Twenty-seven years ago, Bharat Lall invested in his first real estate property – a small motel near a U.S. Navy base. Economic opportunities allowed Bharat Lall to expand his business into a corporation called Pinnacle Hotels USA. A hotel is a common example of an establishment in the hospitality industry.
There are three categories that define the hospitality industry, namely, food and beverage, accommodations, and travel and tourism. Accommodations – hotels, resorts, and bed and breakfasts – provide lodging to travelers and tourists. In 2014, the hotel industry generated revenue of $176 billion in the United States.
Food and beverage is a broad market, encompassing all kinds of food establishments. From restaurants to food processing, this segment holds the biggest share of the hospitality industry. It also complements other commercial markets, and accounted for a total revenue of over $600 billion in 2013.
Travel and tourism includes all modes of transportation and their respective staff. This segment requires large numbers of employees with technical expertise in information technology. Its main purpose is to provide mobility and ease of access to other segments in the hospitality industry.