Job Description
POSITION PURPOSE
The Revenue Manager is a head of department role, responsible for the effective strategic and tactical implementation of our strategy, maximizing hotel room revenue through effective pricing and inventory management. The responsibilities of this position will align with the Divisional Strategic Plan for Revenue Management, based on the RM functional pillars. The Revenue Manager responsible for employing Starwood’s technology and operations processes to maximum advantage and aligning the Hotel Revenue Management strategy with ‘Oneteame’ objectives.
ESSENTIAL FUNCTIONS
• Develop overall pricing strategy, in alignment with our Pricing Guidelines, to include all market segments and distribution channels
o Formulate Retail Pricing Structure, provide guidance on corporate transient negotiated pricing, group pricing for each group, wholesale pricing and acceptance
o Ensure effective pricing strategies are in place to reflect asset strength relative to the competition in each market
• Effectively manage inventory and pricing strategy in all distribution channels including branded web, 3rd party sites, StarLink, and the GDS
• Lead the Regional Internet Merchandising Manager and Director of Sales & Marketing in the decision making process of promotion participation and rates thereof
• Enforce logical leisure pricing hierarchy for marketing promotions.
• Closely monitor competitive pricing and understand the impact of relative pricing decisions on property performance. Set selective sell guidelines for groups and coordinate management of group business closely with the sales and banquet teams.
• Pro-actively identify Soft Spot periods and prepare a Soft Spot Revenue Management Plan, in cooperation with Sales, Marketing and On-Line, with the engagement of Corporate and Regional resources.
• Drive Market Share and Revenue Performance through proper pricing and mix management.
• Analyse competitive reports and formulate appropriate strategies through use of Deloitte & Touche Reports,The Bench, Hotelligence and Market Vision.
• Responsible for effective implementation and compliance with all Starwood Revenue Management Standards, Policies & Procedures. (Rate Plans, Rate Categories, Market Segmentation, Profiles and all other PMS/IPS related RM functionality.)
• All Rate Solicitations acted upon in a timely manner and rate plans maintained and extended as appropriate. The Revenue Manager has sole responsibility for the quality of all pricing setup in the PMS system. Act upon CRMT Audit Results and Recommendations.
• Ensure Best Rate Guarantee compliance, and minimize/eliminate BRG claims against the hotel/complex
• Ensure all distribution systems are returning appropriate availability and pricing for the following 550 days
• Responsible for administration of the online Revenue Plan and the accuracy of all rooms data as input into the system.
• Responsible for the preparation of 30-60-90 day fully updated Forecasts in the Revenue Plan Forecast Tool on a monthly basis. Also responsible for preparation of the ‘mid-month forecast by the 15th of each month, plus the 13th month outlook, following the close of each calendar month.
• Forecasting Accuracy: to achieve 5% of Monthly Total FRS Room Revenue Forecast on a 30-60-90 basis. Calculation based on absolute variance of forecast submitted to actual month by month.
• Responsible for preparation and presentation of Rooms Revenue Management elements as part of the annual budget process. (Market Analysis, Comp Pricing, Product Quality, Rooms Production etc).
• Improve Sell Outs on 95% Nights. Improve the sell out efficiency ratio by moving more room nights from 90-95% nights to 95+ and 95-97% nights to 98%+ nights. It’s recommended that if this is a RM goal it’s also a FOM goal for maximum effectiveness.
• Responsible for Revenue Mgt monitoring of the “Smart Contracting” process and facilitate account evaluations in coordination with sales. Responsible for the accuracy of StarTrack data.
• Lead the property’s weekly Revenue Management/Strategy Meeting and contribute to the Daily Operations Meeting
• Represent the Hotel and contribute RM strategic vision during all Regional and Divisional Property Reviews and/or Pricing Meetings, Round Table presentations and Conferences.
• Maintain an RM succession plan for the hotel, in coordination with the Regional DRM.
• Recruit, train and mentor (as applicable) the Reservations team and the Revenue Management Executive with view to contingency and contribution to divisional ‘bench strength’.
• Ensure that the Revenue Management Executive under direct report is fully able to complete the 90 Day forecast using the Revenue Plan, run a Rev Max meeting, TLPE daily tasks, all IPS checklist items, and can manage all aspects of reservations (cut off dates, rooming lists, guest complaints)
• Hold regular and ongoing training sessions to keep relative team members in touch with new and changing initiatives.
• Be involved in relevant Regional Openings for support, leadership and guidance for pricing, positioning and setup.
• Participate in the Talent Review, PMP process
• Complete understanding and effective execution of current and new Revenue Management systems and Tools. Includes Opera PMS/S&C or Fidelio PMS/Delphi, IPS, PRSNet, TLPe, TLGO if applicable, Market Vision, Enterprise Channel Reports, Revenue Plan, StarTrack, CMD.
ining requests where knowledge gaps exist, and secure the appropriate technology training for direct reports.
• Take the lead role in property PMS Conversions
• Take the lead role in property TLPE. Installations and ensure on-going setup of TLPE/TLGO is complete and accurate. Seed Data frequently managed and compressed when necessary and Group forecast updated in TLPe. TLGO utilized and group strategy updated. Educate the sales team on the effective use of TLGO and Opera S&C/Delphi to improve profitability of group bookings.
SUPPORTIVE FUNCTIONS
• Strong analytical capabilities to review, understand and formulate strategy changes based on the extensive reporting data available to our hotels. This includes: All Revenue Plan reports: Rooms Rollup, Pace, Group Backlog, Geographic Data, Forecasting Tool, plus StarTrack Reports, CMD, IPS Reports, PMS Reports, ASD, etc
• Pro-active adoption of new reporting capabilities, Micro-Strategy, Market Vision
• The Revenue Manager will have successfully completed the Basic and Intermediate RMA Courses, and will actively participate new training offerings, via classroom or webinar.
• Revenue Manager to have participated in Leading Starwood, and Communication Skills training.
• Additional training classes as determined by GM/RDRM may be added based developmental needs.
• The Revenue Manager is responsible to assess the educational and development needs of the direct reports and coordinate participation in the appropriate courses.
• Ensure hotel team members understand the concept of Revenue Management and their role. Clearly communicate to hotel team the strategic vision and objectives on how to drive revenues and improve performance.
• Member of Head of Department Committee and responsible to provide the Executive Committee with regular Revenue Management updates, including market share, segment performance, and channel metrics.
• Work closely with the Regional DRM to communicate hotel issues and update on Rev Mgt opportunities.
• Share best practices and key learning with peers, Regional Revenue Manager and Divisional RM team
• Identify and communicate to either Regional or Divisional RM team bugs/enhancements affecting Revenue Management from all RM tools, including PMS, IPS, Revenue Plan, StarTrack, Channel Reports, and branded websites
Requirements
QUALIFICATION STANDARDS
• Ability to quickly adapt to a constantly changing market with a revenue positive effect
• Analytical approach to problem solving and demonstrated ability to “think out side of the box”
• Ability to analyse financial statements and market data
• Detail orientated and hands on
• Team player with strong interpersonal skills
• Requires excellent communication skills, both verbal and written, and strong command of English in both
• Effective ability to lead, motivate and develop associates
• Ability to develop and deliver effective presentations
• Demonstrate self-confidence, energy and enthusiasm
• Must possess strong computer skills, inc Microsoft Office, (Excel/PowerPoint/Word) Opera PMS/S&C or Fidelio/Delphi, IPS*, PRSNet*,TLPe*,TLGO*&Revenue Plan, *where applicable
• Certification of Basic and Intermediate RMA Module in EAME
• Certification of LEADING STARWOOD
Education:
Professional Certification (University Degree, Hotel School Diploma)
Experience:
Minimum 2 years experience as a Hotel Revenue Manager, additional Hotel experience an asset.