Senior Director of Asset Management

Hersha Hospitality Management LP•Philadelphia, PA

12d•Onsite

About The Position

HHM Hotels is a rapidly growing and stable management, investment, and development firm with a robust hotel portfolio across the U.S. and Canada. The portfolio includes world-class brands in select and full-service markets, as well as independent, boutique, luxury, and lifestyle hotels. This role will lead the strategic direction for a portfolio of upscale and midscale hotel assets and support the Head of Asset Management in portfolio-wide initiatives, with the primary goal of creating shareholder value. This position is based at HHM Hotels' corporate headquarters in Philadelphia, PA.

Requirements

At least 10 years of experience managing hospitality assets, preferably with a significant background in real estate private equity or real estate asset management.
Deep experience in institutional asset management, and strategic asset planning with a drive for excellence and a passion for the hospitality sector.
Broad geographic asset management and operational expertise.
Proven track record of delivering superior asset value and investment returns.
Familiar with acquisitions, the underwriting process, and transitioning assets pre and post closing.
Exceptional analytical skills and operational acumen to oversee and refine asset-level analyses.
Effective presentation skills, including strength in verbal and written communications.
An entrepreneurial spirit, with strong work ethic and high degree of self-motivation.
A proactive, forward-looking approach to hospitality asset management.
Ability to adapt to shifting market dynamics and develop innovative solutions.
A collaborative nature, with a willingness to build and sustain productive working relationships with colleagues across various teams.
Proven ability to influence hotel brands, and create change at the asset level.
Proficiency in applicable software.
Willingness to travel significantly to various assets nationally.
Undergraduate degree.

Nice To Haves

MBA or other related graduate degree strongly preferred.

Responsibilities

Perform high-level asset management activities, including the design and leadership of operational, management, and repositioning strategies, and adherence to the detailed business plan.
Act as the primary owner/joint venture representative in interactions with hotel teams to ensure owner strategies are effectively implemented.
Proactively engage with hotel and regional operations teams to drive and implement operating models that maximize revenue and profitability.
Oversee the preparation and presentation of weekly, monthly, quarterly, and annual asset management and portfolio reports, cash flow forecasts, and distribution analyses.
Revise macro-level strategies and the accompanying business plan to address changes in market and/or property conditions as well as any amended investment strategies.
Perform detailed and critical review of weekly forecasts and pace reports, monthly income statements, STR reports, brand quality assurance audits, guest surveys, and revenue management strategies to identify weaknesses, inefficiencies, and revenue enhancement opportunities.
Provide strategic solutions to complex operational issues that could impact the financial performance of an asset.
Actively participate in weekly revenue calls with hotel teams and identify and implement actions to protect and gain market share.
Conduct regular expense reviews to ensure assets are meeting or exceeding targeted operating margins and flex/flow metrics.
Conduct Monthly Operating Reviews with hotel and regional operations teams to review all areas of the operation and ensure the asset is on track to meet or exceed the approved business plan.
Review and analyze each asset’s annual business plan, sales and marketing plan, and annual budget; engage with hotel teams to discuss risks and opportunities related to the annual plan and budget.
Track market activity to remain current on trends and events affecting the hospitality industry, as well as local market dynamics including supply and demand changes and trends.
Negotiate and ensure compliance with third-party leases, franchise agreements, property improvement plans, and other vendor-related documents that impact hotel operations.
Prepare and update 5-year forecasts for each asset on a quarterly basis to drive the quarterly valuation process.
Ensure the physical integrity of the assets is maintained at an institutional quality level through robust engineering and preventive maintenance programs.
Analyze and report on asset-level performance compared to industry benchmarks and company key performance indicators as determined through the underwriting and business plan.
Work closely with the internal project management team and consultants to create capital budgets that help maximize revenue and profitability, and enhance the long-term value of the asset.
Monitor the management and implementation of capital renovation projects and operating activities, and work with project management to ensure capital projects are completed within the approved budget and timeline.