The final observation on industry structure is that it will
continue to take the form of a non-asset possession
industry. Assets will be held by others, often international
consortia of investors. These investors will demand equity
participation by management contract companies but this
will only be to ensure that they will provide good
management. It can be assumed that, when real estate
markets return to a normal level of activity and inflation
is being managed more successfully by governments in
the Western world, the hospitality industry will once again
have to turn its attention to managing for the sake of profits
and returns rather than expecting real estate speculation
to improve the wealth of ownership.