Vice President, Asset Management

Company Overview:
Our Client, located in Providence, is one of the largest, most sophisticated, and most respected privately-held real estate firms in the United States. Founded in 1958, this second-generation real estate investment and management company has built a broad national platform that encompasses all sectors of real estate. They are a vertically integrated, diverse organization with multiple wholly-owned, performance-driven operating companies delivering meaningful solutions to the unique demands of a complex industry.

For more than 50 years and through nearly 1,000 real estate transactions, our client has owned, developed, or managed hundreds of assets coast to coast, surpassing 60 million square feet of real estate with a historical portfolio valued in the billions.

Position Description:
The Vice President, Asset Management will be responsible for the asset management of multiple assets within the portfolio. The covered portfolio will primarily include hospitality assets, but could also include, residential, office, parking and marina assets. The Vice President, Asset Management shall be responsible for owning, driving, and reporting on business plans and performance, including the development, analysis, and interpretation of financial data in order to evaluate operating results in terms of profitability and performance as well as other matters bearing on the fiscal soundness and operational efficiency of the assets. This position entails a focus on the long-term strategic real estate performance and financial planning and monitoring of individual assets and portfolios.

Primary Responsibilities:

• Stay current on local market dynamics and thoroughly understand each investment and how it is positioned in its respective market to maximize the value of the investment
• Interface with outside parties, partners, investors, lenders. Obtain requisite approvals (lease transactions, budgets, etc.) as directed
• Operate as the asset “owner” and lead all internal discussions and analysis for the creation and execution of annual business plans, ad-hoc refinancing analysis and execution, quarterly valuations, sell/hold analysis, recapitalizations, and related analysis
• Work collaboratively and in partnership with the Operations teams to directly interact with and assist in overseeing 3rd party managers, leasing agents, construction managers, parking operators, counsel, and other 3rd parties
• Work in partnership with the Operations teams to execute on revenue management strategies
• Evaluate and recommend value enhancement opportunities (i.e. development, redevelopment, repositioning of asset, etc.)
• Prepare, own, and present business plans, budgets and reforecasts internally and externally
• Oversee the preparation and distribution of various annual, quarterly and monthly reports
• Analyze and monitor capital improvement and renovation programs, as required, for property maintenance, competitive positioning or market re-positioning
• Responsible for the management and execution of portfolio or property level loan draws and required partner draws
• Participate in the closing process and assist with the transitioning of new acquisitions into the portfolio
• Review real property and other tax billings
• Participate during the due diligence phase of the acquisition process and analysis, assist in the coordination of recapitalizations, debt refinancing, restructurings and asset dispositions
• Collaborate with senior management to ensure best practices and consistent execution for the asset management function

Qualifications:

• Minimum of 5-8 years of prior asset management or portfolio management or related experience with hospitality assets required, including big box hotels. Experience with marina or other product types is a plus but not required
• Understanding of real estate fundamentals, financing principles, and capital structures
• Proactive with issues and highly responsive to management. Must have experience working under pressure with various projects and deadlines, while reporting effectively and in a timely manner to senior management
• Previous experience with hotel operations
• Cognizant of big picture and task objectives, yet also detail-oriented and willing to take a hands-on approach
• Independent self-starter capable of multi-tasking; balancing multiple objectives to a successful conclusion
• Effective oral and written communication skills
• High degree of personal and professional integrity
• Proficient in Microsoft Word, Excel, and PowerPoint required. Experience with Argus, Yardi and Kardin is a plus but not required
• Bachelor’s Degree in finance, real estate, accounting, or related field