Director of Asset Management
3 weeks ago
Overview
Opportunity: Director of Asset Management
HHM Hotels has a stable and growing investment portfolio of approximately 30 hotels. In addition, HHM operates over 235 hotels across the United States and Canada. It provides turnkey hotel management, investment, and asset management for properties with leading brand affiliations through Marriott, Hilton, Hyatt and IHG. HHM also operates approximately 50 independent hotels ranging from The Rittenhouse Hotel, a Forbes Four-Star property in Philadelphia, to the Larkspur Landing hotels, all-suite extended stay properties.
The individual will be responsible for a portfolio of luxury, upscale, midscale hotel assets, as well as supporting the Senior Vice President. The main function of this position will be creating shareholder value.
Your Growth Path
Senior Director of Asset Management – Vice President of Asset Management
Your Focus
• Perform asset management activities, including development of operational, management and repositioning strategies and adherence to the detailed business plan
• Act as the owner / joint venture representative in interactions with hotel teams to ensure owner strategies are effectively implemented
• Proactively engage with hotel and regional operations teams to create and implement operating models that maximize revenue and profitability
• Prepare and present weekly, monthly, quarterly, and annual asset management and portfolio reports, cash flow forecasts, and distribution analyses
• Revise strategies and the accompanying business plan to address changes in market and/or property conditions as well as any amended investment strategies
• Perform detailed review of weekly forecasts and pace reports, monthly income statements, STR reports, brand quality assurance audits, guest surveys and revenue management strategies to identify weaknesses and inefficiencies as well as revenue enhancement opportunities
• Provide recommended solutions to any operational issues that could impact the financial performance of an asset
• Actively participate in weekly revenue calls with hotel teams and identify and implement actions to protect and gain market share
• Conduct regular expense reviews to ensure that the assets are meeting or exceeding targeted operating margins and flex / flow metrics
• Conduct Monthly Operating Reviews with hotel and regional operations teams to review all areas of the operation; ensure that the asset is on track to meet or exceed approved business plan
• Review and analyze each asset's annual business plan, sales and marketing plan, and annual budget; engage with hotel teams to discuss risks and opportunities related to the annual plan and budget
• Track market activity to remain current on trends and events affecting the hospitality industry, as well as local market dynamics including supply and demand changes and trends
• Negotiate and ensure compliance with third-party leases, franchise agreements, property improvement plans, and other vendor related documents that impact hotel operations
• Prepare and update 5-year forecasts for each asset on a quarterly basis to drive the quarterly valuation process
• Ensure that the physical integrity of the assets is maintained at an institutional quality level, via robust engineering, and preventive maintenance programs
• Assist in the underwriting process for new acquisitions, assess market risk and opportunities, conduct benchmarking analyses, identify and incorporate asset-level value add opportunities into the pro forma underwriting
• Analyze and report on asset level performance compared to industry benchmarks and company key performance indicators as determined through the underwriting and business plan.
Capex Management
• Work closely with the internal project management team and consultants to create capital budgets that help maximize revenue and profitability, and enhance the long-term value of the asset
• Monitor the management and implementation of capital renovation projects and operating activities, and work with project management to ensure that capital projects are completed within the approved budget and timeline
Your Background and Skills
• At least 7 years of experience managing hospitality assets, preferably in real estate private equity or real estate asset management.
• Deep experience in institutional asset management, and strategic asset planning with a drive for excellence and a passion for the hospitality sector
• Broad geographic asset management and operational expertise
• Proven track record of delivering superior asset value and investment returns
• Familiar with acquisitions, the underwriting process, and transitioning assets pre and post closing
• Exceptional analytical skills and operational acumen to oversee and refine asset-level analyses
• Effective presentation skills, including strength in verbal and written communications
• An entrepreneurial spirit, with strong work ethic and high degree of self-motivation
• A proactive, forward-looking approach to hospitality asset management
• Ability to adapt to shifting market dynamics and develop innovative solutions
• A collaborative nature, with a willingness to build and sustain productive working relationships with colleagues across various teams
• Ability to influence hotel brands, and create change at the asset level
• Proficiency in applicable software
• Willingness to travel significantly to various assets nationally
• Undergraduate degree; MBA or other related graduate degree a plus
HHM Benefits and Perks
- Competitive wages for full time and part time opportunities
- Medical, Dental and Vision Health Insurance
- Paid Time Off
- 401k Company Match
- Free Basic Life Insurance
- Travel Discounts
- Commuter Transit and Commuter Parking Benefits
- Employee Assistance and Wellness Program
- Educational/Professional Development
- Referral Bonus Program
What We Believe
People Are Our Capability – Hearts That Serve – Only Excellence – Stay Nimble - Own It
About Us
HHM Hotels is proud to be an equal-opportunity employer. We do not discriminate on the basis of race, color, gender, gender identity, sexual orientation, marital status, pregnancy, national origin, ancestry, age, religion, disability, veteran status, genetic information, citizenship status, or any other group protected by law.
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