Summary: The Director of Revenue Management is responsible for maximizing overall hotel revenue for rooms and food and beverage through the implementation of effective pricing and distribution strategies in the hotel. They will out-perform direct competitors by winning market share with rational and competitive pricing, distribution strategy backed by targeted marketing, and careful management hotel inventory to maximize topline revenue and yield high net profits.The Director of Revenue Management will manage and oversee revenue management analytic functions to produce reporting that support and evaluate hotel business strategies.They provide guidance and support sales and marketing initiatives that are targeted to meet the needs of the hotel and produce accurate revenue forecasts that help set hotel goals and outgrow the competition.The Director of Revenue Management will display leadership qualities that mentor, develop, and guide hotel team members such as revenue analysts and managers.
Position Responsibilities/Essential Functions- Oversee and guide the hotel's revenue management and reservation team to formulate transient and group inventory restrictions and pricing strategies to increase market share and maximize revenues for the hotel.
- Confidently lead ownership and asset management relationships relating to commercial strategy in conjunction with the DOS and GM
- Implement resort sales strategy and pricing recommendations across all channels, Hyatt revenue systems, and market segments.
- Facilitate and Lead the luxury rate strategy with key consortia and distribution partners to maximize market share for the hotel.
- Analyze the results of strategies and tactics deployed on a monthly basis. Provide all communication necessary to resort's teams, regional teams and ownership groups
- Responsible for executing Hyatt corporate revenue management initiatives, and maintaining the standards outlined in the Americas Revenue 5. Management Standards and Procedures manual. Manage the relationship with major OTA market managers to ensure that the resort is maximizing revenue and marketing exposure from each of our top partners
- Create the revenue forecasting process for the resort to ensure that the accuracy of each forecast falls within Hyatt standards. This includes the 11-day, Monthly, and Annual forecast as needed. Prepare the Annual Budget for the resort.
- Work with the Director of Sales to develop and implement group pricing and inventory strategies for the entire group booking cycle.
- Develop a pricing strategy for the business/leisure travel sales team based on demand projections and competitive shops. Partner with the Director of Sales to ensure that hotel strategy is implemented on an account-by-account basis.
- Partner with the hotel's Director of Sales, Events & Marketing to develop and implement the hotel SEO/SEM goals in conjunction with TIG/Milestone. Focus the teams on tactics that produce the highest revenue and return on investment.
- Facilitate and lead weekly hotel Sales Strategy meetings in accordance with Hyatt Revenue Management standards
- Facilitate Daily Business Review meetings in accordance with Hyatt Revenue Management standards.
- Effectively manage and maintain Hyatt revenue management systems including eFlex, Reserve, Opera, Envision and Passkey in accordance with Hyatt Revenue Management Standards.
- Coordinate with the Front Office team to maximize revenue from the following programs; Front Desk up-sell programs, sell out management effectiveness.
- Work closely with the Events to ensure that hotel meeting space is properly utilized to maximize room and food and beverage revenue potential.
- Represent the hotel by participating in and/or conducting industry functions in the region/state.
- Develop working relationships with managers in the Group Sales, Event Sales, and Event Planning staff, providing consultation on strategies for booking optimal group and catering business
Core Competencies Teamwork - Fosters collaborative relationships with other Leadership Committee members and Department Heads in the resort to effectively implement a wide range of revenue strategies. Able to educate others on the resort team on sound revenue management strategies and principles.
Oral and Written Communications - Communicates effectively at all levels both verbally and in writing; responds appropriately to verbal and non-verbal cues; can succinctly get messages across that have the desired effect. Educates team members on the strategies and trends of the resort and local lodging market as a whole.
Leadership - Matches leadership style to the needs of individuals and teams; delegates and provides guidance and coaching accordingly; anticipates and quickly addresses skill or behavioral gaps before they create performance issues; identifies and recognizes good performance; does not tolerate poor performance and works quickly to get employees back on track. Models and expects from others the behaviors identified in Hyatt's Values and Code of Business Conduct and Ethics.
Qualifications:- Minimum of 5 years' experience is preferred as a Revenue Manager or Director in hotel revenue management organization.
- Minimum of 1 year preferred leading others in a dynamic team environment
- Minimum of 3 years' experience preferred with Excel and related data management systems
- Technically skilled in managing all systems related to Revenue Management. These include but are not limited to Hotel Industry Revenue Management Systems, Central Reservation Systems, Property Management Systems, Sales and Catering Systems, Passkey and Cognos or another form of business intelligence tool.
- Refined written and verbal communication skills
- Intermediate or Expert skill level in the use of the Microsoft Office suite of applications such as Excel, Word, Access, PowerPoint and Outlook
- Requires understanding and analysis of financial statements
- Ability to develop and deliver training materials
- Ability to develop and deliver effective presentations
