PATHWAYS TO PROSPERITY: A STUDY ON ACHIEVING SUSTAINABLE GROWTH AND STABILITY IN HOSPITALITY

Abstract

The hospitality industry's pursuit of sustainable growth is a complex endeavor intertwining business strategy, societal expectations, and environmental stewardship. This research examines the interplay between sustainability initiatives and growth strategies within hotels, probing their impact on guest perception, budget allocation, staff engagement, and overall trajectory. Through a Likert-scale questionnaire administered to 311 hotel managers, the study evaluates the correlation between sustainability integration and growth strategies, uncovering significant positive relationships. However, it also unveils formidable challenges encompassing financial constraints, regulatory compliance, staff training, profitability concerns, and aligning consumer demands with operational efficiency. These findings underscore the critical need for a holistic approach to sustainability in the hospitality sector, balancing growth objectives with sustainable practices.

Keywords: sustainability initiatives, growth strategies, hospitality industry, challenges, hotel management