That's the goal of every lodging enterprise. But as shall soon become evident, achievement of this objective is easier said than done. Many factors come into play: the state of the economy in general, the specific supply/demand features for the industry as a whole, and of course – as the old real estate saying goes – location, location, and location.

Rooms at the Inn

The airline business is a creation of the twentieth century: It wouldn't exist were it not for the significant technological advances made over the past one hundred years. By contrast, the lodging business has been around for thousands of years, pretty much since the beginning of mankind. The basics of the lodging industry are relatively simple; however, the operational and financial features have, in recent years, become increasingly complex and sophisticated.

The earliest versions of what we have come to know as a hotel or inn go back to the earliest days of recorded history. Inns dotted the main Roman roads that led to ancient Britain, and later, in the Middle Ages, hospitality was dispensed by monasteries that provided travelers with separate dormitories. In thirteenth-century China, inns were relay houses established by the Mongols to accommodate travelers and to provide a postal service. A ryokan is simply a traditional Japanese inn.