What are three historical events or aspects that influenced the hospitality and tourism industry? Describe how these events or changes influenced the industry.

Phase 1: concept of home ownership and development of society. Traditional inns and bed and breakfasts are created.

Phase 2: adoption of capitalism, allowing for enterpreneurs and investors to do business at scale. The big hotel chain industry booms.

Phase 3: advent of the sharing economy. Airbnb is experiencing exponential growth, and now has higher valuation than the hotel chains.