The responsibilities include:
Monitoring the asset:
• Financial analysis, performance tracking and ongoing review of all data and documents such as STAR data, revenue management data, forecast and profit and loss statements. Monthly reviews with all hotels in order to discuss monthly data and the strategies to improve performance.
• Responsible for assessing, developing and implementing value enhancement opportunities for the portfolio including an operations focus and an understanding of all types of capital projects.
• Responsible for ensuring that property specific compliance requirements are completed including accounting and monthly reporting of financial statements, requirements of ground lessors, third party lender requirements, local taxing and zoning authorities. Also responsible for supporting both internal and external counsel, accountants and other consultants in property specific issues that may occur.
• Evaluating physical condition and anticipated capital requirements
• Evaluating major systems (HVAC, phone, PMS, etc.) for appropriateness and competitiveness
• Ensuring legal compliance (health codes, life-safety, access for disabled)
Advising ownership as to optimum investment strategies:
• Performing annual strategic review, comparing properties’ expected performance to ownership’s investment objectives
• Determining market value of properties and project future increments in market value from holding, renovating, expansion, or other strategic alternatives
• Developing and implementing short term, intermediate and long term strategies to improve the value of the portfolio
Contracts
• Determining appropriate franchise affiliation for property
• Determining appropriate management for property
• Retaining appraisers, environmental consultants, engineering consultants as appropriate
• Ensuring franchise services are provided and billed properly
• Ensuring management contract compliance
• Negotiating outside contracts (vendors, retails leases, service contracts) for optimal returns to ownership
Approving/monitoring capital expenditures:
• Creating long-term capital expenditure plan
• Reviewing annual budget proposals for consistency with capital plan
• Evaluating impact on profitability/value from discretionary expenditures.
• Approving capital budgets for presentations to ownership.
• Reviewing spending requests for compliance with capital budget.
Monitoring the competitive market:
• Maintain a thorough understanding of all factors affecting hotel markets and submarkets associated with the portfolio
• Tracking occupancy and average rate trends
• Tracking new properties being considered for development
• Monitoring demand generators for significant increases/decreases
• Tracking sales prices for comparable properties
• Tracking capitalization rates for hotel purchases
• Remaining apprised of financing terms available
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