I will pay for the following article Impact of the Current Economic Situation on the Future of the UK Hotel Industry. The work is to be 6 pages with three to five sources, with in-text citations and a reference page. The paper analyses the hotel industry, the impact of the current economic situation on the future of the hotel industry.
Despite the recovery of the economy from the recession, the economy ha not fully recovered and the level of economic development and income generation, growth in GDP, and inflation still are lower than expected. The housing bubble in the United States is the main reason for the recession that affected global economies including the UK and its impacts are still evident. The credit crunch, reduced loan availability, and harsh economic times in the US owing to the housing bubble spilled over to the UK because of financial sectors interdependency and spiraled over to other global economies resulting in the economic recession of 2008. It is with a low level of economic growth and the slow economic recovery that this study is written to analyze its impact on the hotel industry’s future. The value of the pound has been negatively affected and is doing poorly compared to other global currencies affecting the hotel industry.
The hotel industry is a big percentage of the tourism industry owing to the different ways in which it facilitates the performance and success of the tourism industry (Go and Pine, 1995, 229). The hotel industry plays an important role in the tourism and hospitality sector by providing facilities for meetings, recreation, entertainment, meetings, and conferences. Accommodation facilities for tourists are provided by the hotel industry with many of the tourist’s activities requiring accommodation. It is evident that the hotel industry is intertwined and plays an important role in the success, profitability, and revenue generation potential of the Tourism and Hospitality industry. The hotel industry is however affected by changing economic times as is evident by the effects of rail construction, WWII.
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