Director of Revenue Management
Job Description
Who we are:
We love what we do and what we do is important! We believe that everyone should leave feeling better – this means not just our guests, but also our teammates. Everyone should go home feeling better because they learned something new, or had fun working that day.
Therefore, we hire unique individuals who work together to create amazing experiences for our guests. We recognize that every member of the team contributes to the success of the whole hotel. No-one is more important than anyone else, and unless we are in it together, we can’t create that special experience for our guest.
Your mission:
Should you decide to accept it…
Implement revenue management strategies and processes in our client hotels, in order to optimize and maximize its revenues. You will also be required to communicate, coordinate, resolve money issues and work well with other teammates, departments, managers and guests. Most of all, we want you to have FUN since you play a huge role in creating that memorable guest experience towards your teammates, customers, vendors, and partners!
- Implement revenue management operations, procedures and best practices.
- Identify new revenue opportunities.
- Provide daily, weekly and monthly reporting.
- Optimize and expand distribution partnerships.
- Act as overall business development consultant for the hotel manager/owner.
- Challenge and influence hotel to improve service level and operational standards.
- Build and maintain strong working relationships with levels of staff at the hotel.
- Create a culture of revenue management excellence.
The Nitty-Gritty:
What exactly you will be doing…
In helping you understand your role in working for a world class organization, the following is a list of your essential job responsibilities. Please keep in mind that this list is not all inclusive and that you may be asked to perform other job tasks by your General Manager, or Corporate teams, not listed below in the constant quest to provide “out of this world” customer service experience for our guests
1. Strategic Pricing & Market Intelligence
- Develop pricing strategies in conjunction with the individuality of the hotel.
- Create and maintain a 13-month rolling demand calendar.
- Perform competitive benchmark studies and follow market trends.
- Maintain responsibility for best practice standards, including competitor analysis, environmental scanning, market modeling, distribution yield management, and business mix yield management.
- Manage length of stay yield management, inventory availability by channel, pricing control, and new pricing concepts.
- Conduct property performance reviews and develop strategic and tactical actions.
- Prepare outlines for and support the annual revenue budget process.
2. Daily Yield Operations & Financial Forecasting
- Manage the distribution strategy of the hotel and day-to-day yield operations.
- Conduct daily pick-up analysis, strategy adjustments, and reporting.
- Provide weekly forecasts of expected results, variances, and budget comparisons.
- Assess, analyze, and price group business to maximize revenue.
- Analyze overall monthly hotel performance and provide summary reports with recommendations for long-term strategies.
3. Distribution & Channel Management
- Manage and oversee the strategy for all 3rd-party distribution.
- Ensure the website booking process is maintained up-to-date and functional.
- Evaluate the performance of distribution partners and contracted rates (including OTA, FIT, tour operator, corporate, consortia, crew, groups, etc.).
- Reduce distribution costs by finding less expensive means of delivering business.
4. Technology Ecosystem & Data Integrity
- Configure all related systems correctly, validate, to make them work to full capacity.
- Maintain the quality of data points, such as segmentation and denials tracking.
- Ensure hotel personnel are fully competent in the use of all systems.
- Advance innovative technologies that create faster, better insights and efficiencies.
5. Team Collaboration & Client Consultation
- Oversee and audit the standards and operations of the reservations department.
- Work in liaison with hotel sales and reservations departments as a unified team.
- Advise and coach in other operational areas.
- Obtain first-hand knowledge of revenue management and other operational issues.
- Perform any other reasonable requests made by management.
How We Measure Success: Key Performance Indicators (KPIs)
To keep our eyes on the prize and ensure we are optimizing and maximizing revenues, your performance will be evaluated on the efficiency and profitability of your strategies, not just volume. Key metrics include:
- RevPAR Index (RPI): Continuous improvement as measured by STR share growth.
- TRevPAR & GOPPAR: Optimize total revenue per available room (including ancillary spend) and protect gross operating profit margins.
- Net Room Profit Margin: Effectively manage the business and distribution mix to protect core room profitability.
- Forecast Accuracy: Maintain a highly accurate 90-day rolling financial forecast with minimal variance to budget.
What qualities are we looking for?
You got skills? If you can perform the following, then you have come to the right place…
- Entrepreneurial, competitive and commercial minded,
- Strong sense of need for achievement of goals and success,
- Ability to develop “best in class” standards of operations and strategic processes,
- Good analytical and numeric skills for fast data crunching,
- Ability to work under own initiative in a highly pressured environment,
- Good listening skills and the ability to anticipate business needs,
- Able to develop relationships with 3rd parties and the hotel teams,
- Capacity to read situations, understand environments and respond accordingly,
- Capable of prioritizing revenue generating actions and tasks with low yield impact,
- Initiates work across all levels and functions of a high-pressure hotel environment,
- Strong interpersonal, adaptive influencing and supervisory management skills,
- Mentality of client service and taking responsibility beyond direct duties,
- High level of motivation, determination and commitment.
Background must-have:
- Current, legal and unrestricted ability to work in the United States,
- 2-4 years of Hotel Revenue Management experience in a lifestyle hotel is required
- Highly computer literate with a high-level command of Excel
- Knowledgeable of hotel technology preferred: IDeaS, Synxis, Infor HMS, ProfitSword, other GDS and other CRS acceptable, Partner Extranets