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THE CHALLENGES OF HOTEL BUSINESS
1.1 Background to the Study
The hotel business is a ubiquitous one which spans hotels, bars, restaurants, theme parks and a host of other related businesses. Globally, it is a money spinning industry with billions of dollars to its credit even though in this part of the world, we are still grappling with putting the industry on the right pedestal so as to wholly benefit like other countries. Just like any other business running in Nigeria, there are areas of concentration, accommodation and restaurants which seemingly, is the ‘honey pot’ for practitioners in Nigeria.
In recent times, the Nigerian economy has witnessed tremendous ‘growth’ in the hotel business leading to the emergence of hotels, fast food restaurant chains, and night clubs and cruise lines. These positive trends in no small measure are clearly helping to re-define the face of the hotel business in Nigeria. Information on the street shows that the industry is booming. Nonetheless, the writer believes every Tom, Dick and Harry with adequate funds, is investing into the business with limited knowledge of the expertise required to run such business. Most of them forget that the industry requires investors that are aware of the fact that investment in this area requires long term commitment. Hence, they expect returns as soon as possible at the peril of their poorly remunerated staff.