Traveling and hotels are large service industries with a global reach. They are a major part of the hospitality industry, which includes restaurants, hotels, and other lodgings, as well as activities like guided tours, spas, and train rides that offer a cultural or natural experience. These are often combined with entertainment options such as theaters, parks, and museums.
A hotel is a type of accommodation that provides visitors with overnight stays in private rooms. The room may include a bathroom, television, telephone, and other amenities. Some hotels also have a restaurant and bar. Others provide room service and other amenities, such as gyms or saunas, that are available to guests at a higher cost.
The hospitality and travel industry is also home to a number of financial services, including travel insurance, credit cards, trip protection plans, and money transfer companies. Many of these services are offered through a large network of affiliates and franchisees.
The hospitality and travel industry has been affected by the pandemic, with international and domestic travel slowing due to a number of factors. This has reduced revenue and caused cash flow challenges for innumerable businesses within the sector. However, it appears that the industry is rebounding slowly. Domestic and conference-related business is picking up speed. And younger generation business travelers, Millennials and Gen Z, increasingly prefer accommodations that are flexible and unique, with a sense of personalization, USB outlets for charging electronics, and kitchens where they can prepare their own meals. These trends have led to the growth of home sharing and alternative lodging services such as Airbnb.