CURRENT STATE, INVESTMENT ATTRACTIVENESS AND PROSPECTS FOR FURTHER DEVELOPMENT OF THE HOTEL BUSINESS IN UKRAINE
Authors: Podakov Yevhenii ,   Bohdan Khmelnytskyi Melitopol State Pedagogical University
Published: July 2024

The purpose of the article is to diagnose the current state and determine the main trends in the development of the hotel and restaurant business in Ukraine, to assess the investment attractiveness of the hotel and restaurant business in the process of financing its development. Russia's full-scale invasion of Ukraine on February 24, 2022 threatened not only tourism in Ukraine, but also the international travel sector, which has just begun to recover from the losses caused by the Covid-19 pandemic. The tourism sector, which began to confidently recover in January 2022, significantly narrowed the opportunities for full-scale growth as early as March 2022. Both inbound and outbound tourism in Ukraine are under threat. The hotel and restaurant business as a component of the tourism industry of the domestic economy was considered, the main trends of its development, the level of investment attractiveness and prospects for further development in Ukraine were determined. Ways to solve problems with the aim of transforming the hotel and restaurant business into a highly profitable branch of the domestic economy are proposed. Sources of funding for the further development of the country's hotel and restaurant business have been determined. The current state of investment activity in the hotel and restaurant sector is analyzed through a study of the volume of capital investments made in it. The development of the tourist business in Ukraine during the martial law, which even ensured an increase in tax revenues to the country's budget, was studied. It was determined that the hotel and restaurant business of Ukraine needs constant investments to maintain competitive positions on the market, increase the level of satisfaction of consumer demand for services that meet world standards in terms of assortment and quality. The analysis of statistical data shows a steady trend of reduction in infrastructural tourism resources, and therefore, the volume of services of this sector of the economy. Such a general and regional trend gives reason to talk about the need to introduce organizational and economic measures to intensify activity. Investigated potential investment opportunities of hotel and restaurant business enterprises. A complex of measures of state regulation and improvement of management of the industry is also proposed in order to activate the development of the hotel and restaurant business. The state influences the intensification of investment activity by developing the appropriate institutional base, without which the functioning of the investment sphere is impossible, namely, the organization of investment-oriented funds, the creation of a network of consulting firms, state scientific organizations, conducting scientific research, and establishing the work of small and medium-sized business training centers. It was determined that in modern conditions of operation, it is necessary to form and implement an investment policy for the development of the hotel and restaurant industry, which would include such important components as: mechanisms of state regulation of this industry; resource provision and preferential financing of development; organizational and functional support of management processes; informational and methodical support of the industry.