The Area Revenue Manager will develop and oversee strategic tactical plans in all market segments in order to optimize occupancy, ADR, and RevPar for multiple properties. This role involves analyzing market trends, forecasting demand, and utilizing revenue management systems. The applicant is responsible for hotel revenue management strategies based on complete analysis of the competitive set, distribution channels, historical data, and marketing. The ideal candidate will possess strong analytical skills, a deep understanding of market dynamics, and a keen ability to make data-driven decisions. The result of these revenue strategies must exceed overall expectations.
Key Responsibilities:
- Revenue Optimization:
- Develop and execute revenue management strategies to maximize hotel revenue and profitability.
- Analyze historical data, market trends, and competitive pricing to make informed pricing decisions.
- Evaluate past performance and future strategy.
- Implement dynamic pricing models, adjusting room rates and restrictions based on market conditions and demand forecasts.
- Forecasting and Budgeting:
- Create accurate demand forecasts and monitor performance against budgeted targets.
- Adjust forecasts based on changing market conditions and business performance.
- Implement revenue strategies that are reflected in forecasts.
- Forecast daily by segment.
- Market Analysis:
- Conduct regular analysis of market trends, competitor activity, and industry benchmarks.
- Identify opportunities for revenue growth and adjust strategies accordingly.
- Stay updated on local events, holidays, and other factors that may impact demand.
- Inventory Management:
- Oversee room inventory allocation and manage distribution channels to optimize revenue.
- Work with the inventory team to implement strategies for overbooking and managing room availability.
- Ensure optimal performance of all booking channels, including direct bookings, OTAs, and GDS.
- Performance Monitoring:
- Monitor key performance indicators such as RevPAR, ADR, and occupancy.
- Prepare and present regular revenue reports and performance analyses to the team.
- Change revenue strategies based on performance data and market changes.
- Collaboration:
- Work closely with the property teams to develop and execute promotional strategies.
- Coordinate with the front office and reservations teams to ensure alignment on pricing and availability.
- Provide guidance to hotel staff on revenue management practices and strategies.
- Technology Utilization:
- Utilize revenue management systems (RMS) and other tools to analyze data and make informed decisions.
- Stay current with technological advancements in revenue management and recommend improvements as needed.
Qualifications:
- Bachelor’s degree in Hospitality Management or relevant certification is a plus.
- Proven experience as a Revenue Manager or similar role in the hospitality industry.
- Strong analytical skills with proficiency in revenue management systems, spreadsheets, and data analysis tools.
- Exceptional communication, attention to detail, organizational, and interpersonal skills.
- Ability to take initiative, work independently under pressure, and make data-driven decisions.
- Aptitude to detect and solve problems quickly while managing time to adhere to strict daily/weekly/monthly deadlines.
- Knowledge of market trends, competitive landscape, and industry best practices.
- Excellent Microsoft Excel skills (e.g., formulas, pivot tables, data connections, macros, and automation).
- Strong sense of need for achievement of goals and success.
This position is not remote and will be performed in a specific location.
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