The article is devoted to the elaboration of the conceptual basis of the tourism and hospitality industry’s development. It has been established that the extension of the tourism and hospitality industry into other service sectors has become one of the consequences of diversification of the tourism and hotel service market. It has been proved that various specialized businesses manufacturing diverse components and types of tourism and hotel products have appeared. It has been determined that information technologies result in the formation of a unified information space where every enterprise and every consumer finds a niche of their own and forms their network of ties. It has been found that the tourism and hospitality industry’s transition into a new technological space becomes one of the most important signs of the formation of the innovative paradigm of its development that is based on principles of ecologization, socialization and humanization that will eventually improve its efficiency.

The article is concerned with methodological approaches to development strategies for tourism and hospitality industry enterprises. It has been found that most regions, local tourist destinations, tourism and hospitality industry businesses do not have any clear formalized strategy. It was determined that some tourism and hospitality industry businesses apply only individual elements of strategic management, i.e. do not have an integrated system of strategic management. Methodological tools have been proposed for elaborating development strategies for tourism and hospitality industry enterprises, which show that strategic management, which is methodological by nature, i.e. is characterized by the conceptual approach and panoramic vision, cannot give an exact and clear view of the tourism industry's future. It was proved that strategic management cannot be limited to a set of universal and routine rules, procedures or schemes. It was defined that strategic management requires great efforts, time and resources to make the activity of tourism and hospitality industry businesses remarkable.