Revenue Manager

POSITION SUMMARY

This position is responsible for the execution of revenue management processes and strategies that meet the company’s mission, standards and focus on continuous improvement, supporting the RMS Senior Leadership team to drive growth and results across the multi-brand portfolio. 

SCOPE

Responsible for coordinating the revenue management functions (pricing, forecasting, competitive assessments, etc. as identified in assigned Core Deliverables) and inventory strategy for hotels supported by the RMS Team. Ensure hotels are priced appropriately and that inventory is allocated and restricted properly to ensure that revenue and profit are maximized.

Takes the lead in deployment of key MI initiatives and system changes and works to execute market-wide strategies or promotions by specific deadlines. 

Provides revenue management functional expertise to designated hotels.

Location requirements: Contracted from London Regional Office however is a field-based role and therefore supports 100% remote working.

Language Requirements:  High proficiency (speaking, reading and writing) in English is required.  Multi language capability would be

viewed as a bonus given the international nature of the business. 

Travel Requirements: Up to 20% business travel may be required. 

CORE ACTIVITIES

KEY RESPONSIBILITIES:

Expected Contributions

• Responsible for coordinating the revenue management functions and inventory strategy for hotels across all brands, in alignment with agreed core deliverables. 
• Perform a range of tasks pertaining to the RM strategy of the hotel: training, analysis, auditing, research, report generation and software integration, including the preparation and initial analysis of weekly sales strategy packs. 
• Respond to, solve and make decisions on standard/routine business requests with limited risk. 
• Responsible for own work, with limited supervision following onboarding period, and contributing to team, department and/or business results. 
• Assist more senior associates in achieving business results by:
  • Utilizing technical knowledge and skills to enhance business processes.
    • Establishing priorities for self, and where appropriate, others. 
    • Allocating own time effectively to meet goals in a manner that does not disadvantage other associates or groups.
    • Producing reports in response to internal and external requests for data.
• Demonstrate an awareness of personal strengths and areas for improvement and act independently to improve and increase skills and knowledge.
• Perform other duties as appropriate to the business. 
• Understand and deliver against MI revenue management initiatives and philosophies at all times. 

Specific Expected Contributions (including duties and responsibilities)

• Communicates and educates hotels on rational pricing, competitive positioning and restrictions and the impact that they may have on the hotels’ revenue strategies, whilst managing room authorizations, rates and restrictions. Effectively communicates brand specific revenue management philosophies as they pertain to One Yield recommended strategies.
• Utilizes Marriott’s revenue management systems and tools to maximize revenue and profit for both transient and group segments, as required by the agreed Core Deliverables. 
• Prepares sales strategy meeting agenda and supporting documentation.
• Conducts Sales Strategy meetings with General Manager and key property staff to educate and evaluate pricing and inventory strategies. Develops and implements strategies with the General Manager that will maintain and/or increase the hotel’s RevPAR.
• Analyzes competitive performance using market share tools and shares recommendations for improvement with hotel teams.
• Conducts remote system diagnostics audits and provide consistent recommendations.
• Delivers training to various team members at contracted properties, ensuring hotel responsibilities are clear and manageable. 
• Executes pricing through High Performance Pricing, to include promotions, programs, and packages. Ensures compliance and participation in company promotions and digital channels, completing set up in HPP and eFast.
• Ensures retail rates are evaluated through One Yield’s Retail Pricing Optimizer and updated based on changes in demand, product, or competitive positioning.
• Ensures retail price parity is executed across all booking channels and ensure that the Hotel(s) sales strategies are effectively implemented in the reservation system and the inventory systems in a timely manner.
• Ensures that technical questions relating to reservations and property management systems are escalated to the correct support desk in a timely manner. Assists hotels with pricing and provides input on business evaluation recommendations, if required in the assigned core deliverables. 
• Perform ad-hoc revenue tasks and analysis as directed by RMS Senior Leadership team. 
• Leads efforts to coordinate strategies between group sales offices, if required in the assigned core deliverables. 
• Conducts any analysis required to maximize room revenue and profit, in line with agreed service deliverables. 
• Analyzes reports and available information to make long-term pricing recommendations with brand initiatives as a key focus.
• Critiques property performance weekly/monthly for Transient & Group segments for assigned hotel(s).
• Prepares, communicates, and critiques weekly and monthly rooms projections, in line with agreed service deliverables.
• Responsible for accurate execution of inventory management tasks.
• Uses demand forecast and relevant data points to determine, implement and control selling strategies.
• Drives compliance and participation in company promotions and digital channels.

CANDIDATE PROFILE 

Education & EXPERIENCE

2-year degree from an accredited university in Business Administration, Finance and Accounting, Economics, Hotel and Restaurant Management, or related major. 3 years’ experience in the revenue management discipline.

SKILLS & KNOWLEDGE

Building Successful Relationships – is able to develop constructive and cooperative working relationships with others and maintain them over time. Develops and manages internal key stakeholder relationships Understands the distinction between managed and franchise owners/operators and is able to seamlessly provide support to all levels of the business.

Demonstrating Knowledge - Demonstrating knowledge of job-relevant issues, products, systems, and processes.

Executing on a Strategy - taking a predetermined strategy and supporting the execution of that strategy.

Communicating Information Timely - Informing and/or updating other team members on relevant information in a timely manner.

Generating and Delivering Accurate and Timely Results - Generating and providing accurate and timely results in the form of reports, presentations, etc.

Analytical/Critical Thinking - The ability to gather and organize information using a logical and systematic process.

Intermediate Computer Skills – Utilizing the internet for job related search and information.  Intermediate or higher mastery level of Microsoft Excel and PowerPoint. 

Job Specific Computer Skills – MS Office applications essential. Marriott systems (MARSHA, Opera PMS and Opera S&C, HPP, MarRFP, eFast, MRDW, One Yield) would be advantageous but not necessary.

Oral Comprehension - The ability to listen to and understand information and ideas presented through spoken words and sentences.

Writing - Communicating effectively in writing as appropriate for the needs of the audience.

Mathematics - Using mathematics to solve problems. The ability to add, subtract, multiply, or divide quickly and correctly.

COMPETENCIES  

Leadership

• Adaptability - Determines how change impacts self and others; displays flexibility in adjusting priorities; and communicates both the reasons for change and how it impacts the workplace. 
• Communication - Customizes approach to conveying complex information and ideas to others in a convincing and engaging manner; appropriately interprets verbal and non-verbal behavior; and models active listening to ensure understanding.
• Problem Solving and Decision Making - Models and coaches others on breaking complex issues into manageable parts, identifying and evaluating alternatives and their implications before making decisions, and involving and gaining agreement from others when making key decisions.
• Professional Demeanor - Exhibits behavioral styles that convey confidence and command respect from others; makes a good first impression and represents the company in alignment with its values.

Managing Execution

• Building and Contributing to Teams - Leads and participates as a member of a team to move the team toward the completion of common goals while fostering cohesion and collaboration among team members.
• Driving for Results - Sets high standards of performance for self and/or others; assumes responsibility for work objectives; initiates, focuses, and monitors the efforts of self and/or others toward the accomplishment goals; proactively takes action and goes beyond what is required.
• Planning and Organizing - Gathers information and resources required to set a plan of action for self and/or others; prioritizes and arranges work requirements for self and/or others to accomplish goals and ensure work is completed.

Building Relationships

• Coworker Relationships - Interacts with others in a way that builds openness, trust, and confidence in the pursuit of organizational goals and lasting relationships. 
• Customer Relationships - Develops and sustains relationships based on an understanding of customer needs and actions consistent with the company’s service standards.
• Global Mindset - Supports employees and business partners with diverse styles, abilities, motivations, and/or cultural perspectives; utilizes differences to drive innovation, engagement and enhance business results; and ensures employees are given the opportunity to contribute to their full potential.

Generating Talent and Organizational Capability

• Organizational Capability - Evaluates and adapts the structure of team assignments and work processes to best fit the needs and/or support the goals of an organizational unit.
• Talent Management - Provides guidance and feedback to help individuals develop and strengthen skills and abilities needed to accomplish work objectives.

Learning and Applying Personal Expertise

• Applied Learning - Seeks and makes the most of learning opportunities to improve performance of self and/or others.
• Business Acumen - Understands and utilizes business information to manage everyday operations and generate innovative solutions to approach team, business, and administrative challenges.
• Technical Acumen - Understands and utilizes professional skills and knowledge in a specific functional area to conduct and manage everyday business operations and generate innovative solutions to approach function-specific work challenges
  • Revenue Management - Knowledge of revenue management concepts, processes and strategies such as average daily rate, revenue per available room, sales cycles and trends, account management, pricing and inventory management. Skill in using a Yield Management system and interpreting pricing and inventory reports. 
  • Analysis - The ability to analyze and summarize detailed data to make inferences and recommendations. Included is the creation and maintenance of spreadsheets for storing data.
  • Research - Skill in collecting information from a variety of sources relating to market data, historical cycles, travel and tourism trends, and real estate market dynamics. The ability to know when to seek additional information and where to look to find it.
  • Inventory Management - The ability to manage rooms and function space restrictions and thresholds using systems or manually in order to maximize revenue/profit across all segments.
  • Computer Skills - The willingness to learn and ability to use computer systems and software packages to input, access, modify, store, or output information or to execute programs and analyses. This includes the ability to enter and retrieve data from computer systems using a keyboard, mouse, or trackball.
  • Economics and Finance - Knowledge of economic principles and practices, P&L statements, operating budgets, forecasting and scheduling, and the reporting of financial data.
  • Sales and Marketing - Knowledge of sales and marketing concepts including principles and methods for showing, promoting and selling products or services as well as marketing strategies and tactics.
• Basic Competencies - Fundamental competencies required for accomplishing basic work activities.
  • Basic Computer Skills - Uses basic computer hardware and software (e.g., personal computers, word processing software, Internet browsers, etc.).
  • Mathematical Reasoning - Demonstrates ability to add, subtract, multiply, or divide quickly, correctly, and in a way that allows one to solve work-related issues.
  • Oral Comprehension - Demonstrates ability to listen to and understand information and ideas presented through spoken words and sentences.
  • Reading Comprehension - Demonstrates understanding of written sentences and paragraphs in work-related documents.
  • Writing - Communicates effectively in writing as appropriate for the needs of the audience.

Manages rooms and function space inventory and ensures inventory is allocated and restricted properly to maximize revenue and profits for hotels in the market. Responsible for building rates, packages and hotel sales strategy information in the hotel(s)’ inventory systems. The position makes pricing and positioning recommendations for market hotels. Conducts analysis of revenue, profit and demand associated with hotel rooms and space inventory. Position contributes to forecasts, budgets, weekly and daily projections. Position critiques sales strategy effectiveness and prepares historical and future analysis of revenue and profit opportunities

CANDIDATE PROFILE 

Education and Experience

• 2-year degree from an accredited university in Business Administration, Finance and Accounting, Economics, Hotel and Restaurant Management, or related major; 3 years experience in the revenue management, sales and marketing, or related professional area.

OR

• 4-year bachelor's degree from an accredited university in Business Administration, Finance and Accounting, Economics, Hotel and Restaurant Management, or related major; 1 year experience in the revenue management, sales and marketing, or related professional area.

CORE WORK ACTIVITIES

Executing Revenue Management Projects and Strategy 

• Manages room authorizations, rates and restrictions.

• Manages function space authorizations, restrictions and rental.

• Manages rooms inventory to maximize cluster rooms revenue.

• Maintains the transient rooms inventory for the hotel(s) and responsible for maximizing transient revenue.

• Releases group rooms back into general inventory and ensures clean booking windows for customers

• Ensures that the hotel(s) sales strategies are effectively implemented in the reservation system and the inventory system.

• Prepares sales strategy critique.

• Monitors transient and group inventory daily to ensure straight-line availability and maximization of revenue potential for all brands.

• Ensures that sales strategies and rate restrictions are communicated, implemented and modified as market conditions fluctuate.

• Supports cluster selling initiatives by working with all reservation centers.

• Uses reservations system and demand forecasting systems to determine, implement and control selling strategies.

• Ensures property diagnostic processes (PDP) are used to maximize revenue and profits.

• Initiates, implements and evaluates revenue tests.

• Ensures compliance and participation in company promotions and eCommerce channels

• Ensures all hotels follow brand strategies that will maintain and/or increase the hotel(s) revenue per available room (RevPAR) and revenue per available square foot (RevPAS).

• Understands the working relationship between sales, reservations and property management systems.

• Participates in quarterly regional reviews

• Promotes and protects brand equity.

• Achieves and exceeds goals including performance goals, budget goals, team goals, etc.

• Attends meetings to plan, organize, prioritize, coordinate and manage activities and solutions.

• Establishes long-range objectives and specifying the strategies and actions to achieve them.

• Demonstrates knowledge of job-relevant issues, products, systems, and processes.

• Understands and meets the needs of key stakeholders (owners, corporate, guests, etc.).

• Explores opportunities that drive profit, create value for clients, and encourage innovation; challenges existing processes/systems/products to make improvements.

Analyzing and Reporting Revenue Management Data

• Compiles information, analyzes and monitors actual sales against projected sales.

• Creates long range forecast for rooms and catering by segment and updates forecast every period.

• Creates weekly forecast for property operations and staffing purposes

• Conducts sales strategy analysis and refines as appropriate to increase market share for all properties.

• Maintains accurate reservation system information.

• Analyzes period end and other available systems data to identify trends, future need periods and obstacles to achieving goals.

• Generates updates on transient segment each period.

• Assists with account diagnostics process and validates conclusions.

• Provides revenue analysis functional expertise to general managers, property leadership teams and market sales leaders.

• Prepares forecasts of revenue, profit, demand and occupancy for rooms and function space – three-month and six month, long range and budget.

• Prepares revenue and profit opportunity analysis.

• Manages all revenue, profit and demand data associated with rooms and function space

• Develops and/or uses analytical tools and systems to maximize revenues and profit.

• Identifies the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.

• Analyzes information and evaluates results to choose the best solution and solve problems.

• Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.

• Generates and provides accurate and timely results in the form of reports, presentations, etc.

Building Successful Relationships

• Develops and manages internal key stakeholder relationships in a proactive manner.

• Acts as a liaison, when necessary, between property and regional/corporate systems support.