What are the responsibilities and job description for the VP, Asset Management position at Park Hotels & Resorts?
Park Hotels & Resorts invests not only in properties, but also in people. We attract visionary and collaborative team members who love being value creators. Full of pride and possibility, our team is experienced, supportive, and best in class. Take your career further by joining a place that’s powered by people. Enjoy a level of loyalty and comfort that inspires career fearlessness and fosters creative freedom. At Park, you’ll find career opportunities as impressive as the world-class properties in which we invest. We look forward to receiving your application today.
The Vice President, Asset Management will oversee a group of complex hotels representing Park Hotels & Resorts and work with external providers, particularly brand and third-party management partners to maximize each asset’s full potential in the areas of revenue generation, gross operating profit, employee engagement, guest satisfaction, capital investment/planning and asset preservation. In addition to the assigned hotels, the VP, Asset Management will also work collaboratively with other asset managers and Park team members on portfolio-wide projects and initiatives. Maturity, strong financial acumen, superior communication and listening skills as well as knowledge of hotel operations are critical. This executive will also work closely with internal team members across various groups such as design and construction, finance, legal, and investments.
What will I be doing?
- Analyze and monitor financial performance of each property in the designated portfolio from an operational and capital perspective to identify asset value enhancement opportunities
- Maintain a thorough understanding of all factors affecting markets and submarkets within assigned portfolio including local market knowledge and business demographics, as well as supply and demand changes and trends
- Develop ownership and investment strategy for assigned hotels including identifying asset redevelopment, highest and best use, and repositioning opportunities designed to optimize value
- Establish operating profit expectations, monitor performance, and work directly with the on-site property teams to maximize and improve operating fundamentals
- Meet with hotel executive teams to review monthly & quarterly operating performance; review, evaluate and approve annually prepared business plans/budgets, including capital budgets and longer-term strategic plans to provide cost reduction and revenue enhancement guidance
- Prepare investment summaries and make recommendations for major hotel expenditures
- Work with the design and construction and investment teams regarding capital improvement and repositioning efforts of the designated portfolio to include annual property-based FF&E reserve project approvals and PRH funded capital for repositioning and rebranding projects
- Proactive oversight of the execution of the capital plans throughout the year, and monitoring of the capital expenditures for each hotel to include both major renovations and routine capital expenditures
- Analyze and track the return on investment (ROI) opportunities for the assets as well as profit improving projects, either implemented or proposed
- Establish and maintain effective working relationships with internal and external constituencies such as property-level managers, management company representatives, and senior leadership to maximize returns.
- Supervise contract compliance with respect to existing management & franchise agreements and work with General Counsel for future agreements. Review all proposed property-related contracts for business content as well as potential conflicts with existing obligations
- Mentor junior level associates engaged in direct or supportive asset management activities
- Participate in special projects and company-wide initiatives as needed
Required Qualifications:
- Bachelors Degree
- Ten (10) years of relevant experience in the hotel or hospitality real estate industries.
- Six (6) years of experience directing, coaching and evaluating management teams.
- Established financial and analytical acumen regarding hotel operations and investments analysis
- Exceptional communication skills
- Ability to build and maintain strong relationships
- Ability to travel up to 75 of the time
It would be advantageous if I possess the following skills, competencies and/or experience:
- Seven (7 ) years of experience in hotel asset management, multi-unit operations or hospitality real estate operations.
Park Hotels & Resorts requires all Associates to be fully vaccinated against COVID-19.
All qualified applicants will receive consideration for employment without regard to age, race, color, religion, sex, sexual orientation, gender identity, national origin, ethnicity, citizenship, disability, protected veteran status or any other category protected by federal, state or local law.
Tysons,Virginia
