A Fascinating and Challenging Market: The Hospitality Business.
The development of the hotel industry has had a strong correlation with the development of the Tourism industry around the world and, especially, in our region. A young industry in South America that is turning its 60 years of life, flourished since the development of the commercial aviation. Getting hotels to be considered within the real estate development framework in our region was quite unusual until some years ago. Today, the hotel business is becoming the star of Real Estate events, drawing the attention of both, experienced and new players. Also, the most important business newspapers write about this business, and traditional newspapers highlight it on the economy pages or in real estate supplements. With the economic crisis hitting the markets globally by the end of 2008, the hotel industry could not avoid a turndown on its markets worldwide. The effects of the crisis within the markets were compared to those caused by The Great Depression of 1929. Although 2010 is still a challenging year for many markets, small signs of recovery are being noticed. However, it is still difficult to have the answer for 'Have the markets hit bottom yet?' or 'When will the markets hit again the levels achieved by 2007-2008?'. More than ever before, phrases like "Nothing is permanent except change" or "Life is dynamic and a process of ceaseless change" come to my mind and remind me that what could keep a business safe is having resilient leaders with the ability to change the strategy on the road. As consultants, we like to think as owners so that we can always offer our clients the best service for their businesses, mostly in these times of uncertainty. We like to see changes as opportunities. We truly believe that the Hospitality Industry in South America is full of opportunities ready to be pursued.download
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