Revenue Manager

Job description

Key tasks

JOB SUMMARY

Under the general guidance of the Area General Manager and within the limits of establishing Novotel Toronto North York’s policies and procedures, the Revenue Manager directs the activities of the Revenue department to ensure the achievement of established quality standards and hotel revenue and profit goals. Adhere to governmental regulations concerning hotel emergency procedures, safety, or other compliance requirements, as well as brand standards and local policies and procedures. Deliver a guest experience that is unique and brings the brand to life.

JOB DESCRIPTION:
• Ensures that inventory allocation and pricing parameters are positioned to support the overall revenue goals of the hotel.
• Leads strategic planning and collaborates with all hotel profit generation teams to actively seek opportunities to drive incremental profit for Rooms, Restaurants, Spas, and other revenue streams.
• Effectively communicates a compelling Total Hotel Profit Optimization vision to all relevant property leaders.
• Leverage Revenue Management analytics, technologies, processes, tools, and training programs to optimize hotel profits.
• Creates accurate short and long-term forecasts, achieving forecast accuracy across all profit streams.
• Optimizes pricing, promotions, and availability strategies through definition and management of all rates, rate levels, stay restrictions and other tactics, which are congruent with demand factors to target the most profitable customer segments to maximize profits.
• Monitors relevant economic, market, and competitive set indicators to derive insight-led profit generation strategies.
• Fosters Total Hotel Profit Optimization culture and principles with all revenue generating departments at the hotel.
• Maximizes net room revenue contribution through a thorough understanding of all booking channels and management of inventory and rate therein.
• Continuous analysis of changing channel distribution models and the impact on consumer booking trends.
• Operates hotel and corporate pricing strategies in all distribution channels.
• With rate integrity a cornerstone of our pricing strategy, the Revenue Manager will maintain rates which promote integrity and which protect the order of long-term customer value.
• Works with Hotel Management Team to determine effective and engaging rate offers (packages) which are then offered in to the right customer in the right channel.
• Ensures the hotel’s representation is accurate, engaging and supports the hotels selling strategy in all distribution systems.
• Completes all rooms and revenue forecasting to accurately project unconstrained demand.
• Works with DOSM and Sales Team to encourage strategic selection of the right piece of business, using the Accor / Hotel guidelines.
• Tracks and analyzes competitive set pricing and yield strategies, understanding the comp set’s reaction to changes in the marketplace.
• Plays an active role in the Strategic Planning, Marketing Plan and budgeting processes.
• Chairs and prepares materials for the weekly Revenue Management Meetings and follows the Novotel guidelines for meeting content.
• Prepares timely revenue summaries as required by the Hotel Management Team.
• Provides guided learning so that all areas of the hotel that impact revenue are fully aware of the hotel revenue management strategies and understand their role in the plan.
• Ensures a clean and safe working environment in accordance to health regulations and adhere to all Accor Environmental policies and procedures.
• Participate in the preparation of the annual hotel budget and financial plans. Assist Front Office & Housekeeping with departmental budgets.
• Monitor budget and control labor costs and expenses with a focus on inventory management.
• Oversee preparation of daily financial reports by concerned departments.
• Prepare and submit statistical, performance, and forecast analyses and reports as required.
• Maintain procedures for security of monies, credit and financial transactions, guest security, and inventory control.
• Direct, plan and establish performance and development goals for direct reports.
• Provide mentoring, coaching and regular feedback to help manage conflict and improve team member performance.
• Promote teamwork and quality service through daily communication and coordination with other departments.
• Regularly audit financial transactions to ensure governmental regulations and data privacy requirements are met.
• Assist in emergency/crisis situations; develop and maintain relationships with local fire, police, and emergency personnel.
• Develop awareness and reputation of the hotel and brand in the local community and promote team member involvement in community outreach efforts.
• Perform other duties as assigned.
• Serve as manager on duty.