X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

A new report from a leading travel industry research firm describes technology as a leading driver of change in the travel, tourism and hospitality sectors. Technology and the innovations it creates “is at the very heart of the travel industry,” according to Bob Offutt, senior technology analyst and editorial director at Sherman, CT-based PhoCusWright, and one of the factors that will help it recover from the financial crisis and ensuing recession.

PhoCusWright studies the ways travelers, suppliers and intermediaries connect for clients including major hotel chains, airlines, car rental firms and investors. It just released the 2009 edition of its annual Technology Trend Predictions, which identifies the trends likely to “reshape the way consumers search shop and buy travel.”

Although the recession has dampened demand and deflated asset values, industry experts participating in the second annual Cornell Real Estate and Finance Roundtable last November noted that opportunities still exist for both investors and operators. Participants at the event, conducted under the aegis of the Cornell Center for Hospitality Research, concurred the industry is in a better position to weather the economy now than it was in past downturns because it is “not awash in excess supply additions.”

According to the report from PhoCusWright, the industry will also benefit from technology. The report concludes:

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.