The statement that correctly describes the order of events in the development of elevators is:
After the first elevator was installed for passenger service, hotel and store operators became aware of the commercial advantages of elevating their patrons by machinery.
This statement reflects the sequence of events mentioned in the excerpt, where the installation of the first passenger elevator (likely by Otis in 1857) precedes the realization by hotel and store operators of the commercial benefits of using elevators to transport patrons.