Director of Revenue Management
Full job details
Oversees revenue management activities and managers within area of purview. Responsible for balancing the financial objectives of different lodging products to maximize total revenues and profit associated with guest rooms. Position is accountable for pricing, positioning and inventory of all hotels within area of purview. Oversees all processes associated with demand, revenue, inventory, forecasting and opportunity analysis. Develops and recommends sales strategy for pricing of the transient customer, wholesale, and group segments. Identifies new revenue opportunities and effectively communicates sales strategy and pricing to all key stakeholders. Acts as primary contact and maintains productive relationships with all stakeholders, including hotel General Managers, sales leaders, franchisees and owners.
Education and Experience
• 2-year degree from an accredited university in Business Administration, Finance and Accounting, Economics, Hotel and Restaurant Management, or related major; 5 years experience in the revenue management, sales and marketing, or related professional area.
• 4-year bachelor's degree from an accredited university in Business Administration, Finance and Accounting, Economics, Hotel and Restaurant Management, or related major; no work experience required.
CORE WORK ACTIVITIES
Analyzing and Reporting Revenue Management Data
• Analyzes information, identifies current and potential problems and proposes solutions.
• Analyzes period end and other available systems data to identify trends, future need periods and obstacles to achieving goals.
• Generates updates on transient segment each period and continually analyzes transient booking patterns.
• Assists with account diagnostics process and validates conclusions.
• Maintains accurate reservation system information.
• Checks distribution channels regularly for hotel positioning, information accuracy and competitor positioning.
• Identifies the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
• Generates and provides accurate and timely results in the form of reports, presentations, etc.
• Observes, receives, and otherwise obtains information from all relevant sources.
• Submits reports in a timely manner, ensuring delivery deadlines.
• Analyzes weekly and monthly STAR information to assist in analyzing past strategies; identifies areas needing improvement, identifies competitor set strengths, and develops strategies to best capture available Market Share.
• Analyze STAR information to assist in development of RevPAR Index forecasts.
• Generates yearly room revenue budget.
Managing Revenue Management Strategy
• Provides critical input to property leaders for development of market sales strategy.
• Provides revenue management functional expertise and leadership to general managers, property leadership teams and market sales leaders.
• Initiates, implements and evaluates revenue tests.
• Ensures that sales strategies and rate restrictions are communicated, implemented and modified as market conditions fluctuate.
• Assists hotels with pricing and provides input on business evaluation recommendations.
• Assists in creating and verbalizing positioning and long-term strategies for all segments (group, transient, catering) that are in alignment with brand standards and property objectives.
• Provides recommendations to improve effectiveness of revenue management processes.
• Ensures property diagnostic processes (PDP) are used to maximize revenue and profits.
• Ensures hotel strategies conform to brand philosophies and initiatives.
• Ensures Operation Teams are aware of current strategies and have the information needed to execute them (daily strategies, current day inventory management, and package inclusions).
Building Successful Relationships
• Communicates brand initiatives, demand and market analysis to hotels/clusters/franchise partners/owners.
• Communicates market direction to revenue management, sales and hotel leaders.
• Develops constructive and cooperative working relationships with others, and maintains them over time.
• Develops and manages internal key stakeholder relationships.
• Provides targeted and timely communication of results, achievements and challenges to the stakeholders.
• Informs and/or updates executives, peers and subordinates on relevant information in a timely manner.
• Enters, transcribes, records, stores, or maintains information in written or electronic form.
• Works with other people to gather the information necessary to manage projects, achieve goals, and resolve problems.
• Demonstrates knowledge of job-relevant issues, products, systems, and processes.
• Provides information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.The Ritz-Carlton is an equal opportunity employer committed to hiring a diverse workforce and sustaining an inclusive culture. The Ritz-Carlton does not discriminate on the basis of disability, veteran status or any other basis protected under federal, state or local laws.