Name of Employer: Woodbine Development Corp.
Job Title: Asset Manager
Since 1972, Woodbine’s hospitality track record is unparalleled in the industry, including over $3 billion in acquisition, renovation and development projects and 8,000+ hotel rooms, with both major brands (Marriott, Hyatt and Hilton) and highly regarded independent operators in markets throughout the country.
Woodbine is made up of unique, talented individuals who share a deep mutual respect for one another. Our goal as a company is to create an environment that allows our employees to excel as individuals and thrive as a team. Although investment horizons may change, this philosophy governs all decisions as Woodbine strives to create places where people want to be. The “Woodbine Way” mandates an uncompromising standard of excellence that every team member must uphold and every project must meet.
Based at our corporate headquarters in Dallas, TX, the Asset Manager will be responsible for a portfolio of select service branded hotels, ensuring that each hotel is managed, maintained and performs in accordance with ownership’s expectations regarding net operating income, physical condition, financial returns and value creation.
Ideal candidates will possess in‐depth knowledge of hotel operations and the real estate investment process and investment lifecycle. This would include areas such as investment strategy, financial analysis, performance benchmarking, capital expenditure planning, renovation project management, contract negotiations, capital structures, loan compliance, refinancing and workouts, hold/sell analysis and dispositions.
The Asset Manager will report to the Director of Asset Management. The position, which involves approximately 25% travel, will seek to maximize investment returns through value‐add strategies for our select service branded hotels which may include: outlet leasing, capital programs, tax management, refinancing, franchise positioning, redevelopment/expansions, PIP/renovations, identifying additional revenue opportunities, evaluating financial performance and other activities typically beyond the scope of the hotel management company. This position will also be a primary liaison with investors, lenders, appraisers, brokers, brands and other key constituents.
Primary Job Responsibilities
- Review hotel operations relative to budget, competitive set, proforma and line‐item performance;
- Monitor key metrics including Occupancy, ADR, and RevPAR and utilize industry benchmarking to gauge operational performance;
- Evaluate property condition, guest scores, management team performance, employee turnover rates and product/market positioning;
- Review franchisor inspection reports and other qualitative data to ensure that non‐financial performance indicators are addressed and compliant with franchise agreements;
- Review and comprehend legal documents including loan agreements, franchise agreements, service contracts, leases, ground leases, purchase and sale agreements, etc.
- Provide Accounting department information that will affect income or expenses such as new loans, changes in loans, changes in agreements (i.e. parking, leases), franchise agreements, etc.;
- Create individually tailored reporting schedules based on investor/lender requirements;
- Responsible for all capital expenditure (CapEx) planning, budgeting and execution;
- Evaluate property cash flow positions to enable ownership to determine equitydistributions or funding requirements;
- Perform asset valuations disclosing methodology, inputs, etc.;
- Prepare annual hold/sell/refinance analysis for review by Investment Committee.
- Minimum five (5) years of experience in ownership, asset management or hotel operations
- Experience in hotel operations, budgeting/forecasting, capital planning/project oversight
- Advanced analytical, verbal and written communication skills
- Four‐year degree in hotel management or other finance‐related degree preferred
- Strong and humbled team player focused on relationships, effort and accountability
Please send your resume to: firstname.lastname@example.org.