Revenue Manager
3 weeks ago
The Revenue Manager is responsible for leading the hotel revenue strategy. The RM establishes goals and implements tactical efforts, with the goal of promoting revenue growth generation and supporting the hotel's brand positioning. The role is responsible for data quality and analysis, providing gathered intelligence, and recommending revenue strategies to the property teams, as well as corporate and ownership entities. In addition, the role ensures that inventory allocation and pricing parameters are positioned to support the overall revenue goals of the hotels, while assisting all stakeholders in maximizing profit. The role identifies and mentors GM’s in the hotel and provides counsel to other company stakeholders.
Scope of Responsibilities:
- Leads strategic revenue planning and collaborates with all hotel teams to actively seek opportunities to drive incremental profit for the properties.
- Effectively communicates a compelling Total Hotel Profit Optimization vision to all relevant property leaders, fosters Revenue Management Culture within the hotels.
- Leverages Revenue Management analytics, technologies, processes, tools, and training programs to optimize hotel profits.
- Creates short- and long-term forecasts, that yield the best decisions on pricing and yielding tactics
- Participates in the annual budget process and produces long term projections, as required.
- Actively participates in ownership conversations and presentations.
- Monitors relevant economic, market, and competitive set indicators to derive insight-led profit generation strategies.
- Prepares daily, weekly, monthly and quarterly reports for properties and leadership team.
- Maximizes room revenue contribution through a thorough understanding of all booking channels and management of inventory and rates.
- Optimizes pricing, promotions, and availability strategies through definition and management of all rates, rate levels, stay restrictions and other tactics, which are congruent with demand factors to target the most profitable customer segments to maximize profits.
- Directs and manages all channel distribution strategies. Evaluates new business opportunities related to booking channels.
- Collaborate with the Brand Revenue contacts to execute, measure, evaluate and improve digital marketing efforts, to support the hotel strategic marketing plans working within the established budgets.
- Collaborates with Major OTA’s and manages performance reviews with OTA/CTO partners, keeping up-to-date on each partner’s distribution options to ensure optimal display of the hotel.
- System owner for Rate shopping system and hotel specific platforms.
- Oversees content management in all electronic channels, liaises with OTA’s and Brands to ensure regular updates of images and descriptions of hotel, room brands and services are completed.
- Maintains relationships with local market competitors to keep informed of trends and news.
- Motivate, lead, coach and manage all aspects of team members’ performance towards achieving exceptional guest service and employee satisfaction results.
To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodation may be made to enable individuals with disabilities to perform the essential functions:
- Strong communication skills, both verbal and written
- Dynamic can-do attitude
- Strong analytical skills and attention to detail
- Presents a professional and polished appearance
- Effectively deal with GM’s and other team members
- Possessing the trait of being organized and multi-tasking
- Ability to complete work within given deadlines
- Maintain confidentiality of proprietary information and protect company assets
- Minimum 5 years of Revenue Management experience
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