Nottoway Plantation of Neil Castaldi: Core Concepts

The Nottoway Plantation of Neil Castaldi is a resort that relies on the hospitality industry consumers. The hospitality industry has been around for about as long as civilized society has. The hospitality industry is more like a larger, all-encompassing category of several different fields that can be found in the service industry. In fact, hospitality and the way we think about luxury lodging has been evolving and changing as rapidly as society itself. Hospitality is considered a luxury that goes out the window quickly when times are tough. This is because many services within the hospitality industry are costly and unnecessary, but usually quite enjoyable.

One important thing that the hospitality industry considers when determining the state of the economy, is looking at the vacancy rate. This is a measure of performance that is very similar to a factory owner, who would be more likely to measure the volume and rate of production within the facility. This concept of productivity and effectiveness carries over to the hospitality industry as well, which can determine its value by looking at the vacancy rate of their facility in comparison to other facilities.

The Nottoway Plantation of Neil Castaldi has also experienced that one of the most recent trends in hospitality is the realization that new hotels and restaurants will be receiving the bulk of their business from Millenials, people that are accustomed and used to instant gratification and technology availability. It is speculated by Robert Rauch, the President of RAR Hospitality (http://www.hospitalitynet.org/news/4063217.html), that Millenials will become the core customer of the hospitality industry in the next five years or so. He believes that they are more willing to pay a high price for a good experience.

While those in the hospitality industry may be worried by this changing trend, others remain optimistic, viewing it as an opportunity, not a dark cloud. This means that the higher quality your resort, the more lucrative it is likely to be in the coming years.

The hospitality industry has become a multi-billion dollar operation that largely relies on the surplus income and leisure time available for the population. The hospitality industry tends to thrive more when the economy and the people flourish, and is usually devastated in times when the economy is in a downward trend. Robert Rauch believes that hotels and travel companies will do exceedingly well so long as they actively try to accommodate these Millenials.

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