ABSTRACT
Previously, as buyers and sellers of hotel assets, hotel chains were the main clients for specialist lawyers, real estate brokers, accountants and consultants. The latter have all had to adapt to offer services which create and augment business relationships between the much extended agents now involved in the hotel value chain.
This chapter evaluates the role and influence of these stakeholders. It begins by exploring how PSFs serving the industry have evolved to offer services enabling new entrants to set up and compete. The client base for these firms has become more diverse, they have broadened their offerings and expanded internationally. Knowledge creation and development have also progressed.
These firms have gone about creating and augmenting business relationships amongst agents involved in the hotel value chain. Relationships have been developed between PSFs and those involved in hotel investment – both existing and new – through the advancement of human capital. This has been harnessed through the transference of knowledge and the establishment of relationships with new clients.
It is concluded that professional service firms, as supplementary stakeholders have emerged with important roles in making the transactions across the boundaries of firms in and around the hotel industry possible.
