The hotel industry's recipe for success involves several different critical success factors. These factors decide whether or not a hotel will survive in the hospitality industry.
Location is the most important aspect when it comes to the success of a hotel. If you're not in the right location, what makes you think you'll attract customers to the wrong location? A hotel located on a highway that is rarely used is going to end up as a hotel that is rarely used. Hotels located near popular landmarks, events centers, shopping centers, and entertainment venues will most likely attract more customers than hotels situated in the middle of nowhere. Hotels placed next to these locations can also charge more money per room than one located on a lonely highway due to consumers willing to pay more for convenience and ease of access.
2. Customer Service
Good customer service is the key to success for any business, but it is especially important within the hotel/hospitality industry. A bad customer service experience can lead to the refusal to return to that hotel or even write up negative reviews, thus preventing potential customers from staying there. But a good customer service experience can push that customer to come back and even spread the word and recommend that hotel to others. Keeping hotel guests happy is one of the main priorities of the hospitality industry. After all, it is the hospitality industry. Simple things really go a long way such as thank-yous in person, or remembering a guest's name. The hotel desk clerk is essentially the hotel gate-keeper; they provide the customer with a first and last impression of the whole experience. Thus, the success of a hotel can rely on the desk clerks' (or any employee's) knowledge of the property, how courteous they are, and the extent to which they can help any problems that arise in the guest's hotel experience.
3. Quality Management