Revenue Management

🏩 Gotham Restaurant in New York City closed permanently after 40 years of operation. In July, its parent company, Gotham Restaurants LLC, filed for Chapter 11 bankruptcy in the Southern District of New York, with nearly $484,000 owed to the New York State Department of Taxation Finance and additional debts to suppliers, credit card and utility companies. A cyberscam in June cost the restaurant $45,000, affecting payroll. The restaurant, known for inventing "tall food," opened in 1984 with Alfred Portale, who left in 2019.

🏨 Atomize, a leader in revenue management, improves hotel RevPAR by 15% on average through real-time, automated pricing recommendations. Mews and Atomize exhibit great synergy, with many properties using both systems. The acquisition allows for fast product development, enhanced support, and powerful, integrated solutions. Hoteliers can anticipate seamless experiences and improved efficiencies. The partnership aligns with visions of digitalization, automation, and efficiency in the hospitality industry, set to redefine industry standards and profit optimization. The collaboration started with Atomize's first integration in 2018. Mews will continue as an open platform, offering diverse revenue management options through Mews Marketplace.

💸 In April 2022, restaurant-related inflation peaked but has since declined, with full-service restaurants experiencing a 4.3% inflation rate and quick-service restaurants a 3.6% rate as of September, as reported by Square. Full-service restaurants have seen inflation rise since the year's start, in contrast to a steady decline in quick-service categories. Over the past seven years, labor costs have surged 73.9% for full-service restaurant employees and 60.2% for those in quick-service restaurants. Square highlights the ongoing operational challenges for restaurants, including balancing increased expenses with customer affordability.

💸 The Consumer Price Index in October increased by 0.2% and is up 2.6% year-over-year. Food costs rose 2.1%, with food prices overall up 2.3% year-over-year in September. Food-away-from-home prices soared 3.8% year-over-year compared to a 1.1% rise for food-at-home. October marked 20 consecutive months where restaurant pricing exceeded grocery pricing, with a 270 basis point gap noted by Kalinowski Equity Research. The U.S. restaurant industry may see 2024 as the worst same-store sales year since 2016.

🏖️ Upmarket Leisure launched Cabana Club at ME Malta on November 4th. Located in St. Julians, part of Zaha Hadid-designed Mercury. Cabana Club, with a 200-cover Mediterranean restaurant, is open daily. Luciano by Gino D’Acampo, 300 seats, and Radio Rooftop arrive in early 2025. ME Malta has 140 rooms, while Mercury Suites features 48 suites and 450 apartments. Upmarket Leisure also reopened Radio Rooftop in London after a £2.5m refurbishment.

📖 Demand Calendar advocates for total revenue management in the hotel industry, encouraging hoteliers to adopt a lean approach with step-by-step implementation. They provide an integrated solution for data consolidation across all revenue streams, emphasizing customer-centric management. Their platform enables proactive data analysis, breaking down silos, and optimizing marketing for profitability. Demand Calendar's vision is to transform hotels' operational strategies to maximize revenue, control costs, and enhance guest satisfaction, thereby increasing profitability and ROI for investors.

💸 In September, inflation rose by a seasonally adjusted 0.2%, with an annual rate of 2.4%. Food prices increased by 0.4%, contributing to a 2.3% year-over-year rise. Food-away-from-home prices saw a 3.9% annual increase and a 0.3% monthly rise, while grocery/supermarket prices were up 1.3% from the previous year. Menu inflation has outpaced grocery prices for 19 consecutive months, with a 260 basis point gap favoring grocery stores in September. According to Circana, 86% of American eating occasions were home-sourced over the past year. Dining out costs four times more than eating at home, affecting restaurant visits and sales.

🏨 The article titled "Important Hotel KPIs to track in the Hotel Industry" lacks specific factual data, such as key facts, dates, locations, numbers, statistical information, or examples. Authored by Suniti Bahl, the article's intent is to educate on critical Hotel KPIs and includes information on analyzing hotel reports to improve performance and staff efficiency. However, no concrete data is provided. The article's URL is https://blog.hotelogix.com/hotel-kpi/, and it was last updated on October 18, 2024, at 04:30:40 UTC.

📈 Utilizing historical data, competitor rates, event schedules, airlift, reviews, weather, and web-shopping behavior, hoteliers can forecast demand and optimize pricing. Cornell University found a 1-point increase in review scores enables an 11.2% price hike while maintaining occupancy. RMS systems like Duetto streamline this data integration for effective revenue management.

🍴 Bret Thorn serves as Senior Food & Beverage Editor for Nation’s Restaurant News and Restaurant Hospitality since 1999, as well as the podcast host of "In the Kitchen with Bret Thorn." He wrote for The New York Sun from 2005 to 2008, worked in Thailand for Manager magazine and Asia Times from 1992 to 1997, and was an ABC News runner during the Tiananmen Square protests in 1989. His reportage has earned accolades, including the 2006 Jesse H. Neal National Business Journalism Award. Thorn, a magna cum laude graduate of Tufts University with a history degree, joined the Disciples d’Escoffier in 2014 and currently resides in Brooklyn, NY.