Vice President of Asset Management

Vice President Of Asset ManagementProcaccianti Companies is looking for a Vice President of Asset Management!Operational Oversight + Financial Monitoring: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.Franchise Agreement: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 TripAdvisor, Google, OTA's. Identify trends relating to the guest experience and work with Management Company to address issues, be it service or capital items.Key Leadership: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, construction reports and Capex reports.Communicate with investment partners periodically regarding each of their investments (monthly, or as is necessary or reasonably requested of investment partner).Ensure that the investor portal is operating as intended, that the correct investors have access to the correct information.Respond to any ad-hoc questions of the investment partners.Capital Improvements:Review and approve of annual and forward-looking capital plans.Review and approve of various capital requests throughout the year for all amounts exceeding $2,500.Property Visits:Ensure that hotels are visited on a consistent basis giving additional frequency of visit requirements to performance and/or issues (ie. exception based). Provide senior management planned property trip schedule at the beginning of each year and at mid-yearAMs to communicate each trip ahead of time with the Regional Ops and Sales teamsWhile on-site, AMs to review condition of the asset, cleanliness of the asset, leadership, guest scores, performance against the comp set, and other property-level changes that should be made to ensure efficient operations and performance (see attached checklist). AMs to sit down and speak with the GM, DOS, and other management positions at the propertyAMs to deliver a PowerPoint presentation trip report, outlining 4-5 key takeaways as well as photos and notes on immediate action items for both Operations and Property teams. AMs to ensure that trip reports are provided from each property visit within 7 days of the visit.Re-Financings:Assist in engagement of debt placement broker, reviewing the agreement, terms, etc.Work with debt placement broker to put together financial offering memorandum.Communicate key terms of debt that we are looking for and ensure proper guidance when going to market.Coordinate weekly meetings to push along the process, assisting in ad-hoc requests, providing diligence information.Review and track financing proceeds and sources and uses, setting expectations for stakeholders. Ensure proper review of payoff requirements and notification of lender in accordance with loan docs.Review closing statement to ensure cost mitigation and proceed maximization.Actively engage third parties to ensure process moves along smoothly.Review term sheets received from various lenders and make recommendation to senior management.Coordinate the re-financing process with third parties, lender, broker, legal to execute successful re-financing.Annual Budgeted Distributions:Work with fund accounting to take the budgets and parlay them into a cash flow distribution forecast. The asset management team will understand all of the cash commitments, property needs, payables and cash position to realistically forecast distributions to the partners.Operating Budget Process:Provide real estate and personal property tax and debt service guidance to the accounting department for budget purposes.Review and provide feedback on all budgets to the Operations team, following review of revenues, expenses, sales and marketing plans, etc. Provide active role in budgeting process and strategic plans and continue to be involved in process through to the