JOB OVERVIEW: The Corporate Director of Revenue Management will primarily be responsible for implementing and optimizing Revenue Management policies, procedures and strategies in order to maximize profitability, and provides leadership in the areas of pricing, distribution, revenue optimization, e-marketing, reservation sales, analysis, evaluation and resources necessary to achieve the company’s top-line revenue objectives.
This leader will guide and manage reservation team members to ensure collaboration and utilization of technologies, ideas and processes in order to continue to optimize revenue and represent the company’s culture of being people focused leaders exceeding guest and owners’ expectations.
The Corporate Director will also provide training, support and analysis to the property level management teams.
The Corporate Director of Revenue Management is responsible for maximizing RevPAR and RevPAR Index through the management of room inventories, market mix and pricing strategies.
In addition, the Corporate Director of Revenue Management works with the hotel teams to ensure that they focus on Total Hotel Revenue Management in support of the company’s financial goals.
Our revenue culture is invested in continuous learning and utilizing cutting edge technologies.
The Corporate Director of Revenue Management will lead in an environment that has a solid focus on the digital marketing component of revenue optimization and has the opportunity to contribute their creative ideas in a thriving and exciting entrepreneurial centric environment.
- Responsible for meeting revenue goals for assigned properties
- Developing pricing strategies, including building rates for rooms and packages and determining discounts and specialty rates
- Forecasting pricing and revenue based on demand and market trends
- Evaluating trends in the economy and hospitality industry and implement strategies to capitalize on such trends.
- Monitoring and understanding the pricing of competitors, the dynamics of the local market, and demand generators
- Creating promotional plans to increase revenue
- Understanding inventory management processes
- Drive Market Share and Revenue Performance through proper pricing, inventory controls and mix management
- Develop overall pricing strategy to include all market segments and distribution channels
- Provide guidance on corporate transient negotiated account pricing
- Provide guidance on group availability and pricing
- Ensure Group Sell Guidelines and Target Rates are updated on a regular basis
- Ensure effective pricing strategies are in place to reflect asset strength relative to the competition and specific market conditions
- Effectively manage inventory and pricing strategy on all distribution channels including Branded Web, 3rd Party Sites (OTAs), Customer Contact Centers (CCC), and Global Distribution Systems (GDS)
- Ensures rate level integrity among BAR rates, discounts and 3rd party sites
- All client partnership i.e. OTA contracts must be fully executed and a copy given to accounting and a binder kept with a summary chart updated by the DORM kept on site with monthly reviews with GM.
- Focus on lowering distribution costs and driving room nights to branded web
- Oversee management of Reservations Department and service to ensure proper selling strategies are in effect and all company standards are adhered to.
- Mentor, coach and train reservations staff for their future development
- Training sales and front office teams to understand revenue management principles and the roles they play
- Training team on how to maximize the value of available revenue management tools
- Coordinate with Marketing/Sales team for optimizing opportunities for incremental revenue and market share growth
- Collaborating with the marketing department to fabricate demand during need periods and identify strategic e-blast and other marketing offers
- Communicate with Field Marketing regarding soft spot needs in hotel
- Closely monitor competitive pricing and understand impact of relative pricing decisions on property performance
- Performs regular audits of rates in all distribution systems to ensure accuracy
- Conduct regular price elasticity tests (price testing) in various market conditions, measure results, and share key learnings
- Review and analyze STR data on a weekly and monthly basis with Hotel Teams
- Identify and implement strategies for future demand scenarios
- Compile Weekly Analysis Reports to analyze key drivers of market share performance and understand overall effectiveness of strategies
- Consult with Sales Managers on rate/inventory suitability of all potential group business. – Oversee the management of Group Block activity
- Ensure that group cut-off dates, rooming lists, group block activity (i.e., pickup, wash) are being well managed
- Pro-actively identify and analyze business opportunities from a net profit standpoint and make the appropriate business decisions e.g. comparing wedding business with a business meeting with rooms
- Pro-actively identify and analyze peak days and shoulder days taking into consideration past performance as well as new industry trends. Possible strategies include LOS restriction, price decisions (BAR and NLRA), room type yielding, oversell etc.
- Clearly communicate strategic vision and objectives to hotel team on how to drive revenues and improve performance
- Effectively communicate the current selling strategies and necessary updates to impacted departments to include but not limited to Front Office, Sales & Catering Departments, Reservations and operations teams
- Provide hotel team with regular updates on hotel performance at minimum to include market share, market segmentation, channel metrics, etc.
- Pro-actively heading the quarterly/annual corporate and wholesale (if applicable) performance analysis to ensure accounts are on target and pricing for next year is based on rational and value propositions
- Lead the property’s weekly Revenue Management/Forecast Meeting
- Represent hotel while participating in associate, client and industry functions
- Contribute and provide Revenue Management Strategic Vision during all Property Reviews and/or Pricing Meetings
- Produce accurate forecast on weekly and monthly basis (frequency determined by hotel financial controller)
- Constantly works to improve 30/60/90 forecast accuracy at all hotels
- Proactively identify soft spot/need periods and work in cooperation with Sales and Marketing
- Develop and update Group Control Chart with the Director of Sales & Director of Marketing
- Lead the budget process for the top line room revenue numbers and work together with Sales and Marketing on the pricing and contracting strategy for the next year
- Networking with industry representatives to understand market conditions better and learn “what’s out there”
- Attends and/or directs mandatory departmental meetings
- Conveys pertinent information to staff
- Ensures effective, timely and accurate communications flow with regard to policies and procedures, achievement of hotel goals, etc.
- Carries out all reasonable requests of management not listed above
- *50% of time spent at Corporate Office and 50% of time spent at properties
- Takes PRIDE in everything we do
- Takes OWNERSHIP of their actions and decisions
- Displays LEADERSHIP in our industry and our community
- Acts with INTEGRITY by being honest, trustworthy and doing the right thing
- Displays TEAMWORK by committing to common goals based on open and honest communication
- Delivers EXCELLENCE to our guests, our communities and to each other
- Ability to travel as required for property support, meetings, trainings & conferences
- Bachelor’s Degree preferred
- Required a minimum of 5 years of DORM experience required
- Regional or Multi Property experience required
- Marriott and Independent Brand experienced required
- Revenue Management of large branded property required
- Experience with total inventory in excess of 1000 rooms required
- Additional hotel management experience preferred
- Must have strong interpersonal skills and professional behavior
- Excellent communication skills, both written and verbal
- Exceptional work ethic, ability to perform under pressure and meet deadlines
- Strong presence and ability to interact with Senior Leadership
- Ability to build effective working relationships with others
- Expert experience in Microsoft Office Excel
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