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Many companies all over the world are concerned with the challenges of the hospitality industry including the threat of Airbnb, as well as social responsibility and liability complications. Airbnb is seen as an increasing threat to the hospitality industry and researchers predict that the company will eventually become a replacement for extended stay hotels, bed and breakfasts, rental sites, and corporate apartments. As Airbnb is continuing to grow, hotels are having a hard time maintaining their nightly and occupancy rates that they had the year before. Not only are companies like Airbnb a threat to the hospitality industry, but other challenges include liability alleviation and corporate social responsibility (CSR).

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As global business practices become increasingly digitized, industry sectors are forced to constantly adjust to their transforming infrastructures. This is especially felt within the hospitality industry, where technological mainstays are driving business on both a domestic and an international scale. Technology has allowed for further integration and optimization of industry practices, accelerating overall efficiency. Outreach efforts have also expanded, attracting more consumers to the industry and continually changing their personal engagements with procedures for lodging and travel. Here is a closer look at the various ways technology is shaping the future of hospitality.

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Destination cities in South America, like Bogota and Columbia, have registered double-digit tourism growth in the past year. A positive impact of the currency devaluations is that the exchange rates across the South American region have allowed an affordable opportunity for foreign travelers to go to South America. Investments in infrastructure are also helping to propel the hospitality industry because the improvements help increase access to various markets and boost travel in the region.

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This week, the globalEDGE blog will be taking an in depth look at the global hospitality industry, looking at the present trends in various sectors of the industry, as well as looking toward the future. For our purposes, we will consider the hospitality industry to be the collection of companies and businesses that cater to the needs of travelers. Major sectors include hotels, restaurants, and recreational businesses, such as casinos, sports and tourist attractions.