Director of Revenue Management

Company: Renaissance Newport Beach Hotel
Location: Newport Beach
Posted on: November 17, 2023

Job Description:

OverviewThe primary responsibility of the Director of Revenue Management is analysis of revenue maximization efforts for the assigned property through monitoring of group and transient business thresholds, to ensure maximization of revenues and growth verses that of the competitive set. Recommend and coordinate pricing and positioning for hotels in conjunction with Pyramid Revenue Management standards in concert with brand requirements. Supply critical analysis on the effect of short and long range decisions effecting, occupancy, average rate and rooms profit goals. Analysis of city events, market conditions and activities and capitalize on the demand these generate. Identify new revenue opportunities and effectively communicate sales strategy and pricing to strategy team. This leadership role has overall responsibility to create, identify, develop and implement revenue management strategies for all segments within the hotel. Overall, the Director of Revenue Management is accountable for:

• Proactively review and analyze inventory and rate management.
• Ensure group inventory and cut-off dates are managed according to demand.
• Manage and maintaining groups and transient inventory controls.
• Forecasting: Prepare all weekly, monthly, rolling forecasts and budgets.
• Contribute to the development and implementation of revenue generating strategies in conjunction with the annual marketing plan.
• Ensure that all revenue management related systems are accurately maintained.
• Provide training to other hotel team members on revenue management procedure and principles as needed.
• Provide weekly/monthly/annual analysis and reporting for effective communication to Regional Field teams including VP/MD and RDSMS as well as Corporate staff. ( Inclusive of Group Pace and Transient Trends)
• Champion 3rd party channels and establish relationships with all market managers.
• Effectively evaluate market demand by utilizing turndown, property/brand diagnostics, CRS/GDS reports and STR data.
• Attend property staff meeting and other pertinent property specific meetings.
• Review all competitive shops on a consistent basis and identify selling strategies and market trends.
• Review demand calendars, convention calendars and city event calendars for market intelligence of all demand generators.
• Work with front office management to ensure the sell out strategies are in place, and that all systems are in balance.
• Insure maximum utilization of all brand systems and act as liaison leader with regional brand revenue manager.
• Conduct weekly Revenue management meetings based on Pyramid standard operating procedures.
• Provide displacement analysis for group and contract business, as needed, to determine impact the potential business will have on REV PAR.
• Analyze past and present trends with recommendations for future strategies.Responsibilities
• A minimum of 3 years hotel Revenue Management work experience, demonstrating progressive career growth and a pattern of exceptional performance.
• Marriott branded revenue management experience.
• College Degree in Business Administration, hospitality management or any similar area. PI13eb922a7081-31181-33260785

Keywords: Renaissance Newport Beach Hotel, Newport Beach , Director of Revenue Management, Executive , Newport Beach, California