What are the responsibilities and job description for the Area Director of Revenue Management position at InnVentures?
InnVentures Overview:
Driven by an innovative, entrepreneurial spirit, InnVentures has a culture of building teams that produce winning results. We operate over 75 hotels in 20 states for some of the Nation’s largest REIT’s and private real estate owners, in addition to a large portfolio of individual and family-owned hotels. Throughout our 40-year history we have established proven methods of management, development, and revenue maximization resulting in a trusted acumen for operating major hotel brands.
Overview:
The Area Director of Revenue Management is responsible for identifying and maximizing all potential revenue opportunities for a portfolio of hotels. In today’s lodging environment, understanding channel and yield management is critical for maximizing revenues. The Area Director of Revenue Management is responsible for formulating long and short-term Revenue Management strategies and for overseeing their successful execution towards the advancement of RevPAR market share. This includes the analysis of revenue potential generated by the transient and group market segments as well as the market segmentation within transient and group. One will combine this with catering and space utilization as well as other revenue considerations in order to determine the appropriate mix of business to achieve revenue potentials every day of every year. Provide oversight and guidence to property based revenue management teams.
Responsibilities:
- Maximize efforts towards productivity, identify problem areas and assist in implementing solutions.
- Must be effective in handling problems, including anticipating, preventing, identifying and solving problems as necessary.
- Must be able to understand and evaluate complex information, data, etc. from various sources to meet appropriate objectives.
- Must be able to maintain confidentiality of information.
- Perform other duties as requested by management.
- Establish hotel pricing levels in all segments.
- Responsible for the daily room inventory management process and daily pricing process.
- Monitor competitor rates, positioning, strategies and data; maintain understanding of the dynamics of the local market and demand generators and present appropriate action plans to management.
- Monitor and communicate fluctuations in occupancy to operational departments so they can effectively manage staffing requirements and increase efficiency.
- Analyze local events and activities and project the effect of opportunities they create.
- Understand the macro and micro-economic variables affecting supply and demand in the local marketplace, and use this knowledge to create accurate operational and financial room revenue forecasts.
- Perform unconstrained demand analysis to determine optimal business mix.
- Responsible for all short and long term forecasts including Weekly Forecasts, 30 60 90 Forecasts, In the month forecasts, and Full year forecasts.
- Oversee process for evaluating all opportunities for contracted business (group, wholesale, corporate negotiated, etc.) presented through the Sales department. Ensure that process enables high speed of response while maximizing profits.
- Responsible for the maintenance of any software programs which contribute to the management of rooms revenue, including the CRS, RMS, PMS and Sales & Catering system.
- Monitor RevPAR index on STR report and provide critical analysis of performance on weekly and monthly basis.
- Prepare annual Rooms revenue budget.
- Chair weekly Revenue Strategy meetings in order to formulate and disseminate strategies and tactics. Ensure that prior decisions are re-visited in this forum in order to evaluate their effectiveness and promote learning.
- Prepare and present quarterly presentations to ownership.
- Ensure all distribution channels have correct content and pricing.
- Develop and maintain a close relationship with the market manager of Third Party Intermediaries to maximize the opportunities with these channels.
- Develop and maintain relationships with other market Directors of Revenue to create a network of peers in your community
- Coordinate survey activities involving marketing and service opportunities to further enhance revenue potential.
- Actively develop all subordinates, ensuring that they have opportunities to grow their Revenue Management and leadership skill base through personal attention, internal/external training and participation in industry events.
- Responsible for Internet Marketing such as pay per click campaigns, e-mail blasts, GDS advertising, etc.
- Establish and communicate sales strategy for day, week, month and rolling 12 months.
- Communicate any strategy changes or update any calendars for the sales team to use.
- Analyze prior night successes: Did the hotel sell out? Were the right decisions made for overselling?
- Place 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. Run a group rooms control log (GRC) as well as pick up report from Property Management System (PMS) for 90 days. Verify pick up to actual block, cut off date, and whether or not you should extend, etc.
- Update the Daily Market Segment Analysis (DMSA). Ensure accuracy from the daily Flash Report. Review actual performance versus Potential performance.
- Complete all required month end reports with detailed analysis. If necessary, complete action plans for the property to follow to create additional production/revenue.
- Review Agency 360 reports for trends, booking windows and sources of business as well as rates compared to competition.
- Review volume account production with Transient Sales
- At Least 6 years experience in the Revenue Management field
- Bachelor’s Degree preferred
- In-Depth knowledge of all industry reports such as STR, Agency 360, Demand 360, etc.
- Proficient in Microsoft Excel, Word, Power Point
- Ability to work quickly in a high-pressure & high stress environment
- Ability to communicate clearly both verbally and in writing
- Excellent time management skills
- Exceptional with details and follow up
- Flexible and long hours sometimes required.
