Director of Asset Management

Job Description

Description of the Position

The Director of Asset Management for Magna Hospitality Group is a newly created position representing ownership in the oversight of all fund owned assets. The primary responsibility of this individual will be to create value throughout the Magna Hotel Fund assets through asset management of the portfolio.  The chosen candidate will be confident and collaborative with both senior leaders and property operating teams and display a proven track record of understanding both hotel real estate fundamentals and hotel operational metrics.  The Director of Asset Management must be able to display both a team approach to value creation, yet at times, maintain a higher level of accountability and expectations from the operating team as the owner representative.  The candidate needs to be a self-motivator that is prepared to start and grow a new department within an established fund management organization.  The characteristic traits of the candidate must include a desire to be able to dig into details yet step back and understand the larger picture of the company’s investment objectives.

Specifically, the Director of Asset Management for Magna Hospitality Group is responsible for the following:

• Develop standards and procedures to evaluate the operational efficiencies of our portfolio and determine where each property may have value creation opportunity
• Understand hotel deficiencies in our competitive positioning and provide recommendations to ownership and the operating teams on potential remedies
• Develop strategic initiatives for untapped value creation opportunities within our assets and present the opportunity to ownership
• Maintain oversight and directional responsibility for the hotel’s capital improvement plans
• Maintain existing tenant relationships and drive all new leasing activity during the hotels opening and stabilization period
• Maintain knowledge and understanding of the investment market including existing valuation and capital market trends
• Oversee the bi-annual valuation process of fund assets including the development of our pro forma in collaboration with our operating team and value conclusions with our development team
• Direct, in concert with our advisors and consultants, all property tax and insurance related decisions.
• Oversee the procurement of all utility contracts
• Understand various brand initiatives and their potential impact on our operating model and ultimate asset valuation
• Oversee and evaluate any property level contract that does not adhere to the standardized operating procedure.
• Assist in the disposition of all fund owned assets
• Assist in special projects assigned by company leadership

Reporting Relationship

The Director of Asset Management will report directly to the President of Magna Hospitality Group.

Professional Qualifications

S/he will have a proven track record in the field of asset management that includes experience in overseeing hotels and working on behalf of ownership to create additional value.  The candidate should be a team player, someone that can forge relationships with all key stakeholders yet maintain a focus on the company. It is expected that the individual will strive for personal growth but never at the expense of the company or its investment.  This person is expected to be a critical thinker that can foresee problems before they develop, and once the problem is apparent, become an effective problem solver understanding not just how to identify a problem, but help to solve the problems collaboratively with the team members.

The individuals skill set will include a mastery of the following skills:

• Hotel financial statements
• STR and Demand 360 analysis
• Various hotel operating models
• Investment returns and metrics
• Property level contracting
• Property tax analysis
• Building capital expenditures that focus on impact minded investments
• Brand metrics and positioning

The individual’s skill set should include some knowledge of:

• Real estate investment metrics
• Capitalization
• Strategic implementation of property improvement plans
• Booking channels, their impact on profitability and over property performance

COMPENSATION

Base salary and incentives will be commensurate with experience and will include a base salary and annual bonus. An initial opportunity will be provided to invest in the current Magna Hotel Fund VII as part of our MHG Directors pool.  Upon validation of the candidate’s value creation ability a future consideration will be given for investment opportunity into the general partnership of the Magna Hotel Fund.

LOCATION

Warwick, Rhode Island