Emerging Hotel Business Trend - The Budget Segment Theme: Exploring Research Avenues in Hospitality

Abstract

This research segments the global markets into four key regions, United States of America, Asia Pacific, Europe and rest of the world. In India, an emergence of growing number of properties in the budget segment across the hotel corporations are testimony to the fact that this is one of the fastest growing segment in the world of hotels. And by the multiplying masses of travelers with varied and various tastes have resulted into a sudden and fastening dominance of budget segment hotels. Where the tourist is not only business, corporate, MICE, adventure but leisure too. There is a clear influence of evolving Indian traveler not only in India but in Mumbai being the financial capital such Budget services are been preferred not only by leisure travelers but also by Corporates, Researchers, Students, Adventure, First Timers, Transit, Cabin Crew, Politicians, Defense Services, Diplomats, Government Officials and where the bracket of different type and capacity of guests is ongoing and increasing rapidly. As the overall segment of Budget is redefined to the new era, where such hospitality strategic business units, are reasonably priced with good service, style, ambience and they demonstrate professionalism. Therefore, budget hotels are an increasingly important segment of the varied and traditional Hospitality brands. As the core, auxiliary and mainly service attributes which matter the most as the guest always is into the net of comparative analysis of service excellence and financials. Where is he getting the VFM - Value for Money content and at a calculated cost to it. And when it comes from the hotels point of view matter the most is the Experience as that would be an intention to revisit and value. As per to this the Budget segment is the new business class as to corporates as not only new brands like wise Carlson Rezidor, Clarks Inn, Keys, Royal Orchid and many more. But also the traditional hotel chain have come up with independent corporations like Roots Corporation- a subsidiary of Indian Hotels Company Limited, A TATA Enterprise, ITC Fortune Select Exotica, Novotel & IBIS by Accor, The Fern Meluha and many more. Believing not only as an upcoming trend of Budget hotels but also being cost efficient and reversing with Return on Investments with a positive sign at each step. Not only at pre-opening but also through vigorous operations like Seasonal, Off Seasonal, Peak and low of incomings as cost and business. Where the chances of matching the inputs, and bringing it to the Break Even is possible to an earlier stage.

Keywords: Ultimately, Spirit to Experiment and Zeal to Excel must Continue

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