Job Information
Choice Hotels Senior Director, Asset Management in North Bethesda, Maryland
Senior Director, Asset Management
Who are we looking for?
Choice Hotels, one of the world’s largest hotel companies, has an exciting new opportunity as our Senior Director, Asset Management in the Real Estate Investment & Asset Management team . The Real Estate Investment & Asset Management group manages the deployment of Choice capital to expedite the growth of select Choice Hotels brands. The primary focus is on the domestic growth of the upscale Cambria Hotels brand and the midscale extended-stay Everhome Suites brand, but the portfolio includes assets ranging from upper upscale through midscale. Choice has committed up to $1Bn toward real estate investments. Currently, the portfolio includes approximately 15 wholly-owned hotels and approximately 20 other investments via joint ventures or loans.
As the leader of the company’s asset management function, you will oversee Choice’s entire real estate portfolio with the goal of i) maximizing asset value for each hotel and ii) identifying and communicating opportunities that could also benefit Choice’s franchised hotels. You and your team will provide strategic oversight over each hotel’s operations to maximize net operating income and manage the capital investment to create and protect long-term value. Additionally, you will frequently partner with the internal Segment (upscale, core, and extended-stay) leadership to discuss portfolio-level learnings and opportunities that could be leveraged more broadly across the Choice brands.
Your Responsibilities
Responsible for oversight of the market, operations, capital strategy and reporting for Choice’s entire real estate portfolio.
In partnership with the Investments team and Segment leadership, develop and maintain a strategic plan for each asset.
Develop a 5-year capital plan for each asset that aligns with the hotel’s current needs and Choice’s long-term ownership strategy.
Review and approve the annual operating and capital budget for each property
Keep current on market conditions affecting the Choice portfolio
Frequent partnership with hotel management teams to analyze hotel operations and drive NOI through optimal revenue management, cost controls, and guest satisfaction efforts.
Make recommendations for capital improvement ROI projects and comprehensive property improvement plans. With support from external consultants and a hotel management company, manage the completion of ROI medium-complexity renovation projects.
In collaboration with the Investments team and Segment leadership, identify opportunities to recycle capital in a manner that balances maximizing returns and protects the needs of the brand. Once a decision is made to sell an asset, lead the disposition process.
Develop asset and portfolio-level reporting and benchmarking that is focused on accuracy, timeliness, and identifying opportunities. Present findings to Segment and executive leadership on a regular basis.
Lead negotiation of management agreements. Occasionally, assist or lead negotiations with joint venture partners and borrowers.
Create strong relationships with both internal and external partners. Frequently partner with internal FP&A, accounting, legal, and tax departments.
Coach and mentor direct reports and junior team members. Help foster a culture that values learning, accountability, curiosity, and celebrating success.
Your Experience, Skills & Competencies
At least 12+ years of progressive experience in hotel asset management, hotel ownership, or hotel operations. Significant experience analyzing hotel operations, identifying opportunities, and driving profitability.
Strong financial background with an understanding of real estate deal structures (such as joint ventures and mezzanine financing)
Significant experience creating processes and procedures and ensuring accountability.
Ideally, experienced with overseeing capital improvement projects and medium complexity renovations.
Coach and oversee a team with varying levels of experience.
Comfortable making decisions and being accountable for outcomes. Not afraid to communicate ‘bad news.’
Self-starter with willingness and ability to excel in a deadline-driven, high-volume environment. Must be capable of balancing collaboration, quick decision-making, and timelines.
Strong problem-solving, communication, and interpersonal skills are required.
Must be able to succinctly and clearly explain complex information to senior leadership. Must also be comfortable having difficult negotiation discussions with internal and external counterparties and reconciling each party’s priorities.
Must be willing to travel up to 20% of the time, occasionally with limited notice.
Your Team
This is a leadership role that will report to the Vice President, Real Estate Investment & Development. You will have responsibility for directly and indirectly managing a team of director and analyst level associates.
Your Work Location
As our Senior Director, Asset Management you will be based in our beautiful, state-of-the-art worldwide corporate headquarters in North Bethesda, MD. Less than 15 miles from Washington, DC, we’re located one block away from the North Bethesda Metro station, with service on the Red Line and the MARC Brunswick line, easy access to I-270, and plenty of free parking provided by Choice Hotels.
Right now, our associates in corporate headquarters are working in a hybrid environment, up to 4 days per week in the office and virtually from your home office the remaining days. We provide flexibility and encourage ongoing communication with your leadership to establish expectations about your unique needs.
About Choice
Record total revenues grew 10% to $1.5 billion for full-year 2023 compared to the same period of 2022. Adjusted EBITDA for fourth quarter 2023 increased 11% to $125 million from the same period of 2022. Fourth quarter 2023 adjusted diluted EPS increased 14% to $1.44 compared to the same period of 2022. Please click here (https://investor.choicehotels.com/news/news-details/2024/Choice-Hotels-International-Reports-Fourth-Quarter-And-Full-Year-2023-Results/default.aspx) to review highlights of our Fourth Quarter and Full-Year 2023 Results.
* PLEASE NOTE: This role is not eligible for sponsorship *
Ability to model Choice’s Cultural Values: Welcome and Respect Everyone, Be Bold, Be Quick, Listen, Be Curious and Show Integrity.
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Visit http://careers.choicehotels.com to learn more.