K Partners’ Philosophy 101: Revenue Management
By Leticia Barros, CRME, Director of Revenue Growth
Revenue Management is vital for a hotel to maximize revenue and increase profits.
Despite this fact, many hotel teams lack the knowledge, support, and guidance in this field to truly be successful.
Some hotels rely on the brand revenue management service one hundred percent. However, this service is meant to contribute and provide resources to an otherwise knowledgeable and engaged team.
Other hotels do their own Revenue Management in-house. Yet, with no guidance or support, strategies may fail if not adapted to current circumstances in the market, and monitored for success.
Here at K Partners, we have melded the best of both worlds. As the Director of Revenue Growth, I have my CRME and am certified in Revenue Management for all major brands. I personally oversee the RM training for our GM’s when they are hired, and continue to work with them so they understand the different strategies that can be applied in order to maximize revenue.
Also, I work closely with our brand RM specialists. We have meetings to discuss progress, challenges, and goals.
Finally, I ensure that either I or a member of my department is on every RM call to review progress, offer support and guidance, and ensure the entire team is engaged.
Below you will find testimonials from general managers, and one from an IHG brand specialist, relating their thoughts on how K Partner’s brand of Revenue Management is beneficial.
“As General Manager of a hotel, I am responsible for maximizing my property’s overall revenue. I have never been more confident in performing this task as I am with Lety’s guidance and advice.
Lety is a revenue superstar! Since day one of running a Hilton-brand hotel, I have met the targeted revenue goals of our hotel through her direction and expertise. Having a management company revenue director whose efforts and best interests are for the hotel’s gain has provided a great outcome for my hotel and is certain to elevate anyone’s hotel revenue targets.
Lety’s knowledge and experience are phenomenal. She is never hesitant to innovate or implement new strategies for the hotel and today’s challenging market.
I highly recommend having a talent like hers to guide your hotel. Revenue will flourish.”
-Arvin Fulo, GM of Tru by Hilton Austin
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“In a time full of firsts for the world and this industry, the team at K Partners has provided me with the support and training I needed to succeed for myself, my ownership, and my brand. The amount of time and patience that Leticia and the whole team at K Partners devote to their hotels and General Managers has provided me with the confidence to do my job effectively and efficiently.
Coming on as a green general manager in a completely different market, Revenue Management was a hurdle I knew I needed to overcome. Through the one-on-one training I received from Leticia and the carefully selected team members in Sales and Brand Revenue Management, my hotel has managed to thrive in a time when most of our industry has taken some big hits. The rapport that the corporate team has with ownership, brand, and hotel leaders makes our communications strategically effective and profitable. I honestly could go on and on about how grateful I am to have a team and leader like Leticia on my side to support me and guide me on a path to success. She truly has development and success on the forefront of every decision she makes, and it shows.”
-Ramon Rangel, GM of Candlewood Suites Lackland AFB Area
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K Partners is a unique management company in that you have a knowledgeable support team eagerly available to assist your hotels with all their revenue management needs. In my experience, it is rare to find such a supportive management company willing to mentor, guide and assist hotels with such a hands-on approach. By combining brand revenue management services, K Partners revenue management expertise and property-level revenue management, the hotels see greater returns as a result of consistent engagement and a goal-driven, team approach to revenue strategy. It is truly a pleasure to work with the K Partners team!
-Michelle Berlin, Portfolio Revenue Manager, Revenue Management