Advances in Management and Applied Economics

New trends in Hospitality Industry and Georgia

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  • Abstract

    Over time the Hospitality Industry has been developed and designed to different changes. In XX and XXI centuries tourism development has contributed to the development of the hotel industry. For many people in the world Georgia is still completely unknown site. It is very important for our country to create positive experience for tourists tempting to return back with their friends. High standards of service are expected. Development of Hotel industry in Georgia has great importance in the country's socio-economic development. In 2014, the foreign exchange income from tourism in Georgia amounted to 1.8 billion USD, in the first three quarters of 2015 the total value of tourism services exports amounted to 1.5 billion USD. Over the 2009-2014 period, the average annual growth rate in tourism exports increased by 27%. Tourism in Georgia is clearly a significant source of foreign currency inflows. Tourism development strategy of Georgia is intended until 2025 and aims to achieve concrete results. According to the two months data of 2016, compared to the same period of the last year, the number of international visitors increased by 16 %. Tourism's share of GDP amounted to 7% , total contribution of tourism to employment amounts to 11%. More than 300,000 people are employed in tourism-related jobs. Since 2016 Georgia has created a new component of the state program, ‘Hosted by Georgia’ which enables people living in the regions to develop the hotel business, create jobs, attract more tourists and promote the development of the region. A new approach for the regional entrepreneurs’ is designed enabling access to financing and advisory services, and also experience successful international brands to introducing the so-called co-financing ‘Franchise’ agreement. Development of Hospitality Industry in Georgia is in progress taking into account existing world trends and patterns and making effective promotion to the respective industry.