5 High Paying Jobs in the Hotel Industry
If you’re considering an hourly wage job in the hospitality industry, there’s good news according to the U.S. Department of Labor’s Bureau of Labor Statistics. The average hourly earnings in the “Leisure and Hospitality Supersector,” as the bureau refers to the industry, increased month over month between May and August of this year, from $15.87 to $16.02. Better still, the Bureau reported that lodging managers’ median hourly pay in 2017 was $24.90 or $51,500 annually.
Of course, these pay rates will vary by location as well as hotel. But regardless of geographic and brand influences, the hospitality business is ripe with career advancement opportunities and, of course, with every rung up the career ladder comes a salary increase. But just as meaningful are elevated earnings in hospitality.
Take a look at these 5 high-flying hotel industry salaries:
CEOs. The industry’s top earners are the top brass. According to this Skift article from May, the highest paid was casino titan Steve Wynn, who despite stepping down from his position, took home $34.5 million in 2017. Among hotel chiefs, Hilton CEO Chris Nassetta ranked at the top, receiving $18.8 million in 2017 while at the low end of the spectrum is AccorHotels CEO Sebastien Bazin who finished 2017 with $1.9 million in earnings. But what all of these executives share in common is overseeing the profitability, management and operations of the company’s that they run. Although there’s no one path to achieving the role, it certainly requires years of experiences and often, an education background in business.
General Managers (GMs). These are the top executives within an individual hotel and similarly to CEOs, GMs are also responsible for the overall profitability, management and operations of the hotel that they run. CNN recently put their salary range between $150,000 and $250,000, again depending on the property and the location. They, too, spend years coming up the ranks in the hotel industry, often having previously served as a hotel director of sales and marketing. GMs usually come to the hotel industry with a bachelor’s or master’s degree in business or hospitality management.
Hotel Asset Directors. Hotels are ultimately commercial real estate investments for an owner, a group of owners or investors or a Real Estate Investment Trust (REIT). So there is an executive who is charged with ensuring that the investment meets the financial objectives of its ownership. They evaluate the performance of the property or properties’ hotel’s management company, conduct risk analysis for the property or property portfolio and develop and operate capital budgets, used in part to plan future renovations. According to Aethos Consulting Group’s 2018 Hotel Asset Management Compensation Report, the median base salary for an asset management director is $156,000. Like many of their counterpart hotel executives included here, they typically have bachelor’s or master’s degrees in business or hotel management and years of prior experience will include positions such as hotel director of finance or experience in hotel real estate.
Revenue Managers. These members of hotel staff analyze and set room rates by comparing the rates of their hotel to that of the hotel’s competitive set, accounting for supply and demand factors and continuously track current reservations and room sales in order to set pricing that will keep occupancy and revenue high. Aethos Consulting Group’s 2017 Lodging Revenue Management Compensation Report found the median base pay for property level revenue managers to be $104,000, with those who advance into more senior revenue management roles receiving a median total compensation package – base salary and bonus – of $267,010. Degrees, both bachelor’s and master’s, in business or hospitality management can help set you on the path to a future in revenue management as can experience in front office operations, inventory management, room management and reservations management. Experience with e-commerce is also an increasingly prized asset for candidates seeking revenue manager positions.
Director of Sales & Marketing (DOSM). According to the same CNN article, the executive in charge of a single hotel’s sales and marketing strategy can earn between $80,000 and $120,000. These individuals often come to the industry with bachelor’s or master’s degrees in business or hospitality management and are typically promoted up through subordinate roles in public relations, marketing or catering sales. They are responsible for the marketing, advertising and promotional strategies that drive hotel bookings as well as attracting group bookings in the form of social events like weddings as well as meetings and conventions.