Vice President of Revenue Management
PM Hotel Group
Location: US - MD - Chevy Chase
To oversee the revenue management discipline for PM Hotel Group The goal is to maximize revenues through all distribution channels, segments, sales and marketing efforts while maximizing the return on investment for our owners and investment partners. This position will oversee all revenue management positions to include on-property, area directors of revenue management, regional directors of revenue management and brand revenue management.
REPORTS TO: Senior Vice President, Sales, Revenue Management and Digital Strategies
ESSENTIAL JOB FUNCTIONS:
Increase RevPAR performance for the portfolio.
- Indirectly supervise all revenue managers to include: property level, area, cluster, regional revenue, and brand revenue managers.
- Be fluent in all aspects of revenue management across multiple brands to include, but not limited to: Hilton, Marriott (including Starwood), IHG, Hyatt, and Preferred Hotels.
- Provide resources and/or direction necessary to maximize each hotel’s top line revenue, profit, and market share.
- Guide revenue managers to develop and implement business strategies to capitalize and increase revenue gaps.
- Provide guidance to the property revenue teams in the development and execution of a strategic, demand-based pricing plan for all market segments.
- To provide analysis of rate strategies for all PM Hotel Group hotels and provide tracked results.
- Ability to identify weaknesses, develop solutions, implement, and hold teams accountable to achieve desired outcome.
- Monitor the pricing of competitors for the entire portfolio, fully understanding the local market and demand generators.
- Effectively communicate company revenue management standards through property visitation, remote auditing, training, and analysis of hotel revenue performance against established goals and forecasts.
- Responsible for leading the team of revenue managers to drive property and regional performance, improve business processes, and manage high profile strategic initiatives.
- Train and coach property leaders on how to strive for accurate revenue forecasts by market segment to produce 30, 60, and 90 day forecasts on an ongoing basis.
- Ensure a strategic mix of business and pricing strategies are set for each property based on market conditions to drive revenue.
- Conduct regular business reviews to improve performance for hotels performing below fair share.
- Complete quarterly audits of each hotel revenue management system to ensure properties are executing at peak performance.
- Ensure optimal property participation and production through relevant internet sites and other distribution channels (CRO, GDS, Brand.com, and travel agency consortiums).
- Lower distribution costs across all channels (CRO, GDS, Brand.com, and Third Party) and focus on increasing direct bookings.
- Anticipate any future trends or threats to asset, guides strategic direction to mitigate revenue shortfalls for the entire PM Hotel Group portfolio.
- Effectively identify all online marketing, promotional and distribution opportunities providing guidance to the property revenue teams in implementing targeted e-commerce action plans.
- Utilize key performance indicators and yield management tools to identify trends as an early warning system to where future revenue opportunities may lie.
- Provide guidance to the mix of business, rate positioning, seasonality, and overall revenue and penetration strategies and goals.
- Integrate and align sales and revenue management business practices and processes to improve efficiencies and performance impact.
- Influence change and demonstrate accountability and confidence during interactions with key stakeholders including ownership groups, property leaders and brand partners.
- Active participation in developing and facilitating revenue management training and initiatives.
- Assist property transition teams in new property openings, transitions, rebranding, development due diligence, and execution of the property strategic revenue plan.
- Directly oversee complete revenue management support to a cluster of hotels within the same geographical area.
- Review, modify and/or develop revenue management standard operating procedures to ensure consistency in this discipline.
Internal: Strong relationship and communication with Sales and Marketing team, General Manager, Executive Committee, Regional Revenue and E-Distribution Director , PM Hotel Group officers and Asset Managers.
External: Third Party Market Managers, Brand Support Personnel, Revenue Managers within competitive set.
The individual must possess the following skill set to successfully perform the essential functions of the job.
- Exceptional analytical, strategical, and forward thinking skills
- Self Discipline with the ability to multitask
- Well organized with attention to detail
- Strong leadership skills with the ability to communicate
- Results driven with the ability to manage people and work loads
- Extensive knowledge of property management systems for Hilton, Starwood, Choice
- Proficient in Microsoft Office applications
- Well versed in reports such as the STR report, Market Vision, Hotelligence, ext.
- Ability to work remotely and to travel when needed.
- Ability to perform assigned duties with attention to detail, speed, accuracy, follow-through, courtesy, cooperativeness and work with a minimum of supervision.
- Well polished, professional appearance and demeanor.
- Comfortable presenting in large or small groups of people.
- Ability to conduct revenue management meetings with Executive Committee by presenting your recommendations with solid historical and current data supporting your view.
- Ability to work with the DOSM to maximize room revenue.
Note: Other duties as assigned by the Senior Vice President, Sales, Revenue Management and Digital Strategies or any other member of the Senior Executive Team for PM Hotel Group.
Education/ Experience: Formal training in revenue management by major hotel organizations. 10-15 years of revenue management, distribution, and other related experience for upscale chains required. Must have at least 10 years hotel revenue management experience with a proven track record. Master’s Degree from a reputable University preferred.
Skills: Strong leadership, problem recognition and problem resolution skills. Advanced skills in MS Excel for data analysis and forecasting. Advanced skills in MS Powerpoint for owner presentations.
Working Conditions: Will be required to work nights, weekends and holidays, if necessary. Will be required to work in fast paced, stressful environment.
Our customers are what we are about. One of the keys to a positive guest experience is positive interaction with PM Hotel Group staff. It is essential that you remain professional at all times, and that you treat all guests and associates with courtesy and respect, under all circumstances. Every PM Hotel Group associate is a guest relations ambassador, every working minute of every day.
In order to maintain a positive guest and associate experience, your work habits should always meet and strive to exceed hotel standards for work procedures, dress, grooming, punctuality and attendance. You should be adaptable to change in your work area and in hotel procedures with a willingness to learn new skills and/or improve existing ones, have the ability to solve routine problems that occur on the job, and ask for help whenever you are not sure how to do something.
Safety & Security:
The safety and security of our guests and associates is of utmost importance to PM Hotel Group. Every PM Hotel Group associate should adhere to the hotel security policies and procedures, particularly regarding key controls, lifting heavy objects, using chemicals, and effectively reporting safety hazards and safety concerns.
This description excludes non-essential and marginal functions of the position that are incidental to the performance of the fundamental job duties. Furthermore, the specific examples in each section are not intended to be all-inclusive. Rather, they represent the typical elements and criteria considered necessary to perform the job successfully. Other job-related duties may be assigned by the associate’s supervisor.
Furthermore, this description is subject to change, at the sole discretion of the Company, and in no way creates an employment contract, implied or otherwise; each associate remains, at all times, an “at will” associate.