Director of Revenue Management

Company: Highgate Hotels L.P.
Location: Miami
Posted on: March 20, 2023

Job Description:

Compensation TypeYearly
Highgate Hotels
Highgate is a leading real estate investment and hospitality management company widely recognized as an innovator in the industry. Highgate is the dominant player in major U.S. gateway cities including New York, Boston, Miami, San Francisco and Honolulu, with a growing Caribbean and Latin America footprint. The hospitality forward company provides expert guidance through all stages of the property cycle, from planning and development through recapitalization or disposition. Highgate has a proven record of developing its diverse portfolio of bespoke lifestyle hotel brands, legacy brands, and independent hotels and resorts with 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 consisting of some of the most experienced hotel management leaders, the company is a trusted partner for top ownership groups and major hotel brands. Highgate maintains corporate offices in New York, Chicago, Dallas, London, Miami, and Seattle. www.highgate.com.
Overview
The Director of Revenue Management is responsible for identifying and maximizing all potential revenue opportunities for the hotel. In today's lodging environment, understanding channel and yield management is critical for maximizing revenues. - The 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 (i.e.: golf, spa, etc.) in order to determine the appropriate mix of business to achieve revenue potentials every day of every year. -
Responsibilities

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• Establish hotel pricing levels in all segments and all room types.
  
• 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 monthly and or quarterly presentations to ownership.
  
• Ensure all distribution channels have correct content and pricing.
  
• Develop and maintain a close relationship with the market manager of all OTAs 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
  
• 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 Digital 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? Address the opportunities in Highgate Hotel Business Review (HHBR) morning meeting.
  
• 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 and verify pick up to actual block and cut-off dates.
  
• 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 Manager and Director of Sales.
  
  Qualifications
  
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  • Minimum of 4 years experience in the Revenue Management field
    
  • Bachelor's Degree
    
  • In-Depth knowledge of all industry reports such as STR, Agency 360, Demand 360, OTA Insights 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
    

Keywords: Highgate Hotels L.P., Miami , Director of Revenue Management, Executive , Miami, Florida