Having an on-site hotel management expert for revenues is critical in today’s economy and shifting focus to the Internet for hotel bookings. Depending on the size of the lodging property, either the general manager or a specific hotel revenue department head with specific revenue management expertise should be in charge of handling the hotel’s gross income and financial situation. This person should have a broad knowledge of all the ways revenue is impacted and produced, including yield management software, social media sourcing, online travel agents, third party referrals such as franchise reservation systems, and advertising and promotional programs. Their role should focus on the following: – Keeping track of the scheduling and supply of guestrooms when it comes to prices as well as monitoring and tracking the income streams and stability in connection with the room income. It is crucial that the hotel management expert in charge of hotel revenues focuses on the “big picture” and works closely with other staff, such as the front desk, reservations and sales office, to insure everyone concentrates on the overall hotel income. – This hotel expert should be in charge of maximizing all revenues and have control over the administration of special attractions pricing, food and beverage contributions, retail sales and other income. Lastly, the business plan for hotel revenues must also support the hotel’s financial targets by establishing certain hotels rates and marketplace buying tactics to insure the property maximizes its combined revenue. This leads to greater rooms yield managing, revenue search engine optimization, and fulfillment for the hotel management expert in charge of revenues and for the hotel guests.
