Director of Revenue Management - Waldorf Astoria Las Vegas

Director of Revenue Management

Located in the heart of the Las Vegas Strip, this luxurious hotel has 389 rooms, 6 food and beverage outlets, and 12,000 square feet of meeting space. This includes a 3-meal restaurant, fine dining restaurant, tea lounge, bar, pool cafe, and in-room dining.

A Director of Revenue Management is responsible for monitoring, managing and maintaining group and transient inventories to ensure the most effective and efficient balance between demand and availability in the hotel's continuing effort to deliver outstanding guest service and financial profitability.

Duties and Responsibilities :

• Proactively manage inventory for the hotel to maximize revenue in all areas.
• Ensure a consistent and rational hotel pricing and yield strategy across all channels (including OTA) and all segments according to the Hilton pricing philosophy, and in alignment with Regional and Corporate Revenue Management.
• Prepare all Weekly, Monthly, rolling Forecasts and Annual Budget using OnQ RMS, Excel, OnQ FMS, Delphi, and OnQ PMS.
• Assist in implementation and continual improvement of definite group forecasting process along with the Conference Services Teams on property.
• Initiate forecast and long-range meetings with key hotel leaders.
• Participate in the preparations of the transient and group rooms budgets, with the input of sales.
• Contribute to the development of the transient and group portion of the hotel's marketing plan.
• Implement all blackout dates in OnQ and review monthly to determine if adjustments are needed.
• Prepare revenue meeting agenda, supporting documentation and minutes Include data and recommendations. Run weekly Revenue Meetings and daily yield strategy sessions.
• Proactively provide data to the team for the purpose of analyzing and evaluating specific business segments, specific accounts, market segment mix (Group vs. Transient and its sub-segments), room type demand, channel production and geographical mix, recognizing trends and patterns.
• Proactively analyze and communicate business trends and booking pace to revenue team in comparison to the market, last year, forecast and budget within the hotel as well as Regional / Corporate Revenue Management.
• Continually analyze transient demand, price sensitivity and booking patterns, recognize trends and their relevance to one another and provide pricing, inventory and selling strategy recommendations in alignment with Regional / Corporate Revenue Management.
• Assist in developing 3-month, 6-month, and 12-months strategic action plans for the management of the transient revenues.
• Assist in providing recommendations to property (ies) for Corporate and Leisure account strategies based on past production and future expectations.
• Facilitate discussion on trends, market growth, and selling initiatives.
• Shop area competitors to evaluate rate pricing, availability, and package / promotional options and share any findings.
• Communicate to appropriate staff when key events or holiday periods in the city and the local area will affect demand, discuss and implement event specific strategies.
• Work with the Sales Department and define booking terms, conditions and allotments for all transient segments.
• Work with Group Sales and Catering to define space release policies, catering minimums, etc.
• Evaluate monthly transient segmentation production for the hotel.
• Prepare month-end critiques, discuss results and communicate to Regional / Corporate Revenue Management.
• Evaluate Daily, Weekly and Monthly Market Share reports to understand trends and opportunities vs. competitive set and the market as a whole and ensure targeted relative RevPar positioning is achieved.
• Coach Sales & Marketing team members on hotel's selling strategies.
• Effectively use systems (OnQ IDeaS and Delphi) to determine, implement, manage and control accurate and agreed upon revenue management strategies, i.e. pricing, inventory and selling strategies.
• Regularly check distribution channels (GDS, Brand and OTA) for hotel positioning, information accuracy and competitor positioning for the hotel.
• Coordinate special marketing programs pricing for the hotel.
• Train revenue and reservations team members on key areas of revenue and yield management.
• Train, manage and develop the Reservations Manager and team to adhere to Operations Standards and Revenue Management strategies.
• As applicable, train, manage and develop other direct reports to ensure successful execution of revenue maximization efforts.
• Participate in meetings as needed and provide valuable input.
• Maintain accurate demand information in RMS.
• Daily review of Delphi reports : GRC, Backlog (monthly), Daily Transaction, Booking review, Lost Business, and Booking Status reports. Address concerns and action plans with Director of Sales.
• Ensure OnQ FMS and the General Ledger are balanced daily as it relates to past actuals.

Expected Contributions :

Experience :

Skills and Knowledge :

Attributes & Pre-Requisites :