Louis, chevalier de Jaucourt describes hospitality in the Encyclopedia as "The virtue of a great soul that cares for the whole universe through the ties of humanity". And these ties are forged by way of experiences that create an everlasting impression and memory.
The hospitality industry is a broad category of fields within the service industry that includes lodging, food and drink service, event planning, theme parks, travel and tourism. It includes hotels, tourism agencies, restaurants and bars.
Hospitality is one of the fastest growing industries in the world today. According to the Ernst & Young report, Global Hospitality Industry Insights 2016, the hospitality industry is going to be the single largest employer globally, contributing 1 among 11 jobs generated. The World Travel & Tourism Council calculated that tourism generated 8.31 lakh crore (US$120 billion) or 6.3 percent of the nation’s GDP in 2015 and supported 37.315 million jobs, 8.7 percent of its total employment. The sector is predicted to grow at an average annual rate of 7.5 percent to 18.36 lakh crore (US$270 billion) by 2025 (7.2 percent of GDP). This makes India one of the fastest growing tourism industries over the next decade.
Real estate is no longer just about ‘location, location, location’. It’s about ‘experience, experience, experience’, and you’re seeing this across all property types and sectors. Hospitality does not just mean hotel anymore: the hospitality industry is impacting the office property sector, the residential property sector, and the retail property sector. Every retail location and retail operator is now focused on an experience-driven store. They hope to bring a new experience, a lively experience, to their location to attract people inside to compete with online shopping.
For the office sector, firms like Knotel and WeWork have brought hospitality to the office world. You don’t just check-in at the security desk and take the elevator up to your office. You now have open floor spaces with ping-pong and pool tables, open kitchens, and social gathering spaces. In the residential sector, sought-after amenities include concierge services, dry cleaning services, different food and beverage outlets, and common areas inside residential lobbies. Hospitality is now inherently a driver for all real estate — and no longer isolated to just hotels. This is a fundamental shift.
Orris has ventured into the Hospitality sector with an aim to provide elements of extraordinary hospitality with unsurpassed service and the finest attention to detail, making your each day a memorable one.
