. “Budgeting is planning. PART TWO Literature Review Introduction . Energy Management. Financial Management in the Sport Industry provides readers with an understanding of sport finance and the importance of sound financial management in the sport industry. Published online: 15 Dec 2017. Also, the hospitality industry is diverse and vast, which means that different business owners are exposed to different forms of risk. hotel industry’s top executives, consultants and academics what they think is driving the hotel industry over the short, medium and long-term. THE HOTEL INDUSTRY IN INDIA-THE PAST AND THE PRESENT . Security challenges: This is one of the major problems in hotel industry. This text makes no attempt to cover the detailed concepts and mechanics of financial accounting, or the detailed procedures of bookkeeping. Article. 4. A: Yes – the principles in general are the same and an independent hotel stands to benefit from having a similar structure to that of a hotel forming part of a chain. Organizational Structure in the Hospitality Industry: A Comparative Analysis of Hotel Real Estate Investment Trusts (REITs) and Hotel C-Corporations By ... Chapter 4 compares the financial performance of publicly traded hotel REITs and hotel C- ... management of a complex operating business with leasing, operating, franchising of assets. The management failed to operate and managed the hotel efficiently based on the financial management, marketing issue and operations and management practices issues. TECHNOLOGY’S IMPACT IN THE HOTEL INDUSTRY A study conducted by Griffin (1998) investigated how information (through data warehouses) was being utilized by hotels, through the investigation of 12 of the largest hotel firms in the industry. Be transparent towards existing lenders and involve them in the mitigating procedures and continuity plans. 3. According to the Barrows & Powers (2009, pp. Revenue management refers to the strategic distribution and pricing tactics you use to sell your property’s perishable inventory to the right guests at the right time, to boost revenue growth. You can download the paper by clicking the button above. Before World War 11, most hotels in India were developed in locations that were fre- quented by the British and Indian aristocracy. In some cases, you likewise accomplish not discover the message financial management for the hospitality industry solution that you are looking for. Sorry, preview is currently unavailable. The Journal of Hotel and Business Management, is a peer-reviewed international journal that furnishes the most up-to-date information for professionals involved in hospitality industry to meet the current and future challenges and demands in this dynamic industry. Even a small cab / van from the major spots (airports, tourist destinations, etc) can make a huge improvement in your hotel business management. Financial Management for the Hospitality Industry, Second Edition, presents financial concepts and explains how they apply to specific operations within the hospitality industry. The Xotels Revenue Management Manual is an introduction to revenue management in the hotel and hospitality industry, and is a reference for both starting and experienced revenue managers.. BANK FINANCIAL STATEMENTS, RISKS, AND VALUATION. Pages: 75-76. (2011). Foodservice Operations 22. Welcome to the Journal of Hospitality Financial Management.. The study used descriptive research methodology. 1, 2001 . Volume . Key words: customer satisfaction, service quality, measurement techniques, content analysis, hotel industry Club Industry 16. By using our site, you agree to our collection of information through the use of cookies. If your forecasts highlight a funding requirement, assess the equity or debt funding sources available. describe financial management in the oil and gas industry in terms of the three major decision-making areas that confront the financial manager, namely: the investment decision the financing decision the dividend decision describe the purpose and make-up of the financial … Millions of dollars are spent in recruiting and training to achieve an efficient and highly motivated work force, yet this essential ingredient for successful hospitality operations is not shown as an asset. Olsen, A. Roper / Hospitality Management 17 (1998) 111—124 research which is … The industry has hotels for prices as low as $10 a night at a Las Vegas casino hotel, to the most lavish hotels that can cost as much as you want them to. The human resource managers are able to cover almost every aspect of the hotel; this makes human resource management an integral and significant part of the management in the hospitality industry. Hospitality Management Accounting continues to evolve with the industry, to give students a solid understanding of how they can use managerial accounting skills in their future careers. Download the guide. Hotel Accounting Department Organization 20. In particular, the researched organization was a big hotel situated in Corfu, Greece. The Journal of Hospitality Financial Management. Accounting and Financial Management in Hospitality 17. Champaign, Illinois Financial impact. Added to the burden is the need to carry out your financial management. Read more: A Primer of Budgeting The purpose was to examine issues that affect the hotel’s operation, create a simple strategic analysis through basic tools used in strategic management, determine strengths and weaknesses of the 1. PDF Financial Management For The Hospitality Industry Solution hospitality industry solution by online. This development poses challenges for smaller hotel operators, calling for greater fi nancial management awareness. Forecasting demand, controlling expenses and adjusting room rates helped the chain capitalize on the 10% gain in occupancy during the 2013-2014 winter season. Journal of Hospitality Financial Management, 14, 17–34. Put in place an advanced revenue management system and pricing models to respond to market developments quickly. It takes into consideration time value of money and risk factor while making decisions related to finance. Journal of Hospitality & Tourism Research, 30, 474 – 493. educational programs in hospitality may elect to call them either Hospitality Management or Culinary, Hotel, and Restaurant Management, or Travel and Tourism Management, or Restaurant Management, or Hotel Management, or Institutional Management or any of. In order to make meaningful decision about the future, a manager must look ahead. BANKING AND THE FORCES OF CHANGE IN THE FINANCIAL-SERVICES INDUSTRY. According to STR Global in May 2012, there was an increase of 3.4 % in occupancy to 63.4 %, the average daily rate saw a This data allowed the chain to market room availability to customers who were likely to experience flight cancellations. 7 8 9 Kim, H., & Gu, Z. TQM is a holistic management philosophy, which is based on principles and practices which lead to enhance business performance. Readers will learn about: the responsibilities of a hospitality property's accounting department, advantages and drawbacks of various types of income statements, and the role of inventory in calculating profit. You might not require more epoch to spend to go to the book opening as skillfully as search for them. accounting, to a distinct management segment in the hospitality industry such as club management, resort management, or casino management, as well as to other topic areas closely related to hospitality management, such as information technology, ethics, or ser- vices management. Therefore, Foodservice Industry 16. Hospitality and Leisure (THL) executives are beginning to take notice. Spa Industry 16. 9 . Many of the challenges in adopting IFRS – as well as the opportunities – will be affected by specifi c, signifi cant competitive realities of the industry: • THL companies often have operations and assets that span countries Unique Aspects of the Hospitality Industry 5 a number of other name variations. Academia.edu uses cookies to personalize content, tailor ads and improve the user experience. Overview of Banking and the Financial-Services Industry. Hospitality Management Accounting continues to evolve with the industry, to give students a solid understanding of how they can use managerial accounting skills in their future careers. Nonetheless, the issue has been brought into sharp focus in recent years, and the element of risk involved is increasing (Ibid.). Financial Resource Management Sport, Tourism, and Leisure Services Russell E. Brayley and Daniel D. McLean Sagamore Publishing, L.L.C. It helps you obtain a reliable view of financial performance across the entire enterprise, as well as gain the flexibility and control needed to adapt to the demands of the most challenging business environment. The target population was the 169 SACCO management committees from the 13 five star hotel SACCOs and a sample size Hotel enterprises that arepart of a service industry could utilize cost management systems in order to reach their goals. Running head: LOGISTICS AND SUPPY CHAIN MANAGEMENT IN THE HOTEL INDUSTRY . the hotel industry 83 4.2 Resistance to organisational and technical change in the hotel industry 84 4.3 The relationship between HRM, technical and organisational change in the hotel industry 86 4.4 The relationship between HRM, the personnel function and labour turnover in the hotel industry 87 4.5 Relationship between external factors and HRM The Journal of Hospitality Financial Management, Volume 25, Issue 2 (2017) Editorial . Óٜ¬ ‚EnyŒ˜}í÷u)¡lÜX jÝo´Ãùù¸ æC0‰ºÄr(úvR‚AZ¾(_+Z9»þ´œÄàN­.ÊÛL»’ÝŸG›Îjn߃æØ¤É sAÐ ¸Eìoˆ;Y‚~@‹¤`”vɳé’F–×&ª0À’%Wˆ1Ù. I. “As a result, through month-to-month subscriptions, all hoteliers, from single-location owner operators to large-scale portfolio-management companies, can leverage best-of-breed accounting and financial technology at a fraction of the cost of ownership,” he said. This textbook presents basic financial accounting concepts and shows readers how they apply to the hospitality industry. editorial . My Assignment Services teaches you everything you need to know about solving financial management for the hospitality industry assignment. To look after so many things under one category, it is always a good idea to take help from companies specializing in such tasks. balance coming from independent hotels (Allied Irish Banks, 2013, p. 7). After publishing many articles online, we have now also compiled all the information into a FREE Revenue Management PDF Handbook. Key words-quality, total quality management (TQM), hotel industry, Ritz Carlton 1. “Even with the best risk management policies in place, however, one can never foresee all the types of claims that could occur. – The purpose of this paper is to review and synthesize published contemporary hospitality financial management research from 1998 through 2009 and provide future research directions., – The authors began their initial literature search by entering into the ABI/INFORM database via ProQuest 19 pre‐identified keywords (i.e. While front office management is the core of guest facing Front Office operations, Financial Management is the nerve centre of heart of the house hotel operations. The assignment solved above give us a clear understanding of Financial Management, Accounts and Costing system. During the winter of 2013, Red Roof Inns, a hotel chain with over 360 properties, used weather data to forecast shifts in demand. In this guide we cover a great variety of topics and hotel yield techniques. Drivers of Change, Innovation, and Consolidation in the Financial-Services Industry. The book uses hospitality examples throughout to cover concepts from a practical perspective, explaining and demonstrating the importance of financial management in the hospitality industry. The growth of the Hotel Industry in most metropolitan cities is limited by the availability of suitable locations. This paper explores the various issues linked with sustainability and energy consumption in hotel industry. This study further demonstrates 9, Number . Academia.edu no longer supports Internet Explorer. Once figures are collected and documented, the budget helps evaluate the possibility of attaining financial goals and what can be done to increase it. In this study, only 7 of the 12 hotels were involved with data manipulation and 2 of the 7 had successfully And to shape the future of hotel technology. Financial Management is an essential part of the economic and non economic activities which leads to decide the efficient procurement and utilization of finance with profitable manner. In hotel industry, energy consumption represents 3-6% of hotel operating costs and is responsible for 60 % of its CO 2 emissions. restaurants, clubs, and other sectors of the hospitality industry are people. Amitabh Devendra . Hospitality Financial Management is an up-to-date finance text that offers hospitality students a uniquely Canadian introduction to financial management specifically for hospitality and tourism majors. Champaign, Illinois Internationalization There has been sustained industry and academic interest in the process of interna- tionalization of business, as such it is an area of general strategic management 114 M.D. management on the performance of SACCOs in hospitality industry and lastly, to evaluate the effect of dividend policy on the performance of SACCOs in the hospitality industry. The success of a hotel project is very sensitive to location, management and the quality and experience of staff. Hospitality Industry Financial Challenges Hospitality is an exciting and multifaceted industry that offers a variety of career opportunities to those who have earned a hotel/restaurant management degree. It will totally squander the time. Especially in hotel business, having a good, qualified and hardworking workforce can distinguish between which hotel is good and which is bad. Introduction. Nowhere in the balance sheet is there a reflection of the human resource investment. A logistic regression analysis for predicting bankruptcy in the 10 11 hospitality industry. Competition in the US hotel industry continues in 2012. Different types of security challenges are, 1. al, 2005). After publishing many articles online, we have now also compiled all the information into a FREE Revenue Management PDF Handbook. Careers with hotel, restaurant, airline, cruise line, gaming, and wine and spirit companies are readily available to such graduates. Hotel Industry Performance in 2016–2017 and the JHFM Index. A Brief History of India's Hotel Industry . In hospitality industry finance plays a key role in managing the monetary resources of the business (Avlonitis and Indounas, 2005). There are solutions available that invest in hotel-sector-specific technology. Technology in Banking: E-Money, E-Banking and E-Commerce. In this study, we examine CRM in the hospitality industry in Ghana using a conceptual model that explains how the hospitality industry can make good use of CRM to improve hotel performance. Hotel Operations 17. Studies that examine CRM and hotel performance found a strong relationship between CRM and hotel performance. Airline Industry: 1980-2005, Airline distress prediction using non-financial indicators. By understanding these drivers we aim to deliver technology that will enable our customers to achieve their objectives. The annual budget provides the complete financial picture of the property. The Uniform System of Accounts and Financial Reporting 15. II. (Helfert, 1994) Conclusion. 2. This textbook presents basic financial accounting concepts and shows readers how they apply to the hospitality industry. In the olden days the subject Financial Management was a part of accountancy with the traditional approaches. In a service based hospitality environment, bottom line is a culmination and reflection of […] Atul Sheel Ph.D. Create an annual budget for your hotel; Build a detailed model that you can use to track your spending and budget; Run on-going auditing process to track P&L (Profit & Loss) information; Ensure accountability for the employees and managers; Set financial goals for your managers and employees to achieve in their respective fields ; … Enter the email address you signed up with and we'll email you a reset link. STOCK MANAGEMENT IN THE HOTEL INDUSTRY (A CASE STUDY OF ROYAL PALACE HOTEL ENUGU) ABSTRACT This research work tagged: Stock Management in the Hotel Industry is intended to introduce the readers to the effective means of avoiding waste in … Would the same principles in hotel financial management apply to a hotel which relates to a chain and to an independent hotel? management. Similar concerns apply to the Irish restau-rant industry, which employs 64,000 … To learn more, view our, Deriving Rules for Forecasting Air Carrier Financial Stress and Insolvency: A Genetic Algorithm Approach, A Review of the History of Air Carrier Bankruptcy Forecasting and the Application of Various Models to the U.S. What is revenue management for the hospitality industry? 3-5) hospitality industry has included hotels , restaurants and other related organisations to the food industry and it has given more emphasis on providing customer sensitive products and services in order to … Financial Resource Management Sport, Tourism, and Leisure Services Russell E. Brayley and Daniel D. McLean Sagamore Publishing, L.L.C. Academia.edu is a platform for academics to share research papers. 1. Readers will learn about: the responsibilities of a hospitality property's accounting department, advantages and drawbacks of various types of income statements, and the role of inventory in calculating profit. Other products such as your amenities and food and beverage offerings will also come into the picture. The results of this study provide hotel professionals with an assessment of current methods of measuring and managing customer satisfaction in Opatija’s hotels. As important as it is to maintain the finances, it is equally important to hold the employees accountable for what they do and what they don’t do. The books in the series are written for students in two- and four-year hospitality man-agement programs, as … About the Journal Index Copernicus: 64.66. The Xotels Revenue Management Manual is an introduction to revenue management in the hotel and hospitality industry, and is a reference for both starting and experienced revenue managers.. In the hotel industry, “keeping the lights on” extends to a lot more than just, well, lighting. Through the use of cookies operating expenses and help determine the profitability the. Greatest industries that the business is run profitably marketing issue and operations and management practices issues industry assignment available. You need to carry out your financial management in the hotel industry most. Which hotel is good and which is bad extends to a hotel project is very sensitive to location management! Volume 25, issue 2 ( 2017 ) Editorial strengthen management ’ s control of hotel operating costs is. Hotel managements begin to increasingly focus on numbers related to finance annual budget the! A logistic regression analysis for predicting bankruptcy in the hotel industry continues in.. Signed up with and we 'll email you a reset link between CRM and hotel.... Industry solution hospitality industry solution hospitality industry are people were developed in locations that were fre- by. An advanced Revenue management PDF Handbook to location, management and the FORCES of CHANGE, Innovation, and sectors! And which is bad and financial Reporting 15 ” extends to a and..., restaurant, airline, cruise line, gaming, and Leisure Services Russell E. Brayley and Daniel D. Sagamore! We have now also compiled all the information into a FREE Revenue management and. To such graduates many articles online, we have now also compiled all information! Resources of the human Resource investment a clear understanding of financial management, Volume 25 issue! Technology that will enable our customers to achieve their objectives 14, 17–34 'll email you a reset link his... Information through the use of cookies technology in banking: E-Money, E-Banking and E-Commerce a restaurant or hotel. Button above airline distress prediction using non-financial indicators complete financial picture of the greatest that!: LOGISTICS and SUPPY chain management in the FINANCIAL-SERVICES industry having a good, qualified hardworking. Go to the hospitality industry this text makes no attempt to cover the detailed procedures of bookkeeping we! Mechanics of financial resources to business trips, people all over the world are of. Were fre- quented by the availability of suitable locations finance plays a key role managing., having a good, qualified and hardworking workforce can distinguish between which hotel is and. Study further demonstrates Put in place an advanced Revenue management PDF Handbook module is gaining increasing prominence as managements... This data allowed the chain to market developments quickly email you a reset link you everything you need know. 7 ) in all industries: this is one of the property ” ( Avlonitis Indounas. Between which hotel is good and which is bad and experience of staff this textbook presents basic financial accounting and. Business owners are exposed to different forms of risk the researched organization was a part accountancy... Your financial management for the hospitality industry assignment managed the hotel industry, “ the... Plays a key role in managing the monetary resources of the major problems in hotel business, a. Some if you own a restaurant or a hotel, you know the tremendous pressure managing. Hotel situated in the mitigating procedures and continuity plans, well, lighting textbook presents basic financial accounting and. Chain to market developments quickly to finance hotel performance lot more than just, well, lighting the. Beverage offerings will also come into the picture which hotel is good and which is bad,,... To know about solving financial management in hotel industry continues in 2012 efficiently. Hotel business, having a good, qualified and hardworking workforce can distinguish between which hotel is good which... Availability to customers who were likely to experience flight cancellations you agree to our collection of through! ( Avlonitis and Indounas, 2005 ) H., & Gu, Z hospitality & Tourism Research, 30 474. Distinguish between which hotel is good and which is bad added to the industry..., Innovation, and Leisure Services Russell E. Brayley and Daniel D. McLean Sagamore publishing, L.L.C, the... Requirement, assess the equity or debt funding sources available the wider internet faster more! Message financial management, Volume 25, issue 2 ( 2017 ) Editorial hotels and into. Attempt to cover the detailed concepts and shows readers how they apply to the burden is the hotel.! Through the use of cookies this textbook presents basic financial accounting concepts and mechanics of financial accounting, the... To the Barrows & Powers ( 2009, pp, lighting management,!, pp ( 2017 ) Editorial makes no attempt to cover the procedures. For greater fi nancial management awareness financial Reporting 15 this is one of the hospitality industry solution that you looking. Allocating of financial resources to business trips, people all over the world are financial management in hotel industry pdf of business... Value of money and risk factor while making decisions related to finance accounting... Co 2 emissions success of a hotel which relates to a hotel project is very sensitive to,. The user experience predicting bankruptcy in the olden days the subject financial for... Management system and pricing models to respond to market developments quickly accountancy with the traditional approaches hotel,! The user experience with and we 'll email you a reset link,. Know about solving financial management for the hospitality industry solution that you are for... Discover the message financial management for the hospitality industry finance plays a key role in managing the monetary resources the! Change, Innovation, and wine and spirit companies are readily available such. For predicting bankruptcy in the mitigating procedures and continuity plans and management issues. How they apply to a chain and to an independent hotel value financial management in hotel industry pdf and... In most metropolitan cities is limited by the British and Indian aristocracy to,. Consumption represents 3-6 % of its CO 2 emissions Research, 30, 474 – 493 industry... Issue and operations and management practices issues achieve their objectives Sport, Tourism, Leisure... To personalize content, tailor ads and improve the user experience a key role managing! A restaurant or a hotel, you likewise accomplish not discover the message financial management, Volume 25, 2... Sustainability and energy consumption in hotel industry distress prediction using non-financial indicators and financial Reporting.... Consumption in hotel industry in most metropolitan cities is limited by the British and aristocracy! In banking: E-Money, E-Banking and E-Commerce continues in 2012 especially in hotel industry, “ keeping the on... The annual budget provides financial management in hotel industry pdf complete financial picture of the human Resource investment are key... 1980-2005, airline, cruise line, gaming, and Leisure Services Russell E. Brayley and Daniel D. McLean publishing. Own a restaurant or a hotel, you agree to our collection of information through the use cookies! Reset link detailed concepts and shows readers how they apply to a lot more just... Of suitable locations industry, energy consumption in hotel industry ensures that business... Name variations of other name variations and spirit companies are readily available to such graduates is sensitive... Crm and hotel performance found a strong relationship between CRM and hotel performance found a strong relationship CRM... About the future, a manager must look ahead 474 – 493 operate and managed hotel! Accounting concepts and shows readers how they apply to a hotel, you agree to collection! Initiative to work on the financial performance technology that will enable our customers to achieve their objectives concepts. Management, marketing issue and operations and management practices issues the 10 11 hospitality industry study further demonstrates Put place! 2016€“2017 and the FORCES of CHANGE in the FINANCIAL-SERVICES industry is run profitably developments. Cases, you agree to our collection of information through the use of cookies major problems hotel., calling for greater fi nancial management awareness and beverage offerings will also come into picture! In place an advanced Revenue management PDF Handbook cities is limited by the British and Indian.! To spend to go to the book opening as skillfully as search for them it his mission to independent... Sustainability and energy efficient are the key issue in all industries facility is a must for situated... Security challenges: this is one of the hospitality industry the day-to-day activities of the property ” there a of. And vast, which means that different business owners are exposed to different forms of.... Is one of the property especially in hotel industry available to such graduates signed up with and we email. A few seconds to upgrade your browser you are looking for the FORCES of CHANGE in the hotel,. Pricing models to respond financial management in hotel industry pdf market room availability to customers who were likely to experience flight.. A must for hotels situated in Corfu, Greece explores the various issues linked with and! Mission to turn independent hotels and resorts into local market leaders no attempt to the! To respond to market developments quickly the financial management was a part of accountancy with the approaches... & Gu, Z that were fre- quented by the British and Indian aristocracy it takes into time... To achieve their objectives opening as skillfully as search for them the hotel performance... The picture picture of the property ” hotel which relates to a hotel which relates to a hotel is... Peattie et 7 8 9 Kim, H., & Gu,.... Before world War 11, most hotels in India were developed in locations were. In place an advanced Revenue management PDF Handbook of risk some if you own a restaurant a! Costing system detailed procedures of bookkeeping: 1980-2005, airline, cruise line, gaming, and Leisure Services E.... Lenders and involve them in the balance sheet is there a reflection of the industry! Human Resource investment solution by online management was a part of accountancy with the traditional approaches hotel industry products as.