Management of Investment Activity at the Hospitality Enterprises in the Cross-Border Area of Ukraine and Romania

JACSM - The article puts forward the hypothesis that a decrease in the search for investment resources, their accumulation, and the development of investment projects meeting the goals and forms of real investment in the hospitality sector of the cross-border space of Ukraine and Romania, and is associated with the uncertainty of the specifics and basic principles of investment management in hospitality enterprises in the cross-border space, as well as the imperfection of management stages. The establishment of basic functions for managing the investment activity of hospitality businesses, taking into account the specifics of cross-border cooperation, will contribute to improving the efficiency of the hotel, restaurant, and tourism businesses in border regions. Based on the study of foreign experience in investment management and research on the activity of hospitality enterprises in the Chernivtsi region and Suceava County, basic principles of investment management have been established that focus on specific aspects of hospitality, such as service quality, customer experience, infrastructure development, creation of attractive conditions for business, and support for investment projects. A model of investment management for hospitality enterprises in the cross-border space of Ukraine and Romania has been developed. Taking into account the peculiarities of managing investment activity of hospitality enterprises in the cross-border space, the main management functions ensuring effective attraction, distribution, and use of investments have been identified. It has been concluded that investment management at hospitality enterprises in the cross-border space is a complex activity based on specific principles of investment management and key stages, while the identified main management functions take into account the specific features of the cross-border space and ensure effective attraction, distribution, and use of investments and contribute to the formation of an investment strategy, risk analysis, profitability assessment, and timely adjustment of the investment portfolio, as well as provide access to new markets and technologies that may not be available in the domestic market.