Essay on Real Estate in the Hospitality Industry

Basically, work in the hospitality industry imposes various demands on an individual who wants to achieve success working in this field. At the same time, it is necessary to remember that success is impossible without profound knowledge of the hospitality industry but, on the other hand, it is also very important to be able to foresee possible ways of the development of the industry and analyze effectively the current market situation in order to be able to choose strategically correct directions in the development of business in the hospitality industry. In this respect, the real estate should be one of the primary concerns of all those who work in the hospitality industry and who expect positive results from their work. In fact, real estate may be viewed as a material basis on which the prosperity of a company working in the hospitality industry is almost literally built up.

First of all, it should be said that the hospitality industry is often closely related to the real estate matters and, this is why a restaurant, hotel and meetings management major should be quite professional in this respect in order to be able to react properly on the changes in the real estate market that inevitably affects the functioning of a company operating in the hospitality industry. To put it more precisely, even the slightest changes in the real estate market can affect the functioning of such a company. For instance, the change in the real estate market may contribute consistently to the popularity of certain area where the hotel is situated. As a result, it is necessary to understand how the real estate market functions, its major principles and trends that will help forecast its perspective development. The latter is particularly important in the context of its influence on the hospitality industry.

In such a way, as a restaurant, hotel and meetings management major possesses adequate knowledge about the real estate he is able to make a reliable forecast as for the development of the real estate market and, therefore, he is also able to forecast the impact of changes in this market on the hospitality industry. Moreover, he will be able to react respectively to the changing situation in the real estate market and implement certain changes in his work and the work of his company. In fact, this means that, due to the knowledge of real estate, it will be possible to modify the development or functioning of a company operating in the hospitality industry in accordance with the changing situation in the real estate market. As a result, it will be possible to save costs if the real estate market negatively affects the hospitality industry and, in contrast, fully benefit from positive trends in this sphere.

This is why it is possible to conclude that a restaurant, hotel and meetings management major should not simply have profound knowledge of real estate but also should be a licensed specialist in this respect that will prove his professionalism and increase his competence due to the attendance of a real estate course.

Works cited

• Stewart, L.G. Modern Management Styles. New York: Allyn and Bacon, 2004.
• Williams, F.G. Management and Leadership. LA: Routledge, 2003.