Revenue Manager Job Description
The Whitehall Hotel
Analyze financial information and prepare financial reports to determine or maintain record of assets, liabilities, profit and loss, or other financial activities of the hotel.
- Identify revenue problems and opportunities with sufficient lead time to positively impact revenues
- Create new ways to effectively generate revenues
- Oversee the reservations department with effective leadership, sales training, discipline, hiring, scheduling, performance accountability, and setting targeted goals
- Run and review turndown and other reports from Call Centers
- Ensure a strategic mix of business and pricing strategies are for the hotel based on market conditions to maximize revenue and profitability
- Execute daily changes to inventory, rates, and restrictions to website, extranets, and PMS.
- Continuous analysis of competitive sets, price positioning, seasonality and mix
- Manage property participation and production through relevant Internet sites and other distribution channels (CRO, GDS, ADS, and Travel Agency Consortiums)
- Maintain and update market codes, seasons, property descriptions, room types, special conditions, and other configurations items in PMS
- Maintain excellent knowledge of transient, group, and catering customer segments
- Conduct research, surveys, personal investigation and studies market place and territory in order to effectively capitalize on the hotel’s strengths and competitor’s weaknesses
- Focus on revenue-producing activities and maximizes time
- Prepare weekly the 30-60-90 day forecast on a weekly basis
- Review weekly STR reports, note major gains or losses in OCC, ADR, or RevPAR and report
- Conduct weekly revenue meeting to discuss forecast, current transient and group pick up, strategies over compressed dates, STR results, competitor rates, lost business. Make rate and strategy recommendations.
- Run any rates, update rate reports and send out to the appropriate parties
- Update inventory through the extranet and ensure SPK room type is available on all dates
- Upload room rates into the CR system and audit for pending or any errors
- Review pace report and Occ. Forecast to ensure rate strategy
- Send out rate changes to Best Western University Plaza and Best Western Grant Park to make aware of any rate issues
- Communicate with Market Managers on any upcoming promotions
- Monitor group cutoff dates and notify the Sales Department if adjustments need to be made;
- Rate shop competitors on peak nights to ensure ADR goals
- Identify need dates and propose strategy to gain additional business
- Run end of year any-rates on a weekly basis
- Prepare end of month reports
- Performs other duties as assigned.
- Bachelor’s degree in accounting or related field; 2 years of experience in hospitality accounting or equivalent combination of education and experience.
- Ability to work a flexible schedule, including weekends and holidays. Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.