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Summer Course on Revenue Management with Radisson

The first joint Summer Course on Revenue Management in the Hotel Industry, run by IE University and Radisson Hotel Group (RHG), took place from June 28 to July 2, 2021. The event was held at the Club of Revenue Management by RHG, at the Center of Excellence which the company recently opened in Madrid with the aim of identifying, attracting, and training talent from all over the world. International students of the Bachelor in Business Administration and Master in Management participated in the project, at the end of which three students were hired on paid internships.

The project structure

At the Summer Course on Revenue Management, experts from The Club of Revenue Management by RHG shared their experiences with students through classes and case studies on topics including big data, revenue management, distribution, inventory management and pricing. This enabled the participants to analyze real-life case studies and to deepen their knowledge of financial disciplines, with a particular focus on the hotel industry. A diverse group of students from several countries including Germany, Italy, Chile, Colombia and Côte d’Ivoire, as well as Spain, attended the Summer Campus.  At the end of the week, Radisson hired three of the student participants on paid internships.

Madrid as a center of excellence for hotel management

The COVID-19 pandemic has taken a heavy toll on the hospitality industry. However, Marta Rivera de la Cruz, Madrid’s Minister for Tourism and Culture, emphasized in her speech at the Summer Course that “even in these trying times, the tourism sector—particularly the hospitality industry—has shown real resilience and deep commitment to society.” She stated that it is important to acknowledge the faith placed in Madrid by the hospitality industry and noted that the luxury travel sector is experiencing an especially strong recovery. Hotel companies have continued to invest in Madrid and hotel groups, notably Radisson, have established important centers of operation.

Madrid is home to both top-class educational institutions and some of the world’s most prestigious hospitality companies. Whilst the city has much to offer tourists, it must attract not just visitors, but talent, and education is a key element of that.

Madrid is an important location for Radisson Hotel Group, too, being the global hub for not only the Revenue Management department, but also for the IT, Human Resources, Technical Design, Graphic Content and Purchasing departments. Significantly, Madrid has been chosen as the location for the prestigious new Center of Excellence, where the Summer Campus was held.

Revenue management in the hotel industry: collaboration to boost talent

“With IE University, we are joining together one key leading company in hospitality with one key institution in growing students to make them successful in the future,” said Federico J. González Tejera, CEO of Radisson Hotel Group. In his address to students at the Summer Course, he outlined the Radisson Hotel Group’s strategic framework and gave an inspiring talk on topics ranging from the essential qualities of a leader to top tips to do a great job. He also reflected on the true meaning of success, posing the question: “Ask yourself: what has happened, that would not have happened, if you had not been here?”

Radisson is now part of the second-largest hospitality group in the world in terms of number of rooms and has an ambitious plan for global transformation, including a five-year plan with the goal of opening 3,000 additional hotels globally by 2025. The company aims to deliver truly memorable experiences and to be recognized as one of the top three hotel brands in the world, as well as being the brand of choice for guests, owners and talent.

The Revenue Management department is key to this transformation: it is responsible for optimizing all revenue flows in the hotels and for selling the right product to the right consumer, at the right time, in the right place and for the right price. This department is spread across three offices in Madrid, Saint Petersburg and Dubai, providing service to the company’s hotels throughout the world.

A ‘win-win’ situation for both organizations

The collaboration between IE University and Radisson Hotel Group offers a unique opportunity for aspiring young business professionals to develop their careers in revenue management within the hotel industry. Students will gain practical learning experience and apply what they have learned in their bachelor’s or master’s studies to the hospitality sector, whilst contributing to the ambitious expansion of Radisson Hotel Group.

“This is a fantastic opportunity and a real ‘win-win’ for both organizations,” said Lee Newman, Dean of IE Business School. “We look forward to this as one of many collaborations with Radisson, thinking about how we can bring talent to them globally for the challenges they face in their industry.” Federico J. González Tejera reiterated this sentiment, explaining that Radisson Hotel Group wanted to bring together “the best of one of the leaders in hospitality with the best of the university world” and described the collaboration as “an unusual—and very effective—learning experience that has sparked a lot of international interest.”

Gianni Di Fede, Radisson Hotel Group’s Vice-President of Revenue Management, BI and Distribution for EMEA, added: “We see the commitment to talent as something fundamental. Our goal is to create a culture of excellence and to become—both ourselves and the people who learn with us—the best at what we do.”