Vice President of Asset Management

Description

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Procaccianti Companies is seeking to hire a Vice President for its Asset Management division.

Procaccianti’s asset management division is a full?service asset management and lodging advisory services company established by one of the largest and most tenured, privately held real estate investment firms in the United States. An affiliate of Procaccianti Companies (Est. 1958), the asset management arm represents over six decades of proven real estate experience and embodies the knowledge, vertical integration, benchmarking abilities and sophisticated ownership perspective we bring to every engagement. We possess a deep understanding of the priorities and responsibilities of asset management and provide ownership with expert guidance and timely information to maximize value creation.

Position Summary

Based at our corporate headquarters in Cranston, Rhode Island (with hybrid flexibility), the Vice President of Asset Management will be responsible for a portfolio of both branded and independent hotels in locations like Nantucket, Orlando, Ft. Lauderdale, Lake Winnipesaukee, Chatham, Florida Keys, Lexington, Newport and New Orleans to name a few. The VP of Asset Management will ensure that each hotel is managed, maintained and performs in accordance with ownership’s expectations regarding net operating income, physical condition, financial returns and value creation. Ideal candidates will possess in?depth knowledge in all areas of hotel asset management and the real estate investment process and investment lifecycle. This would include areas such as investment strategy, financial analysis and hotel operations, performance benchmarking, capital expenditure planning, renovation project management, contract negotiations, capital structures, loan compliance, refinancing and workouts, hold / sell analysis and dispositions.

The Vice President of Asset Management will report to the Senior Vice President of Asset Management with a lot of visibility to the Chief Financial Officer and TPG’s Executive Committee. The position, which involves approximately 30% travel, will seek to maximize investment returns through value?add strategies which may include: outlet leasing, capital programs, tax management, refinancing, franchise positioning, redevelopment/expansions, PIP/renovations, identifying additional revenue opportunities, evaluating financial performance and other activities typically beyond the scope of the hotel management company. This position will also be a primary liaison with investors, lenders, appraisers, brokers, brands and other key constituents.

Primary Job Responsibilities

Review hotel operations relative to budget, competitive set, proforma and line?item performance.

Monitor key metrics including Occupancy, ADR, and RevPAR and utilize industry benchmarking to gauge operational performance.

Evaluate property condition, guest scores, management team performance, employee turnover rates and product/market positioning.

Review franchisor inspection reports and other qualitative data to ensure that non?financial performance indicators are addressed and compliant with franchise agreements.

Update annual performance expectations, proactively communicate with ownership and investors regarding performance relative to budgeted levels.

Responsible for review of property operating budgets from the management company.

Review, comprehend and negotiate key legal documents including loan agreements, franchise agreements, service contracts, leases, ground leases, purchase and sale agreements, etc.

Work with Acquisitions and Fund Accounting teams to execute acquisitions and dispositions which would include monitoring of sources and uses and closing of transactions.

Communicate updates to TPG Executive Committee (EC).

Provide Accounting department with information that will affect income or expenses such as new loans, changes in loans, changes in agreements (i.e. parking, leases), franchise agreements, etc.

Monitor loan covenants to ensure covenant certificates are provided monthly to lenders.

Create individually tailored reporting schedules based on investor/lender requirements.

Responsible for all capital expenditure (CapEx) planning, budgeting and execution

Evaluate property cash flow positions to enable ownership to determine equity distributions or funding requirements.

Perform quarterly asset valuations disclosing methodology, inputs, etc.

Prepare annual hold/sell/refinance analysis for review by Executive Committee.

Qualifications

Minimum five (5) years of hotel asset management experience with full?service, select?service and/or independent hotels in major markets.

Experience in hotel operations, budgeting/forecasting, capital planning/project oversight.

Advanced analytical, verbal and written communication skills

Four?year degree in hotel management or other finance?related degree preferred

Compensation

Total compensation will be commensurate with experience and will include a base salary, bonus and the potential for future equity participation.

Benefits

Health, Dental and Vision Insurances

Disability Insurances

Supplemental Life Insurances

Identify Theft Protection

401(k) Plan with Profit Sharing

Flexible Spending Accounts or HSA Accounts

Amazing Hotel Discounts in the TPG Portfolio or branded hotels

Paid Time Off

much more!

Seniority level Seniority level Executive

Employment type Employment type Full-time

Job function Job function Finance and Sales

Industries Hospitality

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