I believe the world has become even more dynamic than before. To thrive as a business over the next ten years and beyond, we must look ahead, understand the trends and the forces that will shape our business, and be prepared for them.

The mission of Choice Hotels is to keep the long-term objective in mind and thus pave our roadmap for success. The company's vision is to deliver a successful franchise system that complements our strong brands with warm and efficient services and a vast customer reach. It is a constant reminder to our employees, of why the company exists and the vision of the founders.

Our mission for 2020 is to continue having a strong franchise system in place so that it delivers guests from our distribution network, and offers exceptional brands, products and services to our guests.

Our commitment to our franchisees is to generate highest returns on their investments and to reduce the cost of planning and operating the assets. We would continue to operate in the midscale to upscale segment of hotels, across multiple brands and locations, with value-for-money offerings.

The main challenges that would be faced by the hospitality industry are likely to be in Information Technology. Given the speed at which the world is changing its software, it has become important for our industry to keep pace with it and live up to the expectations of our guests. Additionally, we would have to use technology to be innovative and 'wow' our guests.

Human Resources is another important area that would be pushed and challenged in the times ahead. In view of the rate of expansion taking place in the hospitality space, our industry is already falling short of 'quality' manpower across all levels of management. Clubbed with this shortage is the explosive rate of growth of the services industry. This industry, comprising hospitals, retail, entertainment, airlines and call centres, eats into the limited human resources pie of the hospitality industry. To find quality manpower for the hospitality industry and being able to retain it within the industry will be the next big challenge.

Vilas Pawar is the CEO, Choice Hotels India