Assistant Vice President of Asset Management-Hotels

Job Description

Job Description

Assistant Vice President of Asset Management (Hotel)

Summary

The Assistant Vice President of Asset Management evaluates hotel asset performance and is responsible for executing on the business plan to drive maximum asset value. This position advises on ways to maximize revenues, create operational efficiencies, and maintain the physical asset. This individual is foremost responsible for advocating Crawford Hoying’s best interests with third-party hotel management teams. In addition, this role evaluates asset performance for potential acquisition and disposition. Under the guidance of the President of Real Estate Investments, the Assistant Vice President of Asset Management presents complex financial information to other departments, executive leadership, and external parties, including lenders and investors. This is a highly analytical and strategic position that works across all lines of business within the company. Strong communication skills both face-to-face and in writing are essential. This is a leadership position. As the basis for management, the Assistant Vice President of Asset Management shall implement the 7 Core Values that Crawford Hoying has established to maintain its desired culture. In this role there is frequent driving or flying to the company’s various hotel assets, with occasional overnight stays.

Job Responsibilities (responsibilities may include but are not limited to the following)

Leadership

• Manage direct and indirect reports by implementing the 7 Core Values established by Crawford Hoying
• Oversee, train, and develop direct reports
• Provide leadership to the team through all stages of employment, including recruitment and hiring, teambuilding, resolving personnel issues, and applying disciplinary procedures
• Take responsibility for the quality of the work product presented by direct/indirect reports and external sources; review work for accuracy before submitting to others
• Prepare annual reviews, set goals, and implement personal development plans for direct reports
• Motivate team members to participate in classes and training
• Approve schedules, workloads, and paid time off

Hotel Operations

• Proactively provide operational oversight of the company’s portfolio of hotel assets by regularly interacting with third-party hotel management teams and consultants, advising on hotel management, applying real estate strategy, and evaluating return on investment
• Regularly visit the hotels to inspect the facilities to ensure that company standards are being maintained and to spot deficiencies in cleanliness, service levels, and property conditions; meet with management and tour the market areas and competitive set of hotels
• Oversee Analysts who develop and maintain advanced Excel financial models for existing investments in order to analyze past results, forecast future performance, and recommend actions for optimization
• Identify, analyze, and collaborate with third-party hotel management teams on implementing opportunities for increased revenues and operational efficiencies
• Provide oversight of renovation projects to ensure that projects are completed on time, within budget, and with the least amount of financial impact to the asset
• Prepare and present monthly, quarterly, and year-end summary reports for leadership, lenders, and investors
• Oversee Analysts who help identify, build, and drive process improvements, including the creation of standard and ad-hoc reports, tools, and Excel dashboards
• Collaborate with Accounting on annual budget preparation
• Collaborate with Accounting to review monthly and annual financials
• Manage liquidity at investment levels through cash management and collaboration with Accounting
• Monitor compliance with all management, franchise, and other applicable agreements
• Monitor and track legal obligations, including debt compliance and joint venture agreements
• Coordinate the performance of market research, data mining, business intelligence, and valuation comps to keep informed of the dynamics of each market area to develop a strong understanding of the hotels and their respective markets
• Visit comparable hotels for competitive assessment

General

• Respond to and collaborate with peers in a timely and supportive manner
• Effectively interact with in-house departments to ensure a consistent understanding of the performance of and any potential issues with the hotel portfolio
• Keep informed of hospitality operational trends and how such trends may impact the company’s hotel portfolio
• Build relationships with partners and others in the industry by getting involved with industry organizations
• Work on special projects and perform other duties as assigned

Performance Objectives (objectives include but are not limited to the following)

• The 7 Core Values established by Crawford Hoying to maintain its desired culture
• Communication response time and professionalism
• Leadership and accountability
• Face-forward interaction and engagement with other departments
• Willingness to take on projects and learn a variety of concepts, practices, and procedures

Preferred Knowledge, Skills, Education, and Experience

• 7+ years of relevant experience in asset management, hotel operations, or equivalent experience
• 2 years of experience leading and developing direct reports and/or a team
• Ability to work in a team environment and interact with internal and external executive-level leadership
• Strong analytical, organizational, problem-solving, and multitasking skills
• Excellent written and verbal communication skills
• Ability to meet deadlines in a fast-paced, quickly changing environment
• Confidentiality and professionalism when working with sensitive information
• Project management skills, including planning and coordinating tasks
• Exceptional Excel skills and demonstrated proficiency with Microsoft Office products
• Bachelor’s degree

Work Environment

The Assistant Vice President of Asset Management works at the corporate office and interfaces with internal and external customers on a regular basis. Core office hours for this position are 8:00 am to 5:00 pm, Monday through Friday. This individual must be available to work extra hours when important projects present themselves.

Physical Requirements

The physical condition of the Assistant Vice President of Asset Management must be sufficient for the consistent and successful completion of the responsibilities defined for this position. This position frequently requires standing, walking, sitting, reaching with hands and arms, and lifting up to twenty-five pounds.

Reporting Structure

The Assistant Vice President of Asset Management reports to the Senior Vice President of Asset Management and oversees an Analyst.