
Download this Thanx-provided, publicly-available spreadsheet to play with the assumptions around restaurant margins as you deem fit. Remember, it was the late arrival of Book Direct (at a cost of billions once hotels finally took the plunge) and the subsequent under-investment in new construction that resulted in first the rise of OTAs and then the window of opportunity for AirBNB — the two largest disruptors the hotel industry had ever seen. Will restaurants be able to overcome the same short-sightedness for the long-term benefit and survival of the category? Download the spreadsheet to explore on your own.