Hospitality research can determine the viability of a hospitality-related investment or project. Hospitality research provides a detailed analysis into the hospitality industry in a particular region, country, or city. Hospitality research can be done for both private and public sector stakeholders, as thorough, up-to-date hospitality research can guide investment decisions. Stakeholders entering the hospitality industry see value in this research, leading them to require the services of a professional hospitality consulting firm, such as HTI Consulting.
When conducting hospitality research, a hospitality consultant from HTI Consulting will travel to the region in which the research is being conducted, in order to understand the market conditions. Focus is placed on understanding the tourism industry and its potential for growth, the economic and political situation, and how it will affect the viability of a hospitality project and the overall supply and demand for hospitality products. It is important to gather the most current and relevant data when undertaking hospitality research. HTI Consulting’s hospitality consultants will pre-arrange meetings with government stakeholders and other major demand generators to gain a more in-depth understanding of the demand for hospitality products in the region.
Understanding the current levels of demand for hospitality products is a key element of hospitality research, as it provides the basis for the project recommendations and overall viability. The research will highlight the key trends in demand levels for hospitality products with regards to preferred accommodation, average length of stay, rates charged, customer demographics, and market mix. These are important elements of hospitality research, and the findings from demand generators are often confirmed by discussions with hoteliers operating within the market, in order to ensure the accuracy of the findings. In addition to understanding the demand trends, hospitality research will also delve into the supply side of the industry, with the management from current hotels in the market being interviewed. Insight into the supply side of the market provides data and analyses of the performance of the hospitality industry. This is critical to the research, as the current levels of hotel performance provide projections for future performance.
Before entering a new market, stakeholders require research to be conducted to provide an overview of current market conditions and provide recommendations and projections regarding the future viability of a project. Hospitality research is a core service provided by professional hospitality consulting firms, such as HTI Consulting. To date, HTI Consulting has provided various forms of hospitality research in more than 40 African countries and has conducted more than 400 hospitality research assignments.