Revenue Manager

POSITION SUMMARY

Responsible for maximizing revenue and profit associated with rooms and catering in Transient, Contract, Group and Catering segments. The Manager is a hotel’s first point of contact for revenue management support and leads weekly sales strategy meetings and maintains relationships with key stakeholders at hotel level; recommending and maintaining pricing, positioning and the management of inventory for rooms and function space. This role drives the rooms projections and communicates at hotel level as appropriate. Utilizes tools and resources to ensure recommendations provided to sales strategy teams are based on market conditions, comp set pricing, demand, booking pace and other relevant supporting data. Monitors daily transient and group transactions for significant changes and ensures rates and restrictions are optimized in all channels through a seasonal KDATE strategy. 

SCOPE

This role could be responsible for supporting the Director of a single or multi-property set up, or within a Cluster / Market team managing designated hotels.

EXPECTED CONTRIBUTIONS

KEY RESPONSIBILITIES:

Managing Revenue Management Priorities and Strategy

• Provides Revenue Management functional and business evaluation expertise to designated hotel(s).
• Responsible for defining and communicating the Transient, Group and Catering strategies and evaluating all group sales opportunities in partnership with Sales. 
• Conduct analysis required to maximize room revenue and profit, ensuring timely and optimal response to all sales leads. 
• Leverages One Yield functionality to maximize room revenue and profit. 
• Ensures full Revenue Management system and Revenue Management tool adoption to drive revenue & profit opportunities.
• Ensures sales strategies and rate restrictions are communicated proactively, implemented and modified in line with seasonal and market fluctuations.
• Ensures hotel strategies conform to brand philosophies and initiatives.
• Analyzes reports and available information to make long-term pricing recommendations with brand initiatives as a key focus.
• Develops and implements with the General Manager and Sales Strategy Team, strategies that will maintain and/or increase the hotel’s RevPAR
• Critiques property performance weekly/monthly for Transient, Group & Catering segments for assigned hotels(s)
• Analyzes competitive performance through the use of market share tools and make recommendations to the hotel.
• Prepares sales strategy meeting agenda, recommendations and supporting documentation.
• Conducts weekly Sales Strategy meetings with General Manager and key property staff to educate and evaluate pricing and inventory strategies
• Prepares, communicates and critiques weekly and monthly rooms projections.
• Responsible for accurate execution of inventory management tasks.
• Ensuring that strategy recommendations/changes are implemented & executed in a timely manner.
• Ensures that all rates are loaded correctly and in a timely manner and selling through all relevant distribution channels.
• Manages the execution and communication of all Transient promotions.
• Use demand forecast and relevant data points to determine, implement and control selling strategies.
• Checks distribution channels for hotel positioning, placement, rate parity and information accuracy. 
• Ensures compliance and participation in company promotions and digital channels.
• Understands the working relationship between revenue management, sales, reservations and property management systems.
• Executes eChannel/on-line travel agent (OTA) strategies.
• Supports and executes activation of regional or brand promotions as required.
• Evaluates and executes special events and holiday strategies. 
• Monitors and analyzes STR market share performance.
• Uses AI-supported insights to strengthen decision-making, communication recommendations and hotel communication. 

Building Successful Relationships

• Serves as the liaison, when necessary, between property and regional/corporate systems support.
• Develops and manages hotel level key stakeholder relationships in a proactive manner.
• Develops and utilizes productive interpersonal and communication skills. 

CANDIDATE PROFILE 

Education & EXPERIENCE

• 2-year degree from an accredited university in Business Administration, Finance and Accounting, Economics, Hotel and Restaurant Management, or 2 years experience in the revenue management, sales and marketing, or related professional area.
• Previous experience in a Revenue Management role is preferred but not essential. 

SKILLS & KNOWLEDGE

• Meeting the Needs of Key Stakeholders - Understanding and meeting the needs of key stakeholders (hotel leadership teams, owners, corporate, guests, etc.).
• Demonstrating Leadership - Utilizing interpersonal and communication skills to lead, influence, and encourage others; advocates sound financial/business decision making; demonstrates honesty/integrity; leads by example.
• Demonstrating Knowledge - Demonstrating knowledge of job-relevant issues, products, systems, and processes.
• Developing Objectives and Strategies - Establishing long-range objectives and specifying the strategies and actions to achieve them.
• Executing on a Strategy - taking a predetermined strategy and driving the execution of that strategy.
• Communicating Information Timely - Informing and/or updating the executives, the peers and the subordinates on relevant information in a timely manner.
• Generating and Delivering Accurate and Timely Results - Generating and providing accurate and timely results in the form of reports, presentations, etc.
• Making Decisions and Solving Problems - Analyzing information and evaluating results to choose the best solution and solve problems.
• Analytical/Critical Thinking - The ability to gather and organize information using a logical and systematic process; recognize patterns and relationships in complex data; examine data to identify implications, problems and draw appropriate conclusions; generate alternative solutions to problems; evaluate strengths, weaknesses and consequences of alternative solutions and approaches to solving problems.
• Intermediate Computer Skills – Utilizing the internet for job related search and information. Intermediate or higher mastery level of Microsoft Excel. 
• Job Specific Computer Skills - MARSHA, Opera S&C, HPP, eFast, MINT, One Yield, MS Office applications.
• Oral Comprehension - The ability to listen to and understand information and ideas presented through spoken words and sentences.
• Writing - Communicating effectively in writing as appropriate for the needs of the audience.
• Mathematics - Using mathematics to solve problems. The ability to add, subtract, multiply, or divide quickly and correctly.
• Developing Others – Participate actively in the development and training of team members / peers to grow skill set and future pipeline talent. 

LEADERSHIP COMPETENCIES (Red Band)

Leadership

• Adaptability - Maintains performance level under pressure or when experiencing changes or challenges in the workplace. 
• Communication - Conveys information and ideas to others in a convincing and engaging manner through a variety of methods.
• Problem Solving and Decision Making - Identifies and understands issues, problems, and opportunities; obtains and compares information from different sources to draw conclusions, develop and evaluate alternatives and solutions, solve problems, and choose a course of action.
• Professional Demeanor - Exhibits behavioral styles that convey confidence and command respect from others; makes a good first impression and represents the company in alignment with its values.

Managing Execution

• Building and Contributing to Teams - Actively participates as a member of a team to move the team toward the completion of goals.
• Driving for Results - Sets high standards of performance for self and/or others; assumes responsibility for work objectives; initiates, focuses, and monitors the efforts of self and/or others toward the accomplishment goals; proactively takes action and goes beyond what is required.
• Planning and Organizing - Gathers information and resources required to set a plan of action for self and/or others; prioritizes and arranges work requirements to accomplish goals and ensure work is completed.

Building Relationships

• Coworker Relationships - Interacts with others in a way that builds openness, trust, and confidence in the pursuit of organizational goals and lasting relationships. 
• Customer Relationships - Develops and sustains relationships based on an understanding of customer needs and actions consistent with the company’s service standards.
• Global Mindset - Supports employees and business partners with diverse styles, abilities, motivations, and/or cultural perspectives; utilizes differences to drive innovation, engagement and enhance business results; and ensures employees are given the opportunity to contribute to their full potential.

Generating Talent and Organizational Capability 

• Organizational Capability - Evaluates and adapts the structure of own assignments and suggests improvements to work processes to best fit the needs and/or support the goals of an organizational unit.
• Talent Management - Provides support and feedback to help individuals develop and strengthen skills and abilities needed to accomplish work objectives.

Learning and Applying Personal Expertise

• Applied Learning - Seeks and makes the most of learning opportunities to improve performance of self and/or others.
• Business Acumen - Understands and utilizes business information to manage everyday operations.
• Technical Acumen - Understands and utilizes professional skills and knowledge in a specific functional area.
  • Revenue Management - Knowledge of revenue management concepts, processes and strategies such as average daily rate, revenue per available room, sales cycles and trends, account management, pricing and inventory management. Skill in using a Yield Management system and interpreting pricing and inventory reports. 
  • Analysis - The ability to analyze and summarize detailed data to make inferences and recommendations. Included is the creation and maintenance of spreadsheets for storing data.
  • Research - Skill in collecting information from a variety of sources relating to market data, historical cycles, travel and tourism trends, and real estate market dynamics. The ability to know when to seek additional information and where to look to find it.
  • Inventory Management - The ability to manage rooms and function space restrictions and thresholds using systems or manually in order to maximize revenue/profit across all segments.
  • Computer Skills - The willingness to learn and ability to use computer systems and software packages to input, access, modify, store, or output information or to execute programs and analyses. This includes the ability to enter and retrieve data from computer systems using a keyboard, mouse, or trackball.
  • Economics and Finance - Knowledge of economic principles and practices, P&L statements, operating budgets, forecasting and scheduling, and the reporting of financial data.
  • Sales and Marketing - Knowledge of sales and marketing concepts including principles and methods for showing, promoting and selling products or services as well as marketing strategies and tactics.
• Basic Competencies - Fundamental competencies required for accomplishing basic work activities.
  • Basic Computer Skills - Uses basic computer hardware and software (e.g., personal computers, word processing software, Internet browsers, etc.).
  • Mathematical Reasoning - Demonstrates ability to add, subtract, multiply, or divide quickly, correctly, and in a way that allows one to solve work-related issues.
  • Oral Comprehension - Demonstrates ability to listen to and understand information and ideas presented through spoken words and sentences.
  • Reading Comprehension - Demonstrates understanding of written sentences and paragraphs in work-related documents.
  • Writing - Communicates effectively in writing as appropriate for the needs of the audience.