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Asset Manager

posted September 19, 2019

TPG Hotels & Resorts
Cranston, RI
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About This Job

Due to our expanding portfolio of hospitality assets throughout the U.S., Provata Asset Management, LLC, the asset management affiliate of Procaccianti Companies and TPG Hotels & Resorts, is seeking to hire an Asset Manager.

Who we are

 Provata 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), Provata (the Italian word for proven) 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.

The ideal candidate for this position

Based at our corporate headquarters in Cranston, Rhode Island, the Asset Manager will be responsible for a portfolio of branded and/or independent 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 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.

Who you will be working with

The Asset Manager will report to the Senior Vice President of Asset Management with accountability to the Chief Financial Officer. The position, which involves approximately 40% 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.

What you will be doing

  • 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 regrading performance relative to budgeted levels;
  • 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 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

Benefits

We offer a highly competitive benefits package!

  • Medical, Dental and Vicsion Insurance
  • Disability Insurance
  • Supplemental Life Insurances
  • 401(k) 
  • Paid Time Off
  • AMAZING HOTEL DISCOUNTS


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About This Employer

TPG Hotels & Resorts

1140 Reservoir Avenue
Cranston, RI 02920

(401) 946-4600

Corporate Office

tpghotelsandresorts.com

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About TPG Hotels & Resorts

TPG is considered among the nation’s elite hotel companies by evidence of its consistent national ranking as a top hospitality manager and top hospitality construction company. These results have earned TPG preferred status as an approved operator of all the major hotels brands including Hilton, Hyatt, InterContinental, Marriott, Wyndham, and Starwood.

Via TPG’s proprietary value optimization process, TPG creates unprecedented value by exploiting a hotel’s operational inefficiencies via techniques refined through years of hospitality management experience. Having sustained growth, invested, and operated through several market cycles, the company is able to position properties to prosper in up cycles and mitigate risk in down cycles through highly skilled hands-on management.

It is through TPG’s proven ability to tailor its value-add strategy, either as an owner/operator or third party hospitality manager, that lenders, servicers, portfolio owners and investors have repeatedly realized above market performance.

TPG Hotels & Resorts is a preferred operator of all the major brands including Hilton, Hyatt, IHG, Marriott, Starwood, and Wyndham.

National Portfolio

TPG has owned, developed or managed over 100 hotels representing more than 20,000 guest rooms. TPG is considered among the nation's elite hotel companies, a fact confirmed by its consistent national ranking as a top hospitality operator. These results have earned TPG Hospitality preferred status as an approved operator of all the major hotels brands including Hilton, Hyatt, IHG, Marriott, Starwood, and Wyndham.

TPG’s national portfolio of 60 hotels extends coast to coast throughout 23 states with 10,000 employees nationwide and 17,000 guest rooms representing approximately 20 million square feet.

Why People Like to Work for Us

At TPG Hotels & Resorts our strengths lie in the full integration of services—from strategic capital improvements to choosing the right brand and effectively managing operations. Success in hospitality is a combination of an excellent product, extraordinary service and keen financial management.

TPG Hotels & Resorts' large and diverse portfolio includes the nation's leading hotel brands—Hilton, InterContinental, Marriott and Starwood properties.

TPG Hotels & Resorts' senior executives average over 20 years of hospitality and real estate experience and are astute at balancing the priorities of our associates and guests. We believe that hotel value enhancement begins with rehabilitation, and that with vertical integration we can maximize revenues, product, and process.

At TPG Hotels & Resorts we are driven to deliver superior brand quality, value and service to our guests and owners.

People are our greatest assets. TPG Hotels & Resorts is proud of its ability to recruit, train and retain the best hospitality personnel in the business. Nationwide, TPG-managed properties are recognized as great places to work and build a career.

TPG Hotels & Resorts supports an entrepreneurial culture by empowering managers and associates to make their jobs rewarding, enriching and fulfilling. Training programs are provided to encourage professional advancement as well as personal success and growth.

Our commitment to excellence in management, service and guest satisfaction is second to none. Being responsive to guest needs is a talent shared and nurtured by everyone at TPG. We believe that achieving exceptional service is invaluable to sustaining profitable operations over the long term.

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