David,
I don't think that today’s challenges are any different then they were 10 years ago. The key to having a successful business in the hospitality industry is providing value and great service. Value comes at all price points. One of my favorite restaurants in the Farringdon House. They are offering a three course dinner for $45.00 a person. To me this is a great value because it's a 5 diamond restaurant. The food and service is always excellent. At the same time, I can go and spend $15.00 on a steak at a local chain restaurant and feel that I have overpaid for my meal because the steak wasn’t great and the service was inefficient. Value is in the wallet of the person footing the bill. Great service can be determined by everyone at the table.