Globalization impact on the hotel and restaurant business

Abstract

The article considers the key issues of the impact of globalization on the hotel and restaurant business. The market of hotel and restaurant services began to be actively mastered by private business: the upper price segment was formed, represented by high-class hotels, in which there is already a real and quite fierce competition; middle-class hotels are being built and reconstructed, although not at such a rapid pace, new niches are being mastered, such as the niche of small high-class hotels; attempts are being made to create domestic hotel chains. Thus, the key role in these processes is played by management, providing in hotel and restaurant business realization of investment projects, effective current management. The article substantiates the need to deepen sound recommendations for improving the activities of hotel and restaurant businesses based on their effective management, including strategic, operational and financial aspects in the global ecosystem. The hotel and restaurant business is the result of globalization, and at the same time the expansion of hotel groups in the world market is the result of globalization. Hotel practices and policies must respond to changes in the socio-economic and political environment. The impact of globalization on the hotel business is defined precisely in terms of how business image, skills, attitudes and behavior constitute effective and efficient intercultural interaction, how people use critical cultural knowledge.