In some cases surgery is recommended to rid the hips of the bony spurs, this however should be a last resort. Changing activities in order to avoid movements that place unwanted stress on your hips will allow them to rest and heal, during this time certain exercises can be introduced to increase strength around the hips, upper legs, groin and abdomen. It is key to work on improving posture to provide long term pain relief.
A combination of rest, ice, anti-inflammatories and exercise is the most beneficial for bursitis. Rest and ice will help to reduce the pain around the joint. Once the pain has subsided, controlled stretching of the glutes and ITband along with some strengthening exercises for the glutes and outside of the upper thigh will help to support the joint long term.
Fortunately not all labral tears require surgery, it can occasionally be managed through relative rest (avoiding painful activities), selective stretches and strengthening exercises and anti-inflammatory medication. If this does not prove to be successful however, surgery should be considered.