Vice President, Asset Management (Remote)

Brookfield Asset Management

2d•Remote

About The Position

Brookfield Asset Management (“Brookfield”) is a global alternative asset manager with over $385 billion in assets under management. With a 120-year heritage as owners and operators, Brookfield is invested in long-life, high-quality assets and businesses in more than 30 countries around the world. Brookfield leverages its operational expertise to enhance cash flows, increase the value of underlying assets, and generate superior returns for investors. As one of the world’s largest investors in real estate, with $194 billion in assets and 17,000 operating employees, Brookfield owns and operates iconic properties in the world’s most dynamic markets. Their global portfolio includes office, retail, multifamily, logistics, hospitality, self-storage, triple net lease, manufactured housing, and student housing assets. Brookfield’s hospitality portfolio includes 25,000 rooms across 123 hotels including full service, select service and lifestyle hospitality assets in high-barrier destination markets around the world. Drawing on more than two decades of experience, their industry-leading hospitality team actively manages these assets and undertakes extensive capital improvements to boost operational performance and enhance location desirability. About the Role Brookfield is seeking a senior real estate professional to take a leading role in the asset management of a hospitality portfolio and also support assets Brookfield is in the process of acquiring. The successful candidate will be a discerning real estate professional with strong drive and passion for hospitality real estate. The ideal candidate should have deep experience in institutional asset management, development/re- development, and strategic asset planning. The ideal candidate will work as a key member of the team to maximize property valuation, optimize asset performance, ensure organizational effectiveness, implement high operational standards, and maintain strong operator relations. This position will remotely-based, ideally near a major international airport, and this person will report to the Senior Vice President responsible for portfolio management activities for hospitality properties in North America. The team has a Chicago- based analyst pool and dedicated resources with strong technical backgrounds in specific disciplines within the hospitality industry.

Requirements

At least 10 years of experience managing hospitality assets, preferably 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 being lead on portfolio management
Familiar with acquisitions, the underwriting process, and onboarding assets pre and post-closing
Experience managing teams as well as coordinating with other departments and external stakeholders
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
Ability to influence hotel brands and operators, and create change at the asset level
Proficiency in applicable software
Willingness to travel significantly to various assets nationally

Nice To Haves

Hotel operations experience a plus
Undergraduate degree; MBA or other related graduate degree a plus

Responsibilities

Asset Management Perform asset management activities, including development of capex, branding, operational, management and repositioning strategies and adherence to the detailed business plan
Act as the owner representative in interactions with hotel brand and management teams to ensure owner strategies are effectively implemented
Proactively engage with hotel teams to create and implement operating models that maximize revenue and profitability
Prepare and present weekly, monthly, quarterly, and annual asset management and portfolio reports, cash flow forecasts, and distribution analyses
Revise strategies and the accompanying business plan to address changes in market and/or property conditions as well as any amended investment strategies
Perform detailed review of weekly forecasts and pace reports, monthly financial statements, STR reports, brand audits, guest surveys and revenue management strategies to identify weaknesses and inefficiencies as well as revenue enhancement opportunities. Provide recommended solutions to any operational issues that could impact the financial performance of an asset
Lead weekly revenue calls with hotel teams and identify and implement actions to gain market share
Conduct regular expense reviews to ensure that the assets are meeting or exceeding operating targets, margins and flex / flow metrics
Conduct Monthly Operating Reviews with hotel and regional operations teams to review all areas of the operation; ensure that the asset is on track to meet or exceed 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, management contracts 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 that the physical integrity of the assets is maintained at an institutional quality level, via robust engineering, and preventive maintenance programs
Assist in the underwriting process for new acquisitions, assess market risk and opportunities, conduct benchmarking analyses, identify and incorporate asset-level value add opportunities into the pro forma underwriting
Analyze and report on asset level performance compared to industry benchmarks and company key performance indicators as determined through the underwriting and business plan.
Portfolio Management Coordinate with treasury and accounting teams to assess weekly property cash flow needs, capital requirements, and property-level distributions
Coordinate with internal teams and lenders on reporting, loan agreement compliance, debt covenant tracking, draw requests and cash management requirements.
Capex Management 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 that capital projects are completed within the approved budget and timeline