Study of the Economic Potential of the Innovative Development of Hotel EnterPrises in Azerbaijan

Innovation implementation is a very important and necessary element in improving company competitiveness. Globalization processes, the emergence of new market demands and opportunities to meet these needs force hotel companies to move on to the path of creative growth. Our study aims at a comprehensive review of the economic potential of Azerbaijan's creative hotel business growth. This is necessary to identify promising areas and select the best creative approaches for the growth of these enterprises. Those approaches will suit those hotel companies ' capabilities. In line with this aim, the article discusses the structural components of hotels ' innovative potential, including a framework for evaluating hotels in Baku's innovative potential. We are talking about the element intellectual, science, academic, manufacturing and technological, economic, marketing, organizational and managerial. Moreover, the researchers suggested a framework for a systematic analysis of hotel businesses ' creative capacity. It is focused on the use of a system of qualitative and quantitative measures that describe both the state of its individual structural components and the overall level of integration of hotel enterprises ' creative potential. Empirical research approaches-comparison, evaluation, grouping, as well as logical generalization, statistical analysis, and a systematic approach – were used when writing the article. The application of economic-mathematical and economic-statistical methods allowed an unbiased quantitative analysis of hotels' creative potential, identified patterns in the growth of their structural components, identified imbalances and contradictions, and predicted their further development. The study succeeds in finding existing problems in some of the constituent elements of hotel businesses' creative capacity in Baku. The outcome is also a series of steps to aggressively harness the economic potential of hotels' creative growth.