The Regent Hongkong - Director of Revenue
Hotel Brand: Regent Hotels & Resorts
Location: Hong Kong, Hong Kong, Hong Kong
Job number: HOTEL47938
Regent Hotels & Resorts set the benchmark for luxury hotels when it was founded 40 years ago. The combined legacy of Regent Hotels & Resorts and the expertise and vision of IHG we are redefining what it means to be a luxury hotel with the rebirth of the Regent and what it stands for in todays world of Luxury. With a clear expectation of what it means to deliver a phenomenal experience to luxury guests, Regent will regain its stature as a leading luxury Hotel brand as it exceeds the expectations of today’s luxury traveler.
The Regent will be reborn with the re-opening of the flagship Regent Hong Kong in early 2022.
Location: Regent Hong Kong, a landmark destination with unrivalled Harborview - all of Hong Kong is literally at your feet.
Scale of operation: 503 rooms and Suites, The Regent Club, Harborside Restaurant & The Steakhouse Bar & Grill, The Lobby Lounge, the world famous NOBU restaurant and the addition of a very new exciting F&B offering! For Conferencing and meeting guests, the Regent Ballroom remains one of Hong Kong’s largest pillarless venues, whilst our Harborview Meeting Rooms set the scene for amazing meetings and functions rooms. The hotel features an Oasis Swimming Pool & Deck with a world class Fitness Centre and Spa.
Your day to day
- Using the tools provided (ie IBP) and in compliance with the IHG standards, maintains, updates and shares information in the areas of a master calendar of external events, competitor rate intelligence, RevPar penetration (RGI), arrival and spending patterns of commercial accounts, denial reports, meeting space allocation, guest capture rates (with the F&B Mgr), Loyalty program penetration both overall and by account (and for bookers), system contribution and trends in rooms and non-rooms revenues by channel, segment and account.
- Understand the composition of hotel profitability, and uses this to evaluate business from local accounts and groups so as to provide input to future rate setting and negotiation.
- Monitor competitor pricing for all revenue generating departments, understands the dynamic of the local market and the demand generators, and recommends appropriate actions to the Revenue Room Taskforce in relation to the hotel’s pricing and market mix strategy.
- Conduct weekly rate/sell strategy (yield) meetings with General Manager, DOSM, Reservations Manager, Front Office Manager, Catering Manager.
- Monitor and determine demand periods for function space, rooms and catering through an analysis of historical data and current bookings. Responsible for tracking and analyzing of booking pace, group wash, cut off enforcement for groups as well as denied and regretted business.
- Approve and/or implement sell strategies for all group proposals above 9 rooms on any one night, and collaborates with the Director of Sales or Director of Catering on setting group and conference rates.
- Manage use of revenue systems* on a daily basis. This includes the responsibility for any manipulation of the yield hurdle points and daily inventory balancing where appropriate.
- Train and support hotel teams on revenue system* functionality and enhancements.
- Manage all channels (CRO, GDS, Internet direct and indirect) including but not limited to room types and sell strategy. Responsible for ensuring compliance with the Lowest Internet Rate Guarantee and managing third party distributors in compliance with IHG standards and rules.
- Guardian of IBP. Ensure compliance with all IBP rules and standard processes. Provide input to the annual budget process on all revenue aspects of the business. Provides medium-term revenue-based forecasts of required staffing levels to all departments.
- Conduct annual revenue management audits with the Regional Revenue Manager for all revenue generating departments.
- Provides technical support to Reservations and Front Office on up-selling and negotiating techniques.
- Champion all special projects relating to market research and operational optimization (resource planning, costing, Key Performance Indicators and etc.)
Expected to possess the following skills:
- Communication skills are utilized a significant amount of time when interacting with others; demonstrated ability to interact with customers, employees and third parties that reflects highly on the hotel, the brand and the Company.
- Demonstrated knowledge of effective hotel pricing concepts, yield management optimization and selling strategies, and ability to determine which concepts to apply in given market conditions.
- Proficient in the use of Microsoft Office
- Problem solving, analytical, reasoning, motivating, organizational and training abilities.
4 years of relevant experience or similar supervisory role, or an equivalent combination of education and work-related experience. Previous Revenue Management or Pricing experience is preferred.