Innovative Business Models In The Hospitality Industry: Exploring How New Business Models Have Disrupted Traditional Business Hospitality Prototypes

The hospitality industry is perpetually disrupting its conventional models due to the following reasons - evolving guest preferences, maturing digital technology, altering source markets and transforming destinations, rising demand for experiential and luxury travel, growing sustainability practices, mergers and acquisitions, and ingenious business techniques; all incorporating to tremendously transform the hospitality industry terrain. Given this consequential transition in the hospitality sector, it’s crucial for stakeholders to assess and strategize on primary evolving themes. This research paper highlights the significance for transformations in the hospitality business trends and strategies, and the obstacles they encounter during this process. Furthermore, it discusses the evolving business models in the hospitality industry and examines the trends in business prototypes for global leading hotel chains. The white paper finally concludes with suggestions for the way forward to achieve success in the dynamic hotel industry.