Vice President of Asset Management

Procaccianti Companies is looking for a Vice President of Asset Management!

• Review Monthly Profit & Loss Statements, Balance Sheet, Cash Flow.
• Ensure that hotels are driving profitability and identify areas for improvement, bringing issues to the attention of the appropriate individuals.
• Review and benchmark revenues and key metrics against budget, prior year and history of the hotel. Identify any trends or opportunities that would result in increasing revenues and operating performance of the property by the management company.
• Ensure a full understanding of all revenue channels (segmentation, book direct, OTA’s, cancellation fees, destination fees, catering, outlets, room rental, service charges, etc.) and provide recommendations for improvements of each.
• Review operating expenses, the operating structure and peer hotels for benchmarking of operating performance. Bring opportunities or issues to the attention of the management company.
• Review Weekly and monthly STR reports, identifying trends and areas of opportunity and bringing to the attention of the Management Company.
• Review sales pace reports, marketing plans and revenue strategies on a consistent basis to identify areas of opportunity or concern.
• Review and approve any contracts in which terms are greater than 12 months and require a spend of over $5,000/yr.
• Review contracts with the Management company from time to time and identify areas where hotels can reduce operating expenses and use the power of the portfolio to achieve expense savings and incentives.
• Review property organization chart and operating structure including payroll and payroll related expenses to ensure efficient operation and to make recommendations of the Management Company.

Ancillary Revenue Opportunities:

• Review all revenue sources and provide recommendations on opportunities to add revenue channels, to include destination fees, parking fees, outlet concepts, airport parking, antennas, space leases, upsells, packages, room rentals, audio visual, pet fees, cancellation fees, outside room rentals, etc.

Partnership & Operating Agreements:

• Ensure compliance with key partnership and operating agreements governing the assets.
• Ensure monitoring and compliance of franchise agreements to include staying up to date on brand initiatives, requirements, operating covenants, renovation timelines, fee structure, term, PIP’s, etc.
• Communicate with key players within the Franchisor organization to provide updates on the property.

Management Agreement:

• Ensure monitoring and compliance of management agreements to include ensuring management fees are appropriately charged, group services are appropriately charged, management company is billing appropriate pass-throughs, budget requirements, term, etc.

Guest Score/Guest Feedback:

• Monitor guest scores from the brands as well as review sites like Trip Advisor, Google, OTA’s. Identify trends relating to the guest experience and work with Management Company to address issues, be it service or capital items.
• Interview key hotel leadership, primarily general managers when there are vacancies.
• Monitor key leadership positions for vacancies, terminations and filling/hiring of those positions.

Tenants:

• Actively review tenant rent rolls for all properties, ensuring that rents are paid current, adjustments to rent and/or cam are made, tenants are being communicated with and expirations of term are being watched/addressed in advance.

Ground Leases & Common Area Obligations:

• Abstract and have an understanding of ground leases governing the underlying assets.
• Ensure compliance with ground lease terms, extensions/notices, payments, re-set dates, reporting requirements and notice requirements.
• Review all easements, parking agreements, common area maintenance agreements governing the underlying assets to have an understanding of responsibilities for both the property operations team as well as monitoring for payment/billing accuracy.

Market:

• Review market data and monitor supply for any developments, renovations, re-flagging, etc. In cases where the Hotel will be competitive and there is a basis to contest, asset management should discuss and pursue.

Accounting:

• Review Accounts Receivable on a monthly basis.
• Review Accounts Payable on a monthly basis.
• Ensure that properties are funding all reserve accounts as needed, including Taxes, FF&E, Insurance and Seasonality.
• Ensure that the funds for any advance deposit liabilities are accounted for in a separate reserve account.
• Ensure that TPG fees are kept current, including Risk, Management and Other amounts owed.
• Ensure that accounting is aware of real estate and personal property tax bills and that they are paid on time.
• Work with auditors on ad-hoc requests to satisfy any and all requirements.

Investor Reporting:

• Ensure that all investor information is properly posted to the investor portal, this includes pertinent documents following an acquisition as well as monthly reporting of financials, manager critiques, sales pace reports, STR reports,…