Position: Director of Asset Management
Reports to: Senior Vice President of Asset Management
Brief Description: This position requires a disciplined and pro-active individual who can tackle numerous projects simultaneously. A typical director’s portfolio is comprised of 3-5 assets for which they are providing support with the key objectives of 1) protecting the asset through conscientious capital expenditure planning and 2) enhancing asset value through product positioning, revenue maximization, cost-effective operations, and ROI opportunities.
- Develop strategic plans for assigned hotels, highlighting value creation opportunities to be achieved through operational improvements and capital expenditures.
- Work with operating teams to successfully develop strategies and decisions relative to ADRs, RevPARs, occupancies, daily expenses, etc.
- Ensure accurate and timely preparation and delivery of standard weekly and monthly client reporting.
- Analyze income statements or prepare other analyses related to maximizing revenues and minimizing expenses that lead to strategies to improve asset performance.
- Participate in regular on-site property owner meetings and client meetings/calls.
- Interact with hotel GM and other Executive Committee personnel in a thoughtful and collaborative manner as market conditions change to develop hotel revenue management strategies and cost containment programs to ensure preservation and growth of market share and net operating income, respectively.
- Develop, with hotel management, ten-year and annual capital expenditure plans with the goal of meeting the hotel’s current needs and positioning it for future growth.
- Keep current on all markets that impact the positioning and performance of assigned hotels. Maintain up-to-date knowledge of all factors including demographics and changes in supply and demand.
- Ensure compliance with management, franchise, and loan agreements.
- Prepare return on investment (ROI) analyses for individual or multiple major capital expenditure/renovation projects; prepare sell/hold analyses.
- Supervise operator expenditures of FF&E reserve and capital expenditure projects.
- Review and analyze annual operating budgets utilizing the company’s property business review model.
- Utilize results of Company’s benchmarking systems to drive best practices and operating results for assigned portfolio.
- Assist acquisitions team in the underwriting and due diligence of hotel acquisition opportunities.
- Maintain database of all factors affecting markets and submarkets associated with the hotel portfolio, including demographics and changes in supply and demand.
- Ensure compliance to property and ownership specific issues and management and franchise contracts.
- Participate in re-branding analysis and management and franchise contract negotiations.
- Experience with minimum of three new asset takeovers.
- Leads monthly P& L calls with senior in attendance and prepares monthly agenda.
- Leads REVMAX calls with senior in attendance.
- Front line communication with the hotel team regarding Q & A.
- Review and analyze annual operating budgets.
- Prepare annual Asset Management Plan including valuation.
- Perform other reasonable duties as assigned.
- Minimum of 3 years’ relevant experience in hotel asset management or a minimum of 5 years of hotel real estate (such as brand feasibility or appraisal) required.
- Knowledge of the hospitality market, feasibility analysis and financial structures is a must.
- Problem solving in business development and financial issues.
- Strong analytical skills and keen attention to detail.
- Strong written and verbal communications skills.
- Positive, innovative approach to problem solving and the ability to exercise judgment and discretion.
- Ability to work independently with minimal guidance and prioritize multiple complex projects.
- Ability to multi-task and meet deadlines.
- Advanced knowledge of Word, Excel, and PowerPoint.
- Flexibility to assistance where needed.
- Ability to travel.
Undergraduate degree in hospitality management and/or real estate finance required.
This position is based in HotelAVE’s headquarters in Providence, Rhode Island
Yes +/– 40%
hotelAVE (www.hotelAVE.com) is the industry’s leading international hotel owner advisor, providing asset management, advisory and operational efficiency services. hotelAVE is a certified WBE headquartered in Providence, Rhode Island with offices in New York and Los Angeles, and professionals located in Atlanta, Chicago, Miami, and Washington, DC. The firm has provided services for owners and lenders of 1,000+ hotels with more than 200,000 rooms, representing over $150 billion of hotel real estate value.
We are a highly collaborative, no ego, and intellectually curious team working at the pace of our clients and partners. We identify opportunities, innovate, and challenge the industry norm to create opportunities that others don’t see. We are known for our relentless execution, exceeding expectations, and telling our clients and partners what they need to hear, not what they want to hear. This approach has supported our growth and affords our associates opportunities to invest in hotels alongside our partners.
HotelAVE is an equal opportunity employer and does not discriminate based on race, color, religion, sex, or national origin.