Travel is Making a Comeback—Here’s How to Take Advantage of It
With the hospitality and tourism industries finally starting to bounce back from the pandemic, the accommodations sector in particular is looking pretty promising in 2023.
Global travel and tourism are projected to return to pre-pandemic levels starting this year, according to the World Travel and Tourism Council (WTTC). In fact, they are also projected to create 126 million new jobs globally.
This is definitely good news for an industry that has suffered much when nations around the world closed down their borders to tourists, as businesses can start recovering from the losses brought about by the pandemic. Moreover, this may also even encourage entrepreneurs to start a new business venture in the industry.
What's more, the accommodations sector of the hospitality industry here in the country has been making a comeback! For one thing, hotel brand Seda is looking to add another 550 rooms to its portfolio by mid-2023. Meanwhile, Alliance Global Group is also aiming to grow in the country this year by opening new hotels in tourism areas.
Real estate management firm Colliers is even encouraging developers to invest in hotel projects, stating that there is an expected “annual average completion of 2,650 hotel rooms in the capital region, up from the average of 930 rooms delivered annually from 2019 to 2021.”
Looking to get into the hospitality business? Here are some trends and business opportunities in the accommodation sector that you may want to explore this 2023.
Going Outside Metro Manila
Given the many provinces and islands that tourists can visit in our country, interested entrepreneurs may opt to look outside Metro Manila for business ventures in the accommodations sector.
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