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Director of Revenue Managment

1 month ago

Fort Lauderdale, United States The Las Olas Company Riverside Hotel Full time

*We are a drug-free workplace. Pre-employment screenings and background checks will be conducted for all viable candidates.*

REPORTS TO:                  GENERAL MANAGER

REQUIREMENTS:          

SUMMARY:       

The Director of Revenue will be responsible for maximizing hotel revenue through development and implementation of effective transient/group inventory and pricing strategies based on future demand forecast, current and historical trends. Formulate and deploy transient/group inventory restrictions and pricing strategies to maximize revenue from a RevPAR perspective. Manage inventory at CRS, Internet and GDS. Responsible for rolling forecasting and budgeting.  Consulting with Third Party intermediaries such as Expedia, Priceline, Orbitz and Travelocity to gain maximum exposure and revenue gains for the hotel. Analysis of city events and activities and to project the effect of opportunities they create. Monitor competitive analysis continuously.

ESSENTIAL FUNCTIONS:

Includes the following.  Other duties may be assigned as required.

REVENUE MANAGEMENT:

  • Display the highest level of initiative in steering the Revenue Management effort.
  • Implement KPIs and dashboards to monitor ongoing revenue performance at the portfolio, market, and individual property levels.
  • Develop tools and provide ongoing yield management, statistical, and competitive set analysis.
  • Create models in Excel to facilitate revenue planning and analytical processes.

INVENTORY MANAGEMENT:

  • Manage and maintain group and transient inventory controls and product information in all available distribution channels/reservation sources (onsite, third-party reservation providers, call centers, websites, GDS, etc.)
  • Monitor the inventory multiple times daily.

OTA CHANNEL MANAGEMENT:

  • Continually monitor all pertinent travel related websites to ensure competitiveness in both availability and price
  • Make recommendations regarding competitive third-party pricing on an as needed basis for repositioning.
  • Develop a measurement system to track the effectiveness of all internet initiatives and communicate these results to the hotel revenue team.

PRICING STRATEGY:

  • Monitor and adjust sales and pricing strategies. Ensure current selling strategies are accurately implemented in all areas.
  • Analyze pricing and inventory strategies for group, wholesale and transient segments designed to maximize RevPAR.
  • Conduct ongoing competitor price/product analyses to ensure proper rate positioning/product offering relative to competition and updating all systems of high demand dates. Oversee the retail and discount price positioning daily.
  • Actively participate in annual pricing decisions for transient, group, and wholesale segments. 
  • Oversee the negotiation on contracted crew business.

STRATEGY REPORT:

  • Provide data, research, and analytical support for sales, marketing, and reservations initiatives.
  • Create individual reporting schedules and presentations based on the needs of the executive team, operations, or external stakeholders.
  • Provide ad-hoc financial and operational analysis to support shared services and property operations' future growth or reinvestment strategies.
  • Maintain historical statistical data from all distribution channels, in all market segments.
  • Develop and integrate measurement reporting systems necessary for effective decision making. 

COMMUNICATION:

  • Update/process/generate/distribute daily, weekly, and monthly revenue management reports including Weekly Demand Strategy Meeting minutes, Forecast, Pace etc.
  • Make recommendations, negotiate contracts, and lead implementation and maintenance of best-in-class revenue management systems.

STRATEGY MEETINGS:

  • Facilitate Weekly Sales and Revenue Strategy meetings.
  • Partner with property operations leaders to identify operational inefficiencies and develop strategies to maximize profitability and long-term asset value.
  • Attend Networking events weekly to increase hotel exposure and increase new business.

GROUP STRATEGY:

  • Work with the hotel DOSM and hotel team to establish strategies to increase revenue per visit.
  • Use group evaluator models to ensure no displacement of revenues.

FORECASTING & BUDGETING:

  • Develop a deep understanding of each asset class and provide analysis based on budgeted, forecasted, and prior period results.
  • Actively participate in budgeting and business planning for the Rooms department. 
  • Contribute to the financial success of the hotel via participation in annual budgeting and sales and marketing plan process.

SYSTEMS MANAGEMENT:

  • Manage and maintain Revenue Management system.
  • Under the guidance of the General Manager, assist in the recommendation and implementation of Revenue Management programs and new technologies at the hotels.
  • Make changes as needed to the Hotel Web Site.

PHYSICAL REQUIREMENTS:

While performing the duties of this Job, the employee is regularly required to sit; use hands to finger, handle, or feel; reach with hands and arms and talk or hear.

The employee must frequently lift and/or move up to 10 pounds.  Specific vision abilities required by this job include close vision and the ability to adjust focus. The noise level in the work environment is usually quiet.

EQUIPMENT USED:                      

Computer, Fax machine, Scanner, Phone and others.

EEO/M/F/V/D