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Hotel Revenue Optimization Manager

2 months ago

Milwaukee Wisconsin, United States Hyatt Regency Milwaukee Full time
Job Summary:

The Revenue Manager is responsible for identifying and maximizing revenue opportunities for the hotel. This involves providing direction and support to property teams to optimize revenue, profit, and market share through leadership in revenue management processes.

This role requires data analysis and the development of revenue strategies associated with transient and group market mix, segmentation, e-commerce, and sleeping room pricing in accordance with Revenue Management SOPs, strategic plans, and annual operating plans.

The position is responsible for coordinating with the front office team to maximize revenue through effective inventory management, upselling, and sell-out efficiency. It also involves collaborating with Sales and Marketing to provide consultation on strategies for negotiating and booking optimal group and catering business.

The Revenue Manager will manage brand/third-party channels and relationships, analyze revenue reports to make Yield Management decisions, and update respective inventory and rate information directly through the system(s) when necessary.

This role requires strong analytical and problem-solving skills, as well as excellent communication and presentation skills to convey information and ideas clearly to stakeholders.

Responsibilities:
  • Set and manage yield controls to maximize hotel revenue from all distribution channels.
  • Coordinate with the front office team to maximize revenue through effective inventory management, upselling, and sell-out efficiency.
  • Collaborate with Sales and Marketing to provide consultation on strategies for negotiating and booking optimal group and catering business.
  • Manage brand/third-party channels and relationships.
  • Analyze revenue reports to make Yield Management decisions.
  • Update respective inventory and rate information directly through the system(s) when necessary.
  • Perform displacement analysis to support group sales decisions.
  • Place test calls to ensure accuracy of rate quoting restrictions and selling approach.
  • Ensure accurate preparation and analysis of market segmentation reports, production reports, source contribution analysis, daily pick-up reports, and pace summaries.
  • Own the compilation, distribution, and interpretation of sales and revenue data.
  • Analyze and review monthly and weekly STR Report results, understanding gains or losses of RevPAR Index and applying this knowledge to impact and predict future results.
  • Develop, monitor, and adjust group pricing strategies, preferred patterns, and need periods as necessary.
  • Serve as a key contact for questions regarding system use and/or revenue management principles.
  • Engage in the annual BT pricing process.
  • Provide data analysis of production trends and pricing guidance to hotels to ensure alignment to annual revenue goals.
  • Contribute to daily, weekly, and monthly day forecast and annual budget processes.
  • Participate in the monthly financial review, focused on sales revenue and P&L.
  • Represent the hotel by participating in and/or conducting industry functions in the area as applicable.
  • Manage and communicate group cut-off dates.
  • Monitor the status of the hotel throughout the day and adjust any inventory controls that need to be modified through the applicable Revenue System(s) and communicate to the strategy team.
Requirements:
  • High school diploma or equivalent is required.
  • At least 3 years of progressive experience in a hotel or a related field required; or a 4-year college degree in business, statistics, revenue management, or hospitality and at least 1 year of related experience.
  • Knowledge in Microsoft Office Products with a prerequisite in Excel formulating and reporting.
  • Understanding of general hotel operations and the philosophy of yield management.
  • Knowledge of branded or similar PMS system, internet, and travel websites, and industry-specific reports, including Travelclick and STR, desired.
  • Must be able to work with and understand financial information and data and basic arithmetic functions.
  • Must have the ability to assimilate complex information, data, etc. from disparate sources and consider, adjust, or modify to meet the constraints of the particular need.
  • Use critical thinking skills to investigate changes in demand, pace, production, and channel/source contribution to anticipate a response and ensure communication of critical information.
  • Excellent presentation, written, and verbal communication to convey information and ideas clearly.
  • Strong organizational, management, and ability to handle multiple responsibilities at any given time.
  • Approach all encounters with owners, guests, and associates in a friendly, objective, and service-oriented manner.
  • Comply at all times with Aimbridge Hospitality standards and regulations to encourage professional, safe, and efficient operations.