“Renaissance Hotels &amp

Resorts: A Cherished International Brand"In many countries, where tourism has become a major export industry, the hospitality sector is the focal point for concepts of globalization to take root. Indeed, tourism has become the worlds largest export industry, involving as it does enormous cross-border flows of people and capital. The hospitality industry is one of the worlds largest employers and arguably one of the largest traders of foreign currency. It is often also a focal point for local society and is clearly at the center of the transfer of ideas and the cross-fertilization of cultures. At its heart, the hospitality industry plays an important part physically in bringing people together in a global community. And those countries suffering from trade imbalances due to high imports frequently look to tourism and hospitality to close the gap. Hospitality is thus not only an industry, but it is also a concept — and a major force in the rapidly evolving global marketplace.
The global hotel market had an excellent year in 2007 according to first data from the HotelBenchmark(TM) Survey by Deloitte and is expected to remain so for the next two years. Supply has started to grow but remains at modest levels thereby giving steady opportunities for newcomers. High occupancies support continued growth rate.
However, this is the first year we have witnessed all regions posting double-digit growth in both average room rates and RevPAR. Hotel performance in 2007 has been underpinned by strong economic fundamentals, stimulating both business and leisure travel. Looking forward, this is likely to be held back slightly during 2008, as the pace of worldwide economic growth slows.’Industry is doing well and will continue to through Qtr 3 of 2008.&nbsp.As far as the Middle East, they are not only celebrating double-digit growth in revenue per available room (RevPAR) but also in average room rates. In the UK, the overall market has been buoyed by strong economic conditions helping drive both corporate and leisure business.&nbsp.