posted March 14, 2024

Director of Revenue Management

Compensation: N/A

Job Description

Requisition Title: Director of Revenue Management

Overview:
The Director of Revenue Management is responsible for identifying and maximizing all potential revenue opportunities for the hotel.  In today’s lodging environment, understanding channel and yield management is critical for maximizing revenues. The Director of Revenue Management is responsible for formulating long and short-term Revenue Management strategies and for overseeing their successful execution towards the advancement of RevPAR market share. This includes the analysis of revenue potential generated by the transient and group market segments as well as the market segmentation within transient and group. One will combine this with catering and space utilization as well as other revenue considerations to determine the appropriate mix of business to achieve revenue potentials every day of every year.   The candidate will be able to lead and be a resourceful team member that can personally do all aspects of the job. 

Requirements:

Education

• Bachelor’s degree or equivalent in Hotel/Hospitality Management or closely related business field.

Other Experience and Skills

• Previous managerial experience in luxury hotel/resort revenue management and reservations.
• Familiarity with SABRE Synxis, TravelClick/IHotelier, Duetto, Navis, and Opera. 
• Possess a good command of the English language and ability to communicate with others clearly and pleasantly, both in person and by telephone.
• Thorough knowledge of hotel services and facilities.
• Flexible and long hours sometimes required.

Revenue Management Skills and Experience

• At least 5 years of experience in Hotel/Resort Revenue Management discipline.
• Must have high level of proficiency in Excel, Word, and PowerPoint.
• In-Depth knowledge of all Hotel industry revenue reports such as STR, Agency 360, Demand 360, etc.
• Must be able to understand and evaluate complex information, data, etc. from various sources to meet appropriate objectives.
• Must have an ability to compile, track, and analyze trends, communicate them to stakeholders, and provide strategy to optimize performance.
• Assist the General Manager in establishing the resort's prominent position within the competitive market.
• Must have an innovative entrepreneurial approach to drive RGI growth results at an independent property in a comp set with majority large luxury brands.
• Ability to be creative and quickly adjust strategy and flexibility to ensure market share achieved.
• Establish hotel pricing levels in all segments. Perform unconstrained demand analysis to determine optimal business mi
• Maintain room inventories and rate restrictions through all distribution channels while ensuring rate parity. Constant evaluation of channel distribution and improved performance opportunities. Responsible for the daily room inventory management process and daily pricing process.
• Monitor competitor rates, positioning, strategies and data; maintain understanding of the dynamics of the local market and demand generators and present appropriate action plans to management and implement.
• Monitor and communicate fluctuations in occupancy to operational departments so they can effectively manage staffing requirements and increase operational
• Understand the macro and micro-economic variables affecting supply and demand in the local marketplace and use this knowledge to create accurate operational and financial room revenue forecasts.
• Must be detail oriented to demonstrate a high level of reporting on a consistent basis. Responsible for all short- and long-term forecasts including Weekly Forecasts, 30 60 90 Forecasts, In the month forecasts, and Full year forecasts and budgets.   Month end reporting to include detailed analysis.   If necessary, complete action plans for the property to follow to create additional production/revenue.
• Oversee process for evaluating all opportunities for contracted business (group, wholesale, corporate negotiated, etc.) presented through the Sales department. Ensure that process enables high speed of response while maximizing profits.
• Chair weekly Revenue Strategy meetings to formulate and disseminate strategies and tactics. Ensure that prior decisions are re-visited in this forum to evaluate their effectiveness and promote learning.
• Be integral role of meetings with DOSM and Sales team in business evaluations and rate strategy. Communicate and monitor Hotel strategies are implemented during the Group Pick-Up Meeting with Sales and Conference Services teams.    
• Review strategy and volume account production with Leisure Sales Manager and Director of Sales. Engage in weekly/monthly calls to implement initiatives to drive Leisure Sales segment production.  
• Oversee production and efficiency of the Reservations Department, offsite/overflow call center, and call conversion success. Ensure team is equipped with tools and skillsets to ensure accuracy of rate quoting, restrictions, and overall selling approach.
• Maintain and enhance agents’ skillsets to increase bookings through leadership.
• Support and lead the Reservations Manager with a hands-on approach in ensuring appropriate staffing levels maintained, effective training conducted, and maintaining rate parity for the Hotel.
• Responsible for the revenue management and reservations software programs which contribute to the management of rooms revenue. Ability to build and audit and understand all rate plans/codes and system mapping for connectivity and revenue production.
• Develop and maintain a close relationship with the market manager of Third-Party Intermediaries to maximize the opportunities with these channels. Maintain and report out on hotel production, positioning and promotions on OTA sites.
• Develop and maintain relationships with other market Directors of Revenue to create a network of peers in your community

Leadership Skills

• Must be a team player and willing to also do the daily job duties independently when required.
• Must have a high level of flexibility to adapt to an ongoing changing environment and support other areas of the hotel as needed.

• Must be effective at listening to, understanding, and clarifying concerns raised by employees and guests.
• Must be able to multitask and prioritize departmental functions to meet deadlines.
• Must be able to effectively communicate both verbally and written, with all level of employees and guests in an attentive, friendly, courteous, and service oriented manner.
• Must be effective in handling problems, including anticipating, preventing, identifying, and solving problems, as necessary.
• Actively develop all subordinates, ensuring that they have opportunities to grow their Revenue Management and leadership skill base through personal attention, internal/external training, and engagement at all levels.
• Ability to effectively mentor and develop internal talent for optimal performance and career progression
• Maintain a high-level outlook, while also able to utilize resourcefulness and self-motivating efforts to complete tasks and get all aspects of the job done.
• Review and analyze results regularly, highlight problem areas and discuss these with the General Manager and appropriate staff. Ensure appropriate action is taken to rectify issues.
• Attend meetings and training courses as required and continually strive for the improvement of professional skills.