NYC & Company is a destination management organization in New York City that puts together programs that attract tourists to the city.

New York City, industries like hotels, restaurants, retailing, and Broadway shows all come together and finance NYC & Company, which then creates programs for marketing the city abroad.

They have done very creative partnerships with London. They exchange some advertising space on buses in New York City. So New York City buses are promoting London, and the same thing happens in London.

Reasons to come to New York City are plenty: there are attractions such as Central Park, 9/11 memorial museums, and events like the New York City Marathon in the first weekend of November, Fashion Week, and many others.
During these times, it’s very hard to get a hotel room, and even if you do, they’re pretty expensive.

Industries have to come together to make it attractive for consumers to come to New York City, because we compete against the likes of Paris, London, and Tokyo.

Luxury Hotels in New York City
NYC has 14 historic landmark hotels. There are the big ones like the Marriott Marquis, Sheraton, and Hilton, all of which have about 2,000 rooms.

There are also very boutique hotels with up to 20 rooms like the Casablanca library hotel at Times Square.

So how do consumers choose? They usually look at TripAdvisor and see the ratings! Interestingly enough, the #1 rated hotel on Trip Advisor is a small 10 room hotel on 44th Street.

There is a group of small hotels which get very high ratings on TripAdvisor.
Restaurants in New York City
There are about 26,000 restaurants in New York City, many of them in Manhattan. Every year, about 26% of this inventory of 26,000 restaurants closes and something new comes.

It’s a very competitive and creative market! If you want to be an entrepreneur in restaurant business in New York City, you have to create and innovate.

Companies like STL Steakhouse and Jonathan Siegel are at the forefront of innovation. Jonathan Siegel has created an amazing new concept: a steakhouse for ladies, breaking away from the traditional Smith & Wollensky style of older gentleman serving in long white coats and people with huge steaks. Instead, steaks are smaller and there’s seafood.

People come for food, but they also come to see other people. There are also very interesting restaurants that are vegetarian, and you have pockets of restaurants, like in Chinatown, which are very authentic, Little Italy and Koreatown.

While in New York City, you’ll never go hungry! You can get the total culinary experience for the six nights, seven days. This includes breakfast, lunch, and dinner. It’s your choice where you’re going to eat. Variety is key: you can’t be at McDonald’s every day for every meal, even if it’s a Happy Meal.

First, decide on the criteria, and it can differ. For breakfast, it could be maybe grab and go, fast. For lunch, it could be something healthy. For dinner, something where it’s more about the atmospherics, the feeling, the mood of the place, and the food.

In a one-page memo, you can give us the list and links to those restaurants. If you have a favorite dish or have some preferred aesthetics of a restaurant, illustrate that.

Hotels have begun to view the home-sharing industry as an alternative and a competitor. They’re also making sure guests know many of the desirable hotel amenities. Security, housekeeping, and round-the-clock service are not available at many home-sharing services.

Hotels offer a wide range of services. They also employ a large number of people. Home-sharing services began as a fee-based online matchmaking service for tourists seeking lodging. A local host with a spare bedroom or apartment wanted to rent it out for a few dollars.

Airbnb can scale extremely quickly because it doesn’t need a lot of host-owned and managed real estate. Home-sharing doesn’t need a massive network of housekeeping, maintenance, sales, and marketing services. Airbnb has grown to be larger than many hotel companies. This is due to the number of units available and the number of guests they can accommodate.

When you consider the hotel industry from the perspective of ownership, corporations like LaSalle and Sunstone aim to buy hotel assets, have them properly operated, and profit from them. In contrast, an apartment owner might list a unit on Airbnb or a similar service to rent for a night. Yet, that individual is unlikely to buy a property to turn it into an Airbnb investment.

A hotel ownership company wants to create an attractive real estate return. An Airbnb host usually wants to reduce part of their monthly ownership expenditures. There was no incentive to earn a real estate return like there is in the hotel investment market. This trait alone aided the expansion of the house-sharing companies.

Everyone knows Airbnb.

Founded in a one-bedroom San Francisco apartment, Airbnb is now valued at more than $22 billion.

The great opportunity for a hotel alternative was recognized by the Airbnb founders when they realized that San Francisco needed more hotel rooms. With insufficient availability, the founders believed that alternative accommodations should be available for anyone travelling, whether for business or for leisure.

The founders thought “Wouldn’t it be nice if people shared their homes with travelers? Wouldn’t it be nice if we had a platform, or a marketplace, for renters and travellers to meet?”. With these questions, Airbnb was born.

The founders started by creating a basic platform where people could post their couch or bedroom for rent to travellers coming to San Francisco at a busy time. They created a value proposition of alternative accommodations that were not only easy to book but also much cheaper than hotels. Over time, the experiential aspect was added with the notion of living like locals, staying with locals, and meeting locals. It was this experiential aspect that really helped Airbnb overall.

Starting in San Francisco, Airbnb eventually grew and expanded into other key American states, and eventually they achieved globalization and entered Europe and Asia. As Airbnb grew so did their offering, with different services, experiences, and attractions added to the platform. They also started hiring hospitality executives to train Airbnb employees and hosts on how to act and think so they could compete with hotels. This was one of their key differentiators. Now, Airbnb is regarded as one of the most well-known alternative accommodation platforms.

The key to Airbnb’s success? Persistency. The founders truly believed in their idea, and they never gave up pursing it. In the beginning, the founder’s received 150 rejection letters when seeking funding money. But these rejections never stopped them for pursuing their ideas, and eventually they received the funding. Persistency was their key to success.

We are going to talk about the seven rules of building a successful business. We’re also going to use an example company that everyone knows: Airbnb.

The number-one rule for building a successful business is to recognize an opportunity. Airbnb founders, when they were starving students in San Francisco, realized that there are many citywide combinations where people cannot get hotel rooms. So, they came up with an idea.

They bought an air mattress for their apartment and made money off of it. That’s why it’s called Airbnb.

The number-two business rule to creating a successful business is to evaluate said business with critical thinking. Airbnb’s founders — one is an artist, another is an engineer — evaluated the offers after they got their first customers for a citywide convention. They thought “Hey, wait a minute! This might be an opportunity. How can we make it bigger and better for everyone?”.

Number three is building a team. It is one of the most important things in business because, as a leader, you’re as successful as your team. So, Airbnb owners started hiring older and talented individuals in the San Francisco area.

Number four is to write the business plan. It is the roadmap to success. So you have to write it with its components to show your company’s mission and idea’s vision.

Number five is gathering resources, and one of the most important resources is financial. They are what you need to create your company; anywhere from human to material resources.

Number six is to decide the ownership. Airbnb founders didn’t start the company by themselves. They had different partners. So, you have to decide the owner, the ownership structure, and the main shareholders. This is important, especially when you start with a friend or a colleague.

The last rule is to create wealth. Once you start creating value for any industry, people will recognize that you and your company are solving an existing problem and that you’re creating solutions with your ideas. Consequently, you’re going to create wealth, not only for yourself but for society as well.

To summarize the seven rules for creating a successful business: Start with an idea; recognize the problem, how to solve it; who can help you solve this problem, and then, write a business plan. Once decided, look for resources; anywhere from financial to human resources. Lastly, create wealth and value for your market and your society.

Hosting a successful business event or convention is an important part of hospitality management. There are a variety of types of venues, including the following:
Convention Centers
Convention centers are typically larger in size, allowing them to host very large meetings and conventions. A good example is the Jacob Javits Center in New York City.
These spaces are generally a bare boned concrete space that can be set up the way you want to bring your event to life. A stage can be brought in, and very often there’s roll out seating that can be tiered, in rows, or with round tables.
Hotels
Some business events or conventions don’t require the amount of space that a traditional convention center holds. Hotels come in all shapes and sizes, different star ratings, and different styles from traditional to very modern. They generate revenue from renting out event space in either a ballroom or smaller meeting rooms. The ballroom can be divided up into smaller areas or can be fully used and set up with staging, lighting, and production elements.
Guests for the event may also need a room to sleep in and need to eat during the day. This is a great way for the hotel to market and maximize revenues by selling other services that it’s already offering.
Unusual venues
Event organizers sometimes choose unusual venues to make sure their event stands out from the competition. Examples would be a museum, a zoo, or a theme park. These unusual venues provide a surprise and something that will make people take note. These different atmospheres and décor can provide a more personal venue for your event.
Cruise ships are another notable example. In the wintertime they may be docked at the harbor. You now have everything you need for a large convention including rooms, big spaces, big theaters and meeting rooms. The ship also doesn’t have to leave the harbor.

When we think of MICE, the C in the term stands for conventions or conferences. This is a gathering of professionals who come together to discuss a specific topic. The United Nations General Assembly is a good example.

Conventions come in a variety of types and sizes. A corporate convention is the first type. Companies such as Apple and Microsoft, and any other corporation you can think of organize these. They want to gather their employees, shareholders, or investors to discuss a new product they’re introducing, for example.

However, there is a second aspect of conventions: associations, which are slightly different. Associations are groups of people who come together for a specific interest. Perhaps you have a family member who works in the medical industry, such as a dentist. A dentist will be a member of a dental association, and these organizations provide continuing education for individuals in the field.

Consider this: if a dentist has been out of school for a few years, you want them to be up to date on the newest research and treatments for dental issues.

These types of associations also hold annual conferences, and they can be enormous. The International Contact Lens Association, for example, has a yearly meeting that attracts over 10,000 participants.

Different destinations across the world will compete for the right to host that convention over all others. That’s 10,000 people who will need a hotel room, food to eat every night, shopping, and transportation. It’s a lot of spending for destinations to attract that kind of convention.

Conventions play a major role in the hospitality industry. As professionals plan their travels, there’s a lot of specifics event planners need to keep in mind.

Corporate conventions usually take place in the same location every year. For example, if you’re a tech company that is located in Silicon Valley, a lot of your corporate conventions will probably take place in Silicon Valley. It’s very different from association conferences.

Think of my dentist. We have dentists that are located all over the United States. The association that hosts the annual meeting for these dentists will probably want to rotate where the location of the convention will be.

For example, one year it will be in the Northeast and, the next year, it might be in California. It is very important to choose a location that is appealing to people. Because if you, as a dentist, decide where you might get your annual education or training, you might prefer to go to a place like Hawaii over a cold place in the winter, like Detroit.

So, a lot of associations think very carefully about which locations they select and, the destinations work closely with the organizers to attract them. There is also seasonality in terms of days of the week. If we think of conventions, the most popular days for conventions to be hosted are usually Tuesday, Wednesday, and Thursday. Those are peak times. A lot of the venues, such as hotels and convention centers, will be very busy during those times.

The reason is that if you are attending a convention as part of your profession, you want it to take place during working hours, during the working day. You might have to travel to that convention.

If I’m based here in New York and I need to go to a convention in Florida, I might want to leave the day before. So by starting your convention on a Tuesday, it means you give people travel time on Monday. By ending on a Thursday, it means, again, they can travel home on Friday, and they still have their weekend.

Many conventions will also take place anytime between March to May and then again between September to November. Staying away from the main holiday periods. You want to make sure you host a convention at a time when a lot of people are around, not when they’re all traveling or when they’re on vacation.

Trade shows are a way for people to come and see the latest offerings from their favorite companies. Managing trade shows and business events effectively results in revenues for both the hospitality venue and the exhibitors.
Know your attendees
When designing a trade show or business event, you must think about your attendees. There are the consumers who come to visit the venue, and there are the exhibitors that come to present and/or sell their products to a captive audience eager to buy.
Determine how long the trade show will run
You also need to determine how many days that the show will run, and which visitors will be eligible to attend for those days. Some trade shows are open to the public for all days. Other trade shows, like the New York Times Travel Shows, only allow travel trade partners (e.g., travel agents, tour operators, etc.) to attend on the first day, and then opens it up to everyone for the remaining days.
Booth rentals and revenues
The hospitality venue generates revenues via ticket sales from the visitors and booth rentals from the exhibitors. The venue space is parceled out into different areas and rented to the exhibitors, which then bring their magic to fill and transform the space to create an experience for the visitors.
The booth space is especially important. A visitor will generally spend more money at booths located in the center of the exhibition hall rather than a booth tucked away into a corner somewhere.
Each exhibitor and their staff need to think about how they can entice visitors to choose their booth over the others. One idea is to provide giveaways. There are also companies that cater to special lighting or special carpeting for trade shows specifically with the purpose of enticing visitors.

The wheels of travel are constantly going through waves of innovations. When we think about innovation, we think about design thinking. Design thinking is a methodology that helps us develop innovative solutions to pain points.

The reason we talk about hospitality, travel, and tourism from the perspective of the traveler is that we want to empathize with the traveler. Empathy is one of the first steps in the design thinking methodology. It enables you to think about the travel journey from the traveler’s point of view. You can then identify the things that just don’t work, the pain points.

Think about the wheel of travel as if you were the traveler, and go through it from that perspective. For example, identify yourself as a young independent traveler that is traveling alone. Think about that and think about the dream phase. Think about the planning phase, the comparison phase, the booking phase, the travel phase, the experience and stay phase, and the post-trip review phase. Empathize with that young independent traveler throughout the travel wheel. Then identify all the pain points you can think of. Identify the things that don’t work, things that require too much effort with very little payoff, and things you’d like to change.

Once you’ve identified the pain points, think of a solution to fix them. That’s how innovation works. Think of the customer pain points using the design thinking methodology.

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At the XXX (please insert inaudible name here) Center, all of our programs are rooted in that innovative framework. We’ve designed them with one goal – making people job-ready but also innovative and entrepreneurial.

We have an innovation lab at the XXX (please insert inaudible name here) Center. We would be very happy to take you through our lab that is designed to have our students become the innovators of tomorrow. We also host entrepreneurs that start in a garage with an idea and then scale up to become a larger disruptor in the travel and hospitality wheel. One example is Askblue.

Askblue is an artificial intelligence that takes a deep dive into all of the data available on the cloud. It’s mines that data and enables a completely automated concierge service that is free from any human inputs. It offers concierge services in hotels but also in restaurants.

Imagine you’re in your hotel room and you’re wondering, “Oh, when is checkout time?”

Traditionally, you might call the front desk or find an information sheet somewhere in your room. With Askblue AI, you can simply say “When do I need to check out?” Askblue would then tell you that checkout time is 12:00 tomorrow. Askblue goes into the cloud and takes that information from the hotel website. You don’t have to do the searching, you just have to Askblue.

That’s one of the examples of the innovation that we see every day in hospitality, travel, and tourism.

The wheel of travel is changing and it’s providing a host of wonderful job opportunities. This ranges from existing jobs such as hotel general manager, front of house receptionist, or an investor or a consultant in real estate development..It also includes newer jobs, such as working for social media or the new artificial intelligence companies, ensuring that the customer service takes full advantage of what the data can give them.

Even from the Second World War palace hotels in the ’50s and ’60s, the model of traditional hotels has changed over time. From the internationalization of hotel chains, the proliferation of brands, the emergence of online travel agents, and to the cloud artificial intelligence and machine learning – the wheel of travel is changing constantly.

Hospitality, travel, and tourism is not just fun for the customer. It also can be really fun to experience as part of the business. Whether you want to take on a traditional career or whether you want to be an entrepreneur, there are ample opportunities in the space.

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The experience phase of the wheel of travel happens in the real world with physical products and services. They all rely on some type of real estate. Whether it is a theme park or driving from an airport to a city center, it is all about real estate. Furthermore, anything that happens at the experience phase relies on some sort of real estate. Staying in a hotel is a piece of real estate. Individuals going to eat at a dine-in restaurant is a piece of real estate.
The Companies That Invest in Hospitality
There are various companies that specialize in the hospitality and travel real estate of the general real estate market.
Some of these companies are the owners or professional investors who know how to invest in and maintain assets, such as hotels. We refer to companies like Host Hotels & Resorts, which emerged after Marriott spun off its real estate. Now, it has become a professional investor and asset manager of hotels.
Another company is Park Hotels, which is a real estate investment trust. They only own and professionally manage hotels. They manage any investments, renovations, and maintenance of the assets.
Consultants in the Hospitality Industry
Many consultant companies actively advise individual owners or investors. They provide various services, including valuation, food and beverage, tax, and debt advisory services. One of these companies is Hotel Valuation Services (HVS). Founded by Steve Rushmore, VHS is a legend in the industry that began in New York. It has spread globally with offices in London, Brazil, Hong Kong, and many more places.
Joes Lae, LaSalle (JLL) does consulting services like VHS but is also very active in brokerage. Brokerage is about making a buyer and seller meet to make the transaction. They advertise hotels and other properties to potential buyers and connect them with the sellers.