Procaccianti Companies is seeking to hire a Vice President for its Asset
Management division.
Procaccianti’s asset management division is a full‐service asset management and
lodging advisory services company established by one of the largest and most
tenured, privately held real estate investment firms in the United States. An
affiliate of Procaccianti Companies (Est. 1958), the asset management arm
represents over six decades of proven real estate experience and embodies the
knowledge, vertical integration, benchmarking abilities and sophisticated
ownership perspective we bring to every engagement. We possess a deep
understanding of the priorities and responsibilities of asset management and
provide ownership with expert guidance and timely information to maximize value
creation.
Position Summary
Based at our corporate headquarters in Cranston, Rhode Island (with hybrid
flexibility), the Vice President of Asset Management will be responsible for a
portfolio of both branded and independent hotels in locations like Nantucket,
Orlando, Ft. Lauderdale, Lake Winnipesaukee, Chatham, Florida Keys, Lexington,
Newport and New Orleans to name a few. The VP of Asset Management will ensure
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 in all areas of hotel asset management and the real estate investment
process and investment lifecycle. This would include areas such as investment
strategy, financial analysis and hotel operations, performance benchmarking,
capital expenditure planning, renovation project management, contract
negotiations, capital structures, loan compliance, refinancing and workouts,
hold / sell analysis and dispositions.
The Vice President of Asset Management will report to the Senior Vice President
of Asset Management with a lot of visibility to the Chief Financial Officer and
TPG’s Executive Committee. The position, which involves approximately 30%
travel, will seek to maximize investment returns through value‐add strategies
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.
* Update annual performance expectations, proactively communicate with
ownership and investors regarding performance relative to budgeted levels.
* Responsible for review of property operating budgets from the management
company.
* Review, comprehend and negotiate key legal documents including loan
agreements, franchise agreements, service contracts, leases, ground leases,
purchase and sale agreements, etc.
* Work with Acquisitions and Fund Accounting teams to execute acquisitions and
dispositions which would include monitoring of sources and uses and closing
of transactions.
* Communicate updates to TPG Executive Committee (EC).
* Provide Accounting department with information that will affect income or
expenses such as new loans, changes in loans, changes in agreements (i.e.
parking, leases), franchise agreements, etc.
* Monitor loan covenants to ensure covenant certificates are provided monthly
to lenders.
* 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 equity
distributions or funding requirements.
* Perform quarterly asset valuations disclosing methodology, inputs, etc.
* Prepare annual hold/sell/refinance analysis for review by Executive
Committee.
Qualifications
* Minimum five (5) years of hotel asset management experience with
full‐service, select‐service and/or independent hotels in major markets.
* 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
Compensation
Total compensation will be commensurate with experience and will include a base
salary, bonus and the potential for future equity participation.
Benefits
* Health, Dental and Vision Insurances
* Disability Insurances
* Supplemental Life Insurances
* Identify Theft Protection
* 401(k) Plan with Profit Sharing
* Flexible Spending Accounts or HSA Accounts
* Amazing Hotel Discounts in the TPG Portfolio or branded hotels
* Paid Time Off
* much more!
Management division.
Procaccianti’s asset management division is a full‐service asset management and
lodging advisory services company established by one of the largest and most
tenured, privately held real estate investment firms in the United States. An
affiliate of Procaccianti Companies (Est. 1958), the asset management arm
represents over six decades of proven real estate experience and embodies the
knowledge, vertical integration, benchmarking abilities and sophisticated
ownership perspective we bring to every engagement. We possess a deep
understanding of the priorities and responsibilities of asset management and
provide ownership with expert guidance and timely information to maximize value
creation.
Position Summary
Based at our corporate headquarters in Cranston, Rhode Island (with hybrid
flexibility), the Vice President of Asset Management will be responsible for a
portfolio of both branded and independent hotels in locations like Nantucket,
Orlando, Ft. Lauderdale, Lake Winnipesaukee, Chatham, Florida Keys, Lexington,
Newport and New Orleans to name a few. The VP of Asset Management will ensure
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 in all areas of hotel asset management and the real estate investment
process and investment lifecycle. This would include areas such as investment
strategy, financial analysis and hotel operations, performance benchmarking,
capital expenditure planning, renovation project management, contract
negotiations, capital structures, loan compliance, refinancing and workouts,
hold / sell analysis and dispositions.
The Vice President of Asset Management will report to the Senior Vice President
of Asset Management with a lot of visibility to the Chief Financial Officer and
TPG’s Executive Committee. The position, which involves approximately 30%
travel, will seek to maximize investment returns through value‐add strategies
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.
* Update annual performance expectations, proactively communicate with
ownership and investors regarding performance relative to budgeted levels.
* Responsible for review of property operating budgets from the management
company.
* Review, comprehend and negotiate key legal documents including loan
agreements, franchise agreements, service contracts, leases, ground leases,
purchase and sale agreements, etc.
* Work with Acquisitions and Fund Accounting teams to execute acquisitions and
dispositions which would include monitoring of sources and uses and closing
of transactions.
* Communicate updates to TPG Executive Committee (EC).
* Provide Accounting department with information that will affect income or
expenses such as new loans, changes in loans, changes in agreements (i.e.
parking, leases), franchise agreements, etc.
* Monitor loan covenants to ensure covenant certificates are provided monthly
to lenders.
* 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 equity
distributions or funding requirements.
* Perform quarterly asset valuations disclosing methodology, inputs, etc.
* Prepare annual hold/sell/refinance analysis for review by Executive
Committee.
Qualifications
* Minimum five (5) years of hotel asset management experience with
full‐service, select‐service and/or independent hotels in major markets.
* 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
Compensation
Total compensation will be commensurate with experience and will include a base
salary, bonus and the potential for future equity participation.
Benefits
* Health, Dental and Vision Insurances
* Disability Insurances
* Supplemental Life Insurances
* Identify Theft Protection
* 401(k) Plan with Profit Sharing
* Flexible Spending Accounts or HSA Accounts
* Amazing Hotel Discounts in the TPG Portfolio or branded hotels
* Paid Time Off
* much more!
