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Director of Asset Management

1 month ago

Philadelphia, United States HHM Hotels (Philadelphia Corporate) Full time

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 assets 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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