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Hospitality Economics Assignment- Economic Effects of Terrorism

Added on - 16 Mar 2020

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Hospitality Economics1HOSPITALITY ECONOMICSStudents NameCourseProfessor’s nameUniversity(City)StateDate
Hospitality Economics2Table of ContentsAbstract.........................................................................................................3Introduction.....................................................................................................4Economic effects of terrorism on the hotel industry.....................................................8Rationale for Government intervention ...................................................................7Conclusion......................................................................................................9References.....................................................................................................10
Hospitality Economics3AbstractThis report explores the economic effects of terrorism on the hotel industry and therationale for government intervention in counter-terrorism in the hotel industry.
Hospitality Economics4IntroductionUndeniably, there has been recent terrorist attacks globally.Recently, we had the Paris attackand the Brussels attack in 2015 and 2016 respectively.These attacks have prompted theimportance of government intervention to counter terrorism due to its obligation to protect itscitizens and its property, capacity to research and put in place the necessary counter-terroristmeasures.The failure to counter terrorism in the hotel industry has resulted in reduced occupancylevels, reduces revenue for the government through taxation, reduced number of tourists,employment challenges and reduced consumer and investor confidence due to anxiety and fearinstilled by terrorism.However, the involvement of government in counter-terrorism has alsoinvaded confidentiality and privacy of individual citizens which isn’t agreeable for allstakeholders.Economic Consequences of Terrorism on the EconomyAll in all, I think there s need for government intervention in counter-terrorism because thegovernment upholds public, national and federal interests of a nation which benefits all citizensand foreigners and not just hotel industry owners and their employees.Following the recentterrorist attacks on the various hotel industries around the world, there s need for the respectivegovernment to incorporate national and federal measures to prevent terrorist attacks on the hotelindustry globally. Noteworthy, hotel revenue fell significantly following the Brussels and ParisTerrorist attacks in 2016 and 2015 respectively. Specifically, the occupancy rates reduced from82% from the night before the bombings to 25% thus resulting in drastic hotel revenue (Chow2016).In addition, terrorist attack erodes consumer confidence and choice due to the uncertainty.Indirectly, terrorisms erode consumer and investor confidence in the sense that investors are
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