Objective of the article is to study the essential characteristics of the hotel and restaurant business and outline modern approaches to the organization of management activities within it. Methods. This research used methods of generalization, comparison, description, synthesis, analysis, grouping, as well as systematic and logical approaches, the theory of flexibility, as well as conceptual approaches to understanding the philosophy of Agile management. Results. Based on the differences between the categories of "business" and "business", it was found that the essence of the hotel and restaurant business is manifested in the specifics of services and products provided and sold by entrepreneurs, specified categories "subjects" and "objects" restaurant business. It is determined that the specifics of this business are related to aggregate services and / or products - a pool of customer service activities in the provision of food and accommodation services, which begins long before the physical act of sale and ends by forming and maintaining a prolonged impression of visiting institution. Hotel and restaurant business management is a type of professional activity, the content of which is to influence the subject of management (management system) on the object of management (managed system) to achieve the goal taking into account competition conditions and the interests of key stakeholders. This activity involves the implementation of one of the alternatives of its implementation (situational, functional, marketing, regulatory, systemic, managerial, targeted, innovative, integrated or age-oriented approach), or their collaboration to best meet the conditions of doing business. The study substantiates the effectiveness of the age approach to hotel and restaurant business management, based on the concept of agile management, the content of which is to ensure maximum mobility, flexibility of the hotel and restaurant business management system, its focus on maximum adaptation of the management system to changes in environment and customer needs.