Overview

The first edition of this book, published in 2000, provided an introduction to developing hospitality properties. The editors produced it as a guide for students, practitioners and specialists in the industry to help understand the complex nature of developing hospitality properties. Since that date, the imperative in a changing market to periodically refurbish and refocus the concept and product has become more complex, but even more important. The nature of the process of development was encapsulated in Figure I.1.

Figure I.1: The development process Source: Ransley and Ingram (2000: 3)

Published at the start of a new millennium, the book acknowledged the radical changes that had occurred in the latter half of the twentieth century. These changes helped move the hospitality industry from being a provider of accommodation and related services to offering consumer products in a highly sophisticated, competitive and developed marketplace. Today, the development process entails a lengthy process of conceptualization, planning and construction before it becomes operational and starts to generate income. Further, this requires ever larger capital investment, risk assessment and a wider range of management skills.

Buildings of a highly serviced nature, such as hotels, have historically been of a single use type difficult and expensive to alter. As the building or property forms the essential physical component of the hospitality product, altering the facilities or product profile is a major and costly undertaking. The property configuration is critical to achieving a number of key aims, including attracting...