With the advent of most emerging technology, i.e., the Internet of Things (IoT), people are upgrading their lifestyle along with several necessary things associated with it for a better life. IoT has spread around every corner of our day-to-day life to comfort us with its technology. This paper presents an extensive survey on developing smart hospitality management using IoT. Hotel stays are now becoming more comfortable as hotel services are continuously upgraded with IoT services. The IoT unlocks the key by creating a stellar guest experience in hotels across the globe. A great guest room automation system with a smart mirror, robotic arm services, AI-based voice technology, high-speed Wi-Fi, and daylight harvesting can provide a rich experience for the guests. Research gap analysis is performed to identify hardware/software implementation in real time with internet connectivity. This eventually can provide better insight into smart usage of IoT technology taking all research gaps into account for an upgraded and smart hospitality sector management across the globe.