Balancing Local Ingredients and Cost Effectiveness Menus

By Jeffrey Coyle Director of Food & Beverage, Doubletree by Hilton Denver Tech Center | August 05, 2018

Let's just start by talking about the 22-37-year-old elephant in the room; The Millennial Generation is a product of participation trophies. They feel entitled to a $100k job two days after graduation. They find a date for Saturday night, then a great restaurant to go to, and directions to the closest theater, all within ten minutes of use from their ever-present smart device.

They never had it like us; I walked 8 miles to school through snow in summer uphill both ways. We used school supplies called "pencils." Teachers wrote on "chalkboards." We got a newspaper every three days; we didn't have information that happened 30 seconds ago somewhere on the other side of the world at our fingertips. They will just never understand how easy they have it.

And so on, and so on, and so on.  (Please don't inundate me with emails; this was all meant tongue-in-cheek, of course.)

We've all heard these stereotypes from anyone that grew up when Pearl Jam was just getting started and those that still remember when lemon-colored kitchen appliances were hip. Being hospitality executives, we have maybe even seen examples in front of our very eyes. Our teams are likely populated by members of the millennial generation.

But can anyone deny the buying power of today's pre-30 year old? Or the ability to talk about the most efficient way to find out what is now the hottest trend in, well, anything? I recently needed to find out what a WeWork was; I asked my 29-year old CSM and her twin sister. After a few painful seconds of pointing and laughing, they got me an answer, no Google search needed.

If you and your property execs are sitting at your Tuesday meeting and saying that "they are just not our market," you are watching a lot of revenue head down the street. But there is a lot more to this group than avocado toast with cage-free pasture raised chicken eggs and the local craft IPA with hints of saddle leather. And if you are ignoring those potential revenue-building opportunities, someone else won't be.

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Coming up in October 2018...

Revenue Management: Getting it Right

Revenue Management has evolved into an indispensable area of hotel operations, chiefly responsible for setting forecasting and pricing strategies. Because the profession is relatively new to the hotel and hospitality industries, a clear-cut definition of what exactly Hotel Revenue Management is has only recently emerged - Selling the Right Room to the Right Client at the Right Moment at the Right Price on the Right Distribution Channel with the best commission efficiency. Though the profession can be summed up in a single sentence, that doesn't mean it's easy. In fact, it's an incredibly complicated and complex endeavor, relying on mountains of data from a wide range of sources that must be analyzed and interpreted in order to formulate concrete pricing strategies. To accomplish this, Revenue Managers rely on an array of sophisticated technology systems and software tools that generate a multitude of reports that are central to effective decision-making. As valuable as these current technology systems are, much of the information that's collected is based on past historical trends and performance. What's new is the coming of big, data-driven, predictive software and analytics, which is likely to be a game-changer for Revenue Managers. The software has the capacity to analyze all the relevant data and predict occupancy levels and room rates, maximizing hotel profitability in the process. Another new trend that some larger hotel chains are embracing is an emphasis on Booking Direct. For Revenue Managers, this is another new channel with its own sales and costs that have to be figured into the mix. The October issue of the Hotel Business Review will address these developments and document how some leading hotels are executing their revenue management strategies.