article thumbnail

Cost and Effect: The Role of Value Engineering in Restaurant Construction

Modern Restaurant Management

How value engineering can be a restaurant construction solution in the face of rising prices and unpredictable supply chains. As the prices of construction materials skyrocket due to rising inflation and supply chain woes, budgeting for commercial development has become significantly more challenging. Talk the Talk.

Budgeting 208
article thumbnail

Proven Process to Turn Troubled Restaurant Construction Projects Around

Modern Restaurant Management

Construction projects always begin with success in mind. Don’t let time go by if you find your construction project stalled, stuck, or otherwise troubled. Given your construction project is already delayed, formulating another “team” to handle the triage process might seem like a waste. Analyze Costs.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

25 business tips for 2025

Hospitality Magazine

Prices are up across the board wages, energy, you name it. However, more importantly, you need to keep the product you are offering at a good quality and at a fair price. Support wellbeing through tangible actions such as nutritious meals, regular check-ins, public recognition, and constructive private feedback.

Marketing 257
article thumbnail

Dynamic Pricing Dilemma: How Close Are Hotels to Perfect Competition?

Revenue Hub

Perfect competition is a term used in economics to describe a market structure where many buyers and sellers interact without any restrictions, and prices reflect the actual supply and demand dynamics. The industry is characterized by its diverse pricing and services and the advanced technological tools used to set those prices.

Pricing 109
article thumbnail

Extended Stay America Debuts First New Construction Premier Suites in Tennessee

Lodging Magazine

CHARLOTTE, North CarolinaExtended Stay America, the leading mid-priced extended stay hotel brand in the United States, announced today the opening of the Extended Stay America Premier Suites Nashville – Smyrna, located outside Nashville, Tennessee. RREAF Holdings developed the property, which will be managed by McNeill Hotel Company.

Pricing 52
article thumbnail

Things That Go Bump in the Night for Restaurant Owners

Modern Restaurant Management

Cost of Building Replacement and Inflation Costs of building materials and construction have increased every month in 2024. While the rise in construction prices has many confounding factors, it does illustrate how inflation impacts insurance costs.

article thumbnail

Starting a New Hotel: From Groundwork to Guestbook

Hotelogix

From selecting the right location to managing construction and hiring staff, the pre-opening phase is about laying the groundwork. Integrate Your Rates and Inventory : Managing multiple OTA platforms manually can quickly become overwhelming, leading to errors like double bookings or inconsistent pricing.

Book 130