To forecast, optimize, manage and monitor the hotel's room revenue streams ensuring that sound business decisions are made and consistently applied.
The Revenue Manager is responsible for working with the Sales and Reservations teams to determine strategic goals and tactical efforts, which drive total revenue to the hotel. The Revenue Manager is then responsible for ensuring that inventory allocation and pricing parameters are positioned to support the overall revenue goals of the hotel. This role serves as the objective decision maker that ensures the best interest of profitability is served in the overall hotel as well as ensuring the integrity of rates and long-term customer investment.
Reporting to the General Manager, responsibilities and essential job functions include but are not limited to the following:
- Analyze the hotel performance in the RMS/PMS as a basis for strategy decisions.
Survey the market, the competitors in terms of pricing and closed dates as a basis for future pricing strategies.
-Analyze the contract performance (price, allotments, number of rooms sold, etc.) before decisions on renewals are taken
Weekly forecasts based on the market trends / pick up pace and
Implementation and communicate on minimum stay, closed to arrival, up-selling and any other applicable restrictions, groups proposals, displacement analysis
- Analyze on a monthly basis the results in terms of internal and external indicators (RevPAR and market share), in order to react in time.
Check regularly the implementation of the defined strategies (brand, place & hotel).
Act as a support in the preparation of the annual revenue budget
Regular rate parity check
- Ensuring that inventory allocation and pricing parameters are positioned to support the overall revenue goals of the hotel.
- Maximizing net room revenue contribution through a thorough understanding of all booking channels and management of inventory and rate therein.
- Conducting regular audits of PMS, CRS, GRC, GDS, ensuring accuracy of rates, package information and availability.
- Monitoring and executing rate strategies using inventory management tools [CRS, PMS, etc].
- Working with the Sales and Reservations teams to determine effective and engaging offers, which are then offered to the right customer in the right channel.
- Tracking competitive set pricing and yield strategies, understanding the comp set’s reaction to changes in the marketplace.
- Preparing materials for the weekly Revenue Management Meetings
- Reviewing and providing feedback on commentaries for each market segment.
- Recording, maintaining and analyzing current, historical and statistical data
- Providing leadership and guidance to the reservations team.
- Identifies the underlying principles, reasons, or facts of information by breaking down information or data into separate parts• Analyzes information and evaluates results to choose the best solution and solve problems.
- Explores opportunities that drive profit, create value for clients, and encourage innovation; challenges existing processes/systems/products to make improvements.