VP, Asset Management

Rlj Lodging Trust - Bethesda, MD

Full-time - Senior

Bethesda, MD

Accommodation

About the position

The Vice President of Asset Management is a pivotal role within the Asset Management department, responsible for overseeing the management of hotel assets for a publicly-traded real estate investment trust that primarily invests in focused-service hotels. This position is crucial in ensuring that the company's financial and operational objectives are met across a diverse portfolio of hotel properties. The Vice President acts as the ownership representative for RLJ, collaborating closely with third-party management partners to unlock the full potential of each asset. This includes a focus on revenue generation, net operating income, employee engagement, guest satisfaction, capital investment planning, and asset preservation. The role demands a mature professional with strong financial acumen, superior communication and listening skills, and a deep understanding of hotel operations. In this capacity, the Vice President will utilize hotel management insights, industry analyses, and financial modeling to monitor and analyze the financial performance of each property. This involves identifying opportunities for asset value enhancement and staying informed about market trends that impact the hospitality industry. The Vice President will also be responsible for formulating strategic recommendations for both short- and long-term planning, tracking property-level trends, and implementing corrective measures as necessary. Regular meetings with hotel executive teams will be essential to review performance metrics, approve business plans and budgets, and provide guidance on cost reduction and revenue enhancement strategies. Additionally, the Vice President will lead capital improvement initiatives, analyze return on investment for various projects, and maintain effective relationships with internal and external stakeholders. This role requires a high level of travel, up to 80%, to ensure hands-on management and oversight of the properties within the portfolio.

Responsibilities

• Analyze and monitor financial performance of each property and the designated portfolio from an operational perspective.
• Keep current on all markets affecting the hospitality industry, specifically the markets in which the assets are situated.
• Formulate and make recommendations to senior leadership for short- and long-term strategic plans for the hotel assets.
• Track and evaluate property-level trends with respect to human resources management, marketing/sales, technology applications/effectiveness, guest satisfaction.
• Optimize asset values by establishing operating profit expectations and monitoring performance.
• Meet with hotel executive teams to review monthly and quarterly operating performance and approve business plans/budgets.
• Prepare investment summaries and make recommendations for major hotel expenditures.
• Lead the capital improvement and repositioning efforts of the designated portfolio.
• Analyze and track return on investment for the assets as well as profit-improving projects.
• Establish and maintain effective working relationships with internal and external constituencies.
• Supervise contract compliance with respect to existing management and franchise agreements.
• Contribute to the accurate maintenance of the asset management reporting system.
• Provide support for special projects such as acquisitions, dispositions, and recapitalizations.

Requirements

• Bachelor's degree in Finance, Accounting, Hospitality, or Real Estate preferred.
• Seven (7) plus years of broad experience in Asset Management or Hotel Operations required.
• Demonstrated experience in solving business development and financial problems within the lodging industry.
• Experience with complicated capital improvement project management.
• Solid understanding of rebranding strategies and value-add initiatives.
• Expert knowledge of the lodging/hospitality industry.
• Thorough understanding of sales and yield strategies processes within the lodging industry.
• Ability to analyze financial data and projections.
• Strong understanding of property-level cost issues.
• Positive innovative approach to problem solving.
• Strong written and verbal communications skills.
• Advanced knowledge of Word, Excel, and PowerPoint.
• Ability to work independently and prioritize multiple complex projects.
• Effective staff leadership and motivation skills.