TWVC | Hospitality

F&B Report – June 2026

F&B Analysis & Promo Opportunity

TWVC Hospitality
Food & Beverage Review

The Grainhouse · The Lodge · The Sand Bar · Ted's Backyard Patio — Windsor, CO. NorthStar menu-mix, Jan 1 – Jun 4, 2026.

Prepared for
Tyler Lind & Matt Stephens
Prepared by
Everett Bowes
Date
June 2026
The engagement

Five months, four venues, one P&L lens.

$2.46M
Combined revenue across the group
4
Distinct hospitality concepts
155
Days in the window (Jan 1 – Jun 4)
228K
Units sold across all venues

Source: NorthStar "Menu Mix" pulls, single-location, verified non-overlapping. All margin figures are contribution margin (price − food/pour cost) — no labor, overhead, comps, or waste.

Before the numbers

How to read this report.

  • Margins are contribution only

    Every margin figure is price minus food or pour cost. Labor, overhead, comps, and waste are not included — these are gross product margins, not net profit.

  • The Lodge is running blind

    93% of Lodge revenue has no recipe cost loaded. Treat its revenue, mix, and daypart as solid — and its margins as unknown until Ops loads costs.

  • There are no check counts

    This data has no guest or check counts, so there is no true average check or attach rate. Revenue share and per-item averages are used as proxies throughout.

  • Each venue stands alone

    Evaluate each concept on its own merits, against its own category benchmarks — not against its siblings. Promo ideas here are opportunity-level concepts, not finished campaigns.

01 — The Group

Four concepts, four growth levers.

One thing is true everywhere: beverage is the margin engine. Liquor runs 8–14% cost, beer ~20%, wine 18–20%.

Combined revenue · Jan – Jun 2026
$2.46M
Across four venues in 155 days.
$894K
The Grainhouse
$731K
The Lodge
$591K
The Sand Bar
$245K
Ted's Backyard Patio
The group at a glance

Scorecard.

MetricGrainhouseThe LodgeSand BarTed's
Revenue$893,952$730,720$590,654$244,832
Revenue / day$5,767$4,714$3,811$1,580
Units sold89,69538,07973,83927,101
Food : Beverage51:4969:3141:5980:20
Blended FC%24.5%2.7%*19.8%18.5%
Revenue uncosted3.8%93.1%10.4%5.7%
Menu / dead items451 / 111554 / 241389 / 91190 / 47
Daypart profileBalanced92% DinnerDinner-ledOwn dayparts

*The Lodge's blended FC% is fiction — 93% of revenue is uncosted. Treat Lodge revenue & mix as solid; margins as unknown.

The thesis

Each concept needs a different play.

The Grainhouse
Frequency

Already the engine. Reward repeat visits and shift mix toward the high-margin bar — defend the base, don't chase acquisition.

The Lodge
Daypart whitespace

92% dinner at a high-check steakhouse. Lunch and brunch are the single biggest growth lever in the portfolio — once costs are loaded.

The Sand Bar
Off-peak + food attach

A proven drinking crowd with a thin brunch and low food attach. Fill the empty chairs and get more plates onto bar checks.

Ted's Backyard
Beverage attach + traffic

Fat margins and underdeveloped drinks at a concept with a taphouse on the floor. The cheapest play in the group to fund.

The Grainhouse
02 — The Grainhouse

The most complete operation in the group.

Highest grossing, balanced between kitchen and bar, and 96% cost-loaded — so its numbers are trustworthy.

The Grainhouse · revenue
$894K
Highest revenue, most balanced book.
$5,767
Revenue per day — highest in group
89,695
Units sold
24.5%
Blended food cost · only 3.8% blind
Where the money comes from

A near-even split, carried by a high-margin bar.

Revenue mix
Food$446,724 · 50%
Beverage$431,149 · 48%
Non-F&B$16,079 · 2%

Beverage detail — Beer 20% FC · Liquor 14% FC · Wine 18% FC. The bar carries nearly half of revenue at excellent cost.

Daypart
Dinner$571,817 · 64%
Lunch$228,840 · 26%
Brunch$93,294 · 10%

Balanced enough that off-peak isn't the urgent lever here.

By category

Entrées and the bar lead; fried apps drag margin.

CategoryRevenue% RevFC%
Alacarte — Entrée$243,53827%29%
Alacarte — Beer$202,35123%20%
Alacarte — Liquor$191,45421%14%
Alacarte — Appetizer$138,69816%33%
Alacarte — Kids$33,6154%27%
Alacarte — Soup / Salad$23,3633%34%
Alacarte — Wine by Glass$18,8392%18%
Alacarte — N/A Beverage$18,3552%10%
Volleyball Revenue (mis-mapped)$11,9101%99.7%

The "Volleyball (Beer League)" line is a league/fee item mis-categorized as F&B — re-map it out so it stops polluting food numbers.

Top sellers

The bar is the star engine.

ItemRevenueUnitsFC%
BBLT Burger$26,3131,63832%
Turkey Melt$24,7791,55231%
Coors Light $24,1433,44914%
Juicy Bit IPA $22,9842,87319%
Nashville Hot Chicken$21,1811,30033%
Cheese Curds $18,9301,23529%
Mich Ultra $18,7952,68516%
Tito's $18,6322,32916%
Blackberry Marg $17,8751,62516%

Stars — high volume and strong margin. Five of the nine top sellers are high-margin bar items.

Margin repair

Wings and fried apps are the margin drag.

A cluster of high-volume items runs well over benchmark. The appetizer category overall sits at 33% food cost. Reprice, re-portion, or bundle — the pattern is consistent and fixable.

Cowboy Melt 35% Chicken Wings 38% HH 12 Wings 44% HH 6 Wings 47% Hillbilly Chili 47% Basket of Fries 44%

Core opportunity: it's already winning — so the play is frequency, mix-shift to the high-margin bar, and margin repair, not acquisition.

Marketing — protect & compound

Retention, frequency, and a nudge toward the bar.

Promo 01

"Regulars" loyalty

Highest-traffic concept means the best ROI on a visit-based rewards program. Reward repeat visits — the data supports it as the retention engine.

Promo 02

Bar-forward feature

A rotating signature cocktail / craft-beer flight spotlighting the 14–20% FC stars — Blackberry Marg, Juicy Bit — steering guests toward high-margin beverage.

Promo 03

"Wings + Beer" bundle

Pair high-FC wings with a high-margin beer so the blended ticket margin improves even when wings stay popular. Or re-portion and consolidate the HH variants.

The Lodge
03 — The Lodge

The high-roller, operating almost blind.

Highest average ticket and a powerful steak program — but 93% of revenue has no recipe cost loaded.

The Lodge · revenue
$731K
Second-highest revenue — on a steak program we can't yet cost.
$4,714
Revenue per day
38,079
Units sold
93.1%
of revenue uncosted (blind)
Two structural problems

What defines the Lodge right now.

01 — Dinner-only by default

$674.6K of $730.7K (92%) is dinner. For a venue with this average check, that's enormous unused capacity. The lunch/brunch whitespace is the biggest single growth opportunity in the group.

02 — Menu sprawl & open keys

554 menu items — the largest in the group — with 241 low-movers worth $28K, plus generic "Open Food" ($23K) and open-liquor keys. Open keys can't be costed by definition: a margin-control and theft-risk blind spot.

Where the money comes from

Food-led, dinner-locked.

Revenue mix
Food$496,916 · 69%
Beverage$226,104 · 31%
Non-F&B$7,700 · 1%

Even the bar is mostly uncosted: liquor 81% blind · wine 78% blind · beer 68% blind.

Daypart
Dinner$674,603 · 92%
Brunch$28,300 · 4%
Lunch$27,817 · 4%

The 8% of midday revenue is the largest untapped lever in the portfolio.

By category & top sellers

A steak program, mostly uncosted.

CategoryRev% Rev
Food (steaks/entrées)$474,37365%
Liquor$121,20717%
Wine by Glass$50,7367%
Wine by Bottle$25,0673%
Beer$18,1592%
Dessert$17,1332%

FC% withheld — the category is cost-blind.

Top sellerRevUnits
PYC Filet$48,4651,077
PYC NY Strip$31,056647
PYC Ribeye$30,420468
Old Fashioned$25,6101,829
Pasta Sirloin$25,536623
Open Food $23,199445

All uncosted — margin unknown. "Open Food" can't be costed by definition.

The defining issue

Costing hygiene, before anything else.

Virtually the entire steak program, plus most wine and liquor, has no recipe cost loaded. Several liquors even ring at 100% FC — cost was entered equal to price. The menu has ~4×'d from a right-sized baseline of 124 to 554 items.

93% uncosted Mis-costed liquor @ 100% FC 241 dead items · $28.4K "Open Food" $23K Open-liquor keys

Build the demand engine now — but hold the spend until Ops loads costs. Make the cost-load the trigger.

The Lodge Where Marketing and Ops have to move together
Marketing — experience, not discounts

Open the midday, sell the occasion.

Promo 01

Lunch / brunch launch

92% dinner = massive unused midday capacity at a high-AOV venue. A steakhouse "power lunch" prix-fixe and/or weekend brunch — after costs are loaded.

Promo 02

High-AOV experience

Wine-pairing dinners, seasonal features around the $48K Filet program, chef's table. Upscale concepts grow on occasion, not price cuts.

Promo 03

Occasion capture

A date-night / anniversary reservations engine. The "Valentine" item already shows event demand converts. Do not run BOGO/discount mechanics here.

The Sand Bar
04 — The Sand Bar

A well-run bar with a grill attached.

Beverage is 59% of revenue at excellent margins. Heavily dinner-weighted, with room off-peak.

The Sand Bar · revenue
$591K
A proven drinking crowd, well margined.
$3,811
Revenue per day
73,839
Units sold
19.8%
Blended food cost · 10.4% blind
Where the money comes from

Beverage-led, with a solid supporting kitchen.

Revenue mix
Beverage$344,440 · 58%
Food$238,611 · 40%
Non-F&B$7,602 · 1%

Beverage detail — Beer 20% FC · Liquor 13% FC · Wine 20% FC.

Daypart
Dinner$362,159 · 61%
Lunch$170,098 · 29%
Brunch$58,396 · 10%

Brunch is just 10% — the clearest off-peak opening.

By category

Beer and liquor lead; pizza is half-blind.

CategoryRevenue% RevFC%Blind
Alacarte — Beer$163,82428%20%10%
Alacarte — Liquor$149,41725%13%8%
Alacarte — Entrée$123,92221%22%3%
Alacarte — Appetizer$54,0379%26%10%
Alacarte — Wine by Glass$26,3404%20%11%
Alacarte — Soup / Salad$20,6804%27%14%
Alacarte — Pizza$18,2143%16%40%
Alacarte — Kids$10,7642%22%0%

Load pizza recipe costs (40% blind), fix or drop the high-FC salads, and trim 91 dead items ($4.4K).

Top sellers

House spirits print money.

ItemRevenueUnitsFC%
Breckenridge Vodka (Well) $41,9935,9997.6%
Tito's $23,7042,96314%
Chicken Wings$20,72494229%
Coors Light $20,1534,03020%
Sandbar Classic Burger $17,0521,21821%
Sun Cruiser $16,5952,37022%
Fairway French Dip $13,17617%

Stars — well spirits, domestics, and two food anchors. Margin leaks: Southwest Eggrolls 38% · Cobb Salad 42%.

Marketing — fill the empty chairs

Brunch occasions and food-with-drinks attach.

Promo 01

Boozy brunch

Brunch is just 10% ($58K). Bottomless mimosas and a build-your-own Bloody bar — beverage is the house strength and high-margin.

Promo 02

Food attach

Shareable apps and "drinks + plate" bundles to convert beverage-led visits into food-and-beverage checks.

Promo 03

Well-cocktail features

Push the ultra-high-margin house spirits — Breckenridge Well at 7.6%, Sun Cruiser — as named summer cocktails. Nearly pure contribution.

Ted's Backyard Patio
05 — Ted's Backyard Patio

Best unit economics in the group.

Newest concept, mid-teens food cost — roughly 83–85¢ of every dollar is contribution. Lean, disciplined menu.

Ted's · revenue
$245K
Smallest top line, fattest margins.
$1,580
Revenue per day
27,101
Units sold
18.5%
Blended food cost · best in group
Where the money comes from

A burger concept with a structurally thin bar.

Revenue mix
Food$195,969 · 80%
Beverage$48,758 · 20%

Beer is only 10% of total revenue (22% FC) — odd for a concept with a taphouse on the floor. Liquor 10% FC.

Daypart (Ted's own)
Weekday$138,342 · 57%
Dinner$72,762 · 30%
Brunch$33,594 · 14%

Beverage share barely moves by daypart (15–23%) — the low mix is structural, not a daypart artifact.

Top sellers

Smash-burger meals are textbook stars.

ItemRevenueUnitsFC%
Classic Smash Burger Meal $26,4362,20315%
Jalapeño Bacon Meal $17,55017%
Backyard Burger Meal $16,92616%
Western Burger Meal$12,43216%
Buffalo Chicken Meal$7,51416%
Figgy Smash Meal$7,41016%
Cookies & Crème Milkshake$7,2721,21228%

Burger meals all run ~15–17% FC. Beer lineup is deep (45+ SKUs) but pitchers are effectively dormant (1–2 units all period).

The cleanest play in the group

Beverage attach, nearly free to fund.

Beverage is dramatically underdeveloped — 20% of mix, beer just 10% — at a burger concept with a taphouse on the floor. Burgers and beer, shakes, and sodas are natural pairs, and drink pour costs run just $0.09–$1.70. Every incremental cover is almost pure contribution.

Goal: beverage mix > 20% Goal: beer > 10% Youngest brand = most marketing-elastic
Marketing — trial, traffic, attach

Lead with "Drink's On Me."

Promo 01 · in development

"Drink's On Me"

A summer, all-ages beverage push — free shakes/sodas/teas with meals, a free first beer, a "Backyard Bucket" of domestics, revived pitchers, and a signature Ted's cocktail.

Promo 02

Awareness & traffic

Youngest brand, most marketing-elastic — reach and trial are the constraint, not conversion. Fat margins make each incremental cover nearly pure contribution.

Promo 03

Beer-as-experience

Flights (none offered today — odd for a taphouse), rotating taps, and shareable buckets/pitchers to lift the whole concept's beverage attach.

06 — Across the Group

What's true everywhere, and where to act first.

Cross-cutting

Four things that apply to all four venues.

01
Beverage is the margin engine

Liquor 8–14% FC, beer ~20%, wine 18–20%. Beverage-forward promos are cheap to fund and accretive almost everywhere.

02
Costing hygiene is the #1 risk

The Lodge is the extreme, but every venue has blind pockets — Sand Bar pizza 40%, Grainhouse dessert 74%, Ted's wine-by-bottle 95%.

03
Clean the phantom lines

Volleyball, concessions, simulator, gift cards, banquet lines — re-map out of core F&B so category margins aren't distorted.

04
Colorado is promo-friendly

No special happy-hour restriction; drink specials and food+drink combos are permitted. Dram-shop rules and the 2 a.m. cutoff still apply.

Where to act first

A sequence, not a to-do list.

One data fix gates the biggest lever — so it goes first. The rest are ordered by cost-to-fund against upside.

  1. 01Load Lodge costsUnblocks the portfolio's biggest single lever. The trigger for everything Lodge.
  2. 02Open Lodge middayPower lunch + weekend brunch at a high-check venue — once costs read.
  3. 03Ted's beverage push"Drink's On Me" + awareness. Cheapest to fund, most elastic brand.
  4. 04Sand Bar off-peakBoozy brunch + food attach to a proven, well-margined crowd.
  5. 05Grainhouse loyaltyFrequency + bar mix-shift. Defend the engine; repair wing margins.
Read these alongside every number

Global caveats.

  • Lodge margins are provisional

    Every Lodge profitability statement is provisional until recipe costs are loaded.

  • No guest or check counts

    No true average check or attach rate exists — revenue share and per-item averages are proxies throughout.

  • Contribution margin only

    Price minus food/pour cost. No labor, overhead, comps, or waste are included.

  • Verified, non-overlapping source

    NorthStar Menu-Mix exports, single-location. An earlier batch that double-counted across files by 126% was discarded.

The takeaway

Strong book. Clear levers.
One data fix gates the biggest one.

$2.46M across four healthy concepts, each with a distinct play. Beverage carries the margin everywhere. Load the Lodge's costs and the largest growth lever in the portfolio opens up.

— Everett Bowes
ebowes@watervalley.com