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About the Role
The Revenue Manager is responsible for identifying and maximizing all potential revenue opportunities for the hotel. Understanding channel and yield management is critical for maximizing revenues. This role involves formulating and executing long and short-term Revenue Management strategies to advance RevPAR market share, analyzing revenue potential from transient and group segments, and incorporating catering, space utilization, and other revenue considerations to achieve daily revenue potentials.
Responsibilities
- Establish hotel pricing levels in all segments.
- Manage the daily room inventory and pricing processes.
- Monitor competitor rates, positioning, and strategies, understanding local market dynamics and demand generators.
- Communicate occupancy fluctuations to operational departments for effective staffing and efficiency.
- Analyze local events and activities to project their revenue impact.
- Understand macro and micro-economic variables affecting local supply and demand to create accurate room revenue forecasts.
- Perform unconstrained demand analysis to determine optimal business mix.
- Generate short and long-term forecasts, including Weekly, 30-60-90 day, in-month, and full-year forecasts.
- Evaluate opportunities for contracted business (group, wholesale, corporate negotiated) presented by Sales, ensuring a fast response while maximizing profits.
- Maintain software programs for rooms revenue management, including CRS, RMS, PMS, and Sales & Catering systems.
- Monitor RevPAR index on STR reports and provide critical performance analysis.
- Prepare the annual Rooms revenue budget.
- Chair weekly Revenue Strategy meetings to formulate and disseminate strategies and tactics, evaluating the effectiveness of prior decisions.
- Prepare and present quarterly presentations to ownership.
- Ensure correct content and pricing across all distribution channels.
- Develop and maintain relationships with Third Party Intermediary market managers to maximize channel opportunities.
- Develop and maintain relationships with other market revenue managers and Directors of Revenue.
- Coordinate survey activities involving marketing and service opportunities to enhance revenue potential.
- Develop subordinates by providing opportunities for Revenue Management and leadership skill growth through training and industry event participation.
- Manage Internet Marketing initiatives, including pay-per-click campaigns, e-mail blasts, and GDS advertising.
- Establish and communicate sales strategy for day, week, month, and rolling 12 months.
- Communicate strategy changes and update calendars for the sales team.
- Analyze prior night performance, including sell-out status and overselling decisions, addressing opportunities in morning meetings.
- Conduct test calls to Central Reservation Office (CRO) and property to ensure accuracy of rate quoting, restrictions, and selling approach.
- Manage and communicate group cut-off dates, running group rooms control logs and pick-up reports.
- Update the Daily Market Segment Analysis (DMSA) with accuracy from the daily Flash Report, reviewing actual versus potential performance.
- Complete month-end reports with detailed analysis and action plans for revenue generation.
- Review Hotelligence reports for trends, booking windows, sources of business, and rate comparisons.
- Perform other duties as requested by management.
Requirements
- At least 2 years of experience in Revenue Management as a manager or senior analyst.
- Bachelor’s degree or equivalent in Hotel or Hospitality Management or a closely related field.
- In-depth knowledge of industry reports such as STR, Hotelligence, Market Vision, etc.
- Proficiency in Microsoft Excel, Word, and PowerPoint.
- Ability to work quickly in a high-pressure and high-stress environment.
- Ability to communicate clearly both verbally and in writing.
- Excellent time management skills.
- Exceptional attention to detail and follow-up.
- Flexibility for long hours when required.
- Ability to maintain a warm and friendly demeanor at all times.
- Effective communication with all levels of employees and guests in an attentive, friendly, courteous, and service-oriented manner.
- Effective listening, understanding, and clarifying of employee and guest concerns.
- Ability to multitask and prioritize departmental functions to meet deadlines.
- Approach all encounters with guests and employees in an attentive, friendly, courteous, and service-oriented manner.
- Attend all hotel-required meetings and trainings.
- Participate in M.O.D. coverage as required.
- Maintain regular attendance in compliance with Highgate Hotel Standards, as required by scheduling.
- Maintain high standards of personal appearance and grooming, including wearing nametags.
- Comply with Highgate Hotel Standards and regulations for safe and efficient hotel operations.
- Maximize productivity efforts, identify problem areas, and assist in implementing solutions.
- Effective problem-solving skills, including anticipating, preventing, identifying, and solving problems.
- Ability to understand and evaluate complex information and data from various sources to meet objectives.
- Ability to maintain confidentiality of information.
Skills
- Revenue Management
- Channel Management
- Yield Management
- Forecasting
- Budgeting
- Data Analysis
- Microsoft Excel
- Microsoft Word
- Microsoft PowerPoint
- Communication
- Time Management
- Problem-Solving
- Interpersonal Skills
Location
- New York Times Square Central
Work Type
- Full-time
Experience Level
- Manager
- Senior Analyst
Education Level
- Bachelor's degree or equivalent in Hotel or Hospitality Management or closely related field
Benefits
- Medical insurance
- Dental insurance
- Vision insurance
- Life insurance
- Short-term disability insurance
- Long-term disability insurance
- 401(k) Retirement Plan with employer matching contributions
- Paid holidays
- Paid vacation
- Paid sick leave
- Employee assistance program (EAP)
- Educational opportunities / Tuition reimbursement
- Paid jury duty leave
- Paid personal leave
- Paid medical leave
- Paid military leave
About the Company
- Highgate is a leading real estate investment and hospitality management company with over $15 billion of assets under management and a global portfolio of more than 400 hotels spanning North America, Europe, the Caribbean, and Latin America.
- With a 30-year track record as an innovator in the hospitality industry, this forward-thinking company provides expert guidance through all stages of the property cycle, from planning and development through recapitalization or disposition.
- Highgate continues to demonstrate success in developing a diverse portfolio of bespoke lifestyle hotel brands, legacy brands, and independent hotels and resorts, featuring contemporary programming and digital acumen.
- The company utilizes industry-leading revenue management tools that efficiently identify and predict evolving market dynamics to drive outperformance and maximize asset value.
- With an executive team of seasoned hospitality leaders and corporate offices worldwide, Highgate is a trusted partner for top ownership groups and major hotel brands.