Director, Asset Management

1 month ago

Rockville, United States Choice Hotels Full time

Director, Asset Management

Who are we looking for?

Choice Hotels, one of the world’s largest hotel companies, has an exciting new opportunity as our Director, Asset Management. The Real Estate Investment & Asset Management group manages the deployment of Choice capital to expedite the growth of select Choice Hotels brands. The primary focus is on the domestic growth of the upscale Cambria Hotels brand and the midscale extended-stay Everhome Suites brand, but the portfolio includes assets ranging from upper upscale through midscale. Choice has committed up to $1Bn toward real estate investments. Currently, the portfolio consists of approximately 15 wholly owned hotels and approximately 20 other investments via joint ventures or loans.

As a key member of the asset management team, you will be responsible for a portfolio of hotels with the goal of i) maximizing asset value for each hotel and ii) identifying and communicating opportunities that could also benefit Choice’s franchised hotels. You will provide strategic oversight over each hotel’s operations to maximize net operating income and manage the capital investment to create and protect long-term value. Additionally, you will frequently partner with the internal Segment (upscale, core, and extended-stay) leadership to discuss portfolio-level learnings and opportunities that could be leveraged more broadly across the Choice brands.

Your Responsibilities

  • Responsible for oversight of the market, operations, capital strategy and reporting for a portfolio of hotels.

  • In partnership with the Investments team and Segment leadership, develop and maintain strategic plan for each asset in assigned portfolio.

  • Assist in the development of a 5-year capital plan for each asset that aligns with hotel’s current needs and Choice’s long-term ownership strategy.

  • Review and approve the annual operating and capital budget for each property.

  • Keep current on market conditions affecting the assigned portfolio.

  • Frequent partnership with hotel management teams to analyze hotels operations and drive NOI through optimal revenue management, cost controls, and guest satisfaction efforts.

  • Make recommendations for capital improvement ROI projects and comprehensive property improvement plans. With support from external consultants and hotel management company, manage completion of ROI medium complexity renovation projects.

  • In collaboration with the Investments team and Segment leadership, identity opportunities to recycle capital in a manner that balances maximizing returns and protects the needs of the brand. Once a decision is made to sell an asset, lead the disposition process.

  • Ensure that asset and portfolio-level reporting and benchmarking is accurate, timely, and identifies actionable opportunities. Present findings to Segment and executive leadership on a regular basis.

  • Assist Investments team with underwriting for acquisitions or new construction opportunities.

  • Create strong relationships with both internal and external partners. Frequently partner with internal FP&A, accounting, legal, and tax departments.

  • Coach and mentor direct reports and junior team members. Help foster a culture that values learning, accountability, curiosity, and celebrating success.

Your Experience, Skills & Competencies

  • At least 8+ years of progressive experience in hotel asset management, hotel ownership, or hotel operations. Significant experience analyzing hotel operations, identifying opportunities, and driving profitability.

  • Strong financial background with an understanding of real estate deal structures (such as joint ventures and mezzanine financing)

  • Ideally, experienced with overseeing capital improvement projects.

  • Coach and oversee a team with varying levels of experience.

  • Comfortable making decisions and being accountable for outcomes. Not afraid to communicate ‘bad news.’

  • Self-starter with willingness and ability to excel in deadline-driven, high-volume environment. Must be capable of balancing collaboration, quick decision making, and timelines.

  • Should have strong problem-solving, communication and interpersonal skills. Must have the ability to explain complex information succinctly and clearly to senior leadership.

  • Must be willing to travel up to 10% of the time, occasionally with limited notice.

Your Team

This is a leadership role that will report to the Senior Director, Asset Management. You will have responsibility for directly and indirectly managing associates and analysts.

Your Work Location

As our Director, Asset Management, you will be based in our beautiful, state-of-the-art worldwide corporate headquarters in Rockville, MD. Less than 15 miles from Washington, DC, we’re located directly across from the Rockville Metro station, with service on the Red Line and the MARC Brunswick line, easy access to I-270, and plenty of free parking provided by Choice Hotels.

This position works 4 days per week in the office and virtually from your home office one day. We provide flexibility and encourage ongoing communication with your leadership to establish expectations about your unique needs.

About Choice

Choice Hotels International, Inc. (NYSE: CHH) is one of the largest lodging franchisors in the world. With nearly 7,500 hotels, representing nearly 630,000 rooms, in 46 countries and territories as of September 30, 2022, the Choice® family of hotel brands provides business and leisure travelers with a range of high-quality lodging options from limited service to full-service hotels in the upper upscale, upper mid-scale, midscale, extended-stay, and economy segments. The award-winning Choice Privileges® loyalty program offers members a faster way to rewards, with personalized benefits starting on day one. For more information, visit www.choicehotels.com.

At our worldwide corporate headquarters in North Bethesda, Maryland and St. Louis Park, Minnesota as well as our technology center in Scottsdale, Arizona, and through our associates around the globe, we keep Choice hotels thriving by serving as a champion for our franchisees and providing cutting-edge technology.

Ability to model Choice’s Cultural Values: Welcome and Respect Everyone, Be Bold, Be Quick, Listen, Be Curious and Show Integrity.

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