Important business indicators for the hospitality industry are on the rise, signaling the opportunity for corporate growth in this field. New construction and multi-million dollar deals by renowned corporations are strengthening the hotel and resort industry all over America. Staying on top of financial management principles and best practices for different industry sectors can help any student looking to get into hotel management. Many of these skills can be learned by successfully completing a hospitality management certificate program.
A June 2012 piece by the Los Angeles Times reports that construction spending in the United States has been rising steadily, to an annual rate of $820.7 billion by April 2012. This represents an increase of 6.8 percent on construction spending from the previous year. By March 2012, the annual rate of spending for private construction, including hospitality businesses, rose to $549.7 billion according to the U.S. Department of Commerce.
Other signs of financial health point to a more modest overall recovery, such as low gains in personal income for Americans and further recessions in the manufacturing sector. But construction is a very important industrial indicator for hospitality business owners. The industry thrives off of new and renovated accommodations as well as a sense of exclusive luxuriousness. Most companies in the hospitality industry achieve this by building new facilities or paying for construction upgrades to old facilities.
These signs of business growth are emboldening big names in the hotel and resort industry. In May 2012, a Washington Post article reported a $210 million business deal by Marriott International to run four Washington-area hotels previously operated by resort developer Gaylord Entertainment. These hotels include the Oxon Hill Gaylord National Resort & Convention Center, which includes 2,000 separate rooms, and the 1,175-room Washington Marriott Marquis, opening in 2014.
Marriott International’s business goal is to build revenue by reducing marketing redundancies, pushing Marriott properties as high-end luxury facilities and Gaylord Entertainment centers as a better choice for business budgets. The move signifies Marriott’s belief in the hospitality and venue industry located in Washington, D.C. “Marriott’s revenue management models will allow it to raise prices, but that is in response to demand, not just an aggressive pricing policy,” said Bjorn Hanson, a professor in NYU’s Tisch Center for Hospitality, Tourism and Sports Management.
With all of these growth opportunities, students can start working towards careers in the hospitality industry. Certificate programs in hospitality management reinforce many of the skills and business principles necessary for success in the corporate hotel and resort business world. These opportunities are often available from colleges and universities with either continuing education or professional development programs.
For instance, Cornell University’s Certificate in Hospitality Management program is a four-course program offered by the school’s Professional Development Program. Courses follow marketing management skills, foodservice management, human resources skills and hospitality operations. Many of these courses take advantage of effective software programs that provide cost analysis and staffing tools; coursework often puts students in close contact with industry standard technology. Cornell University’s 2012 hospitality management certification program is offered between late June and early July.
Acting now will help a student chart a career path for success in hospitality management. Certificate programs that can be finished within a few months will help professionals ride this business wave while it’s still rising.