Traveling has always been something exciting, whether to seek new adventures or experiences. With the growth of the world's population and an increase in global wealth 1 the hotel industry thrived with a stunning growth rate of 23% from 2008 until 2016 2 and large global hotel chains developed hotels like there was no tomorrow. As of January 2015 the top 10 largest hotel chains managed a cumulated total of 38'425 hotels with a combined 4'808'079 rooms 3. Interestingly however, over the last decade traveler perception changed quite a bit. Travelers don't necessarily want that golden bathtub anymore but would rather pay more for an unforgettable experience. Luxury is now shifting from 'having' to 'being' with consumers moving from owning a luxury product to experiencing luxury 4. With this shift in consumer perception large hotel chains struggle to keep up with the demand and their global scale doesn't allow for quick changes within the group. This provides a huge advantage to individual hotels and smaller hotel chains since it takes longer for global chains to establish new brands tapping into the fast changing market. Individual hotels and small hotel chains now for the first time, have a strong advantage and are able to leverage on the swift changes in the industry. Important for smaller hotels or brands is to accept and adapt to these changes and to immediately start developing products and services targeted to consumer demands. Get the full story at Hospitality.Net