Highgate is a leading real estate investment and hospitality management company widely recognized as an innovator in the industry. Highgate is the dominant player in major U.S. gateway cities including New York, Boston, Miami, San Francisco and Honolulu, with a growing Caribbean and Latin America footprint. The hospitality forward company provides expert guidance through all stages of the property cycle, from planning and development through recapitalization or disposition. Highgate has a proven record of developing its diverse portfolio of bespoke lifestyle hotel brands, legacy brands, and independent hotels and resorts with contemporary programming and digital acumen. The company utilizes industry-leading revenue management tools that efficiently identify and predict evolving market dynamics to drive outperformance and maximize asset value. With an executive team consisting of some of the most experienced hotel management leaders, the company is a trusted partner for top ownership groups and major hotel brands. Highgate maintains corporate offices in New York, Chicago, Dallas, London, Miami, and Seattle. www.highgate.com.
Situated next door to each other on 44th Street in the heart of midtown Manhattan, Millennium Premier and Millennium Times Square both offer desirable locations steps from the excitement of Times Square, Broadway, Radio City Music Hall, and Rockefeller Center. Millennium Premier, a Four-Star boutique-style hotel, features 124 well appointed rooms and a private lounge exclusively for guests. Millennium Times Square, an affiliate of Hilton Hotels, features 626 spacious guest rooms and suites, some with views of Times Square, 52,000-sq.-ft. of function space, and a newly-opened Bugis Street Brasserie and Bar serving authentic Pan Asian cuisine. Millenium Times Square will soon be joining the Doubletree brand.
The Revenue Manager is responsible for identifying and maximizing all potential revenue opportunities for the hotel. In today’s lodging environment, understanding channel and yield management is critical for maximizing revenues. The Revenue Manager is responsible for formulating long and short-term Revenue Management strategies and for overseeing their successful execution towards the advancement of RevPAR market share. This includes the analysis of revenue potential generated by the transient and group market segments as well as the market segmentation within transient and group. One will combine this with catering and space utilization as well as other revenue considerations (i.e.: golf, spa, etc.) in order to determine the appropriate mix of business to achieve revenue potentials every day of every year.
- Establish hotel pricing levels in all segments.
- Responsible for the daily room inventory management process and daily pricing process.
- Monitor competitor rates, positioning, strategies and data; maintain understanding of the dynamics of the local market and demand generators and present appropriate action plans to management.
- Monitor and communicate fluctuations in occupancy to operational departments so they can effectively manage staffing requirements and increase efficiency.
- Analyze local events and activities and project the effect of opportunities they create.
- Understand the macro and micro-economic variables affecting supply and demand in the local marketplace, and use this knowledge to create accurate operational and financial room revenue forecasts.
- Perform unconstrained demand analysis to determine optimal business mix.
- Responsible for all short and long term forecasts including Weekly Forecasts, 30 60 90 Forecasts, In the month forecasts, and Full year forecasts.
- Oversee process for evaluating all opportunities for contracted business (group, wholesale, corporate negotiated, etc.) presented through the Sales department. Ensure that process enables high speed of response while maximizing profits.
- Responsible for the maintenance of any software programs which contribute to the management of rooms revenue, including the CRS, RMS, PMS and Sales & Catering system.
- Monitor RevPAR index on STR report and provide critical analysis of performance on weekly and monthly basis.
- Prepare annual Rooms revenue budget.
- Chair weekly Revenue Strategy meetings in order to formulate and disseminate strategies and tactics. Ensure that prior decisions are re-visited in this forum in order to evaluate their effectiveness and promote learning.
- Prepare and present quarterly presentations to ownership.
- Ensure all distribution channels have correct content and pricing.
- Develop and maintain a close relationship with the market manager of Third Party Intermediaries to maximize the opportunities with these channels.
- Develop and maintain relationships with other market revenue managers and Directors of Revenue to create a network of peers in your community
- Coordinate survey activities involving marketing and service opportunities to further enhance revenue potential.
- Actively develop all subordinates, ensuring that they have opportunities to grow their Revenue Management and leadership skill base through personal attention, internal/external training and participation in industry events.
- Responsible for Internet Marketing such as pay per click campaigns, e-mail blasts, GDS advertising, etc.
- Establish and communicate sales strategy for day, week, month and rolling 12 months.
- Communicate any strategy changes or update any calendars for the sales team to use.
- Analyze prior night successes: Did the hotel sell out? Were the right decisions made for overselling? Address the opportunities in Highgate Hotel Business Review (HHBR) morning meeting.
- Place test calls to Central Reservation Office (CRO) and property to ensure accuracy of rate quoting, restrictions and selling approach.
- Manage and communicate group cut off dates. Run a group rooms control log (GRC) as well as pick up report from Property Management System (PMS) for 90 days. Verify pick up to actual block, cut off date, and whether or not you should extend, etc.
- Update the Daily Market Segment Analysis (DMSA). Ensure accuracy from the daily Flash Report. Review actual performance versus Potential performance.
- Complete all required month end reports with detailed analysis. If necessary, complete action plans for the property to follow to create additional production/revenue.
- Review Hotelligence reports for trends, booking windows and sources of business as well as rates compared to competition.
- At least 2 years experience in the Revenue Management field as manager or senior analyst
- Bachelor’s degree or equivalent in Hotel or Hospitality Management or closely related field
- In-Depth knowledge of all industry reports such as STR, Hotelligence, Market Vision, etc.
- Proficient in Microsoft Excel, Word, Power Point
- Ability to work quickly in a high-pressure & high stress environment
- Ability to communicate clearly both verbally and in writing
- Excellent time management skills
- Exceptional with details and follow up
- Flexible and long hours sometimes required.
- Maintain a warm and friendly demeanor at all times.
- Must be able to effectively communicate both verbally and written, with all level of employees and guests in an attentive, friendly, courteous and service oriented manner.
- Must be effective at listening to, understanding, and clarifying concerns raised by employees and guests.
- Must be able to multitask and prioritize departmental functions to meet deadlines.
- Approach all encounters with guests and employees in an attentive, friendly, courteous and service-oriented manner.
- Attend all hotel required meetings and trainings.
- Participate in M.O.D. coverage as required.
- Maintain regular attendance in compliance with Highgate Hotel Standards, as required by scheduling, which will vary according to the needs of the hotel.
- Maintain high standards of personal appearance and grooming, which include wearing nametags.
- Comply with Highgate Hotel Standards and regulations to encourage safe and efficient hotel operations.
- Maximize efforts towards productivity, identify problem areas and assist in implementing solutions.
- Must be effective in handling problems, including anticipating, preventing, identifying and solving problems as necessary.
- Must be able to understand and evaluate complex information, data, etc. from various sources to meet appropriate objectives.
- Must be able to maintain confidentiality of information.
- Perform other duties as requested by management
Salary ($65,000 - $70,000)
If you are interested in becoming a Revenue Manager, you need to understand the job requirements and
the detailed related responsibilities. Of course, a good educational background and an applicable major will
also help in job hunting. Below are some tips on how to become a Revenue Manager for your
Understand the job description and responsibilities of an Accountant.
Quotes from people on Revenue Manager job description and responsibilities
A revenue manager uses market data to set pricing or business strategy.
02/15/2022: Anderson, IN
Revenue managers oversee the process of collecting and organizing analytical data related to an organization’s revenue, sales, and other financial activities.
01/25/2022: San Jose, CA
An on-site revenue manager can benefit from firsthand knowledge of the market and activities at the hotel, but, thanks to technology, hotels can leverage the skills of a corporate revenue manager with great results.
02/23/2022: Montgomery, AL
Revenue managers also work closely with the Marketing department to create promotional offers and campaigns.
04/15/2022: San Bernardino, CA
Simply, revenue management means predicting consumer behavior to sell the product at an optimal price every day.
04/03/2022: Philadelphia, PA
Knowing the best tips for becoming an Accountant can help you explore the needs of the position and prepare for the job-related knowledge well ahead of time.
Career tips from people on Revenue Manager jobs
Some revenue management jobs may only require an associate’s degree and work experience.
02/19/2022: Fort Myers, FL
Channels are often closely tied to the customer segments that use them, so depending on the product type, a revenue manager can choose a channel and set prices for a particular segment of a target audience.
03/10/2022: Evansville, IN
Using data analysis and predictive analytics.
01/20/2022: Chicago, IL
Channel and overbooking management.
01/22/2022: Amarillo, TX
Without understanding that psychology should be at the center of revenue strategy, a revenue manager can be prone to the “spaghetti method” – throw everything at the wall and see what sticks.
03/03/2022: Sioux City, IA
View the best colleges and universities for Revenue Manager.
Florida Southern College
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