Identification of the key factors for success in the hotel sector

Abstract

Purpose: The aim of this work is to identify the key factors for success in the hotel sector. This objective is motivated by the importance of tourism in the Spanish economy, taking into account the fact that it represents 11.1% of the GDP and accounts for 13% of all employment, with 2.49 million jobs, according to INE (Spanish National Statistics Bureau) data for 2015. 

Design/methodology: A review of the literature has been carried out, which has provided references related to the hotel sector and different factors that impact it. The knowledge provided by the scientific community through the articles and texts consulted are reflected in this document and allow us to determine the existence of the key factors for success. 

Contributions/results: Considering the importance of the hotel sector in the Spanish economy, this study identifies the key factors in the different hotel establishments. However, the materialization of these factors provides and shows us which financial aspects, management systems and other more global aspects, such as longevity or location, enable the company to be successful in the hotel sector. 

Originality/value: Based on the literature reviewed, a list of key factors for success in the hotel sector was composed. This also revealed a lack of similar studies on this topic.