- Financial analysis, performance tracking and ongoing review of all data and documents such as STAR data, reve
nue management data, forecast and profit and loss statements. Monthly reviews with all hotels in order to discuss monthly data and the strategies to improve performance.
- Assess, develop and implement value enhancement opportunities for the portfolio including an operations focus and an understanding of all types of capital projects.
- Ensure that property specific compliance requirements are completed including accounting and monthly reporting of financial statements, requirements of ground lessors, third party lender requirements, local taxing and zoning authorities. Also support both internal and external counsel, accountants and other consultants in property specific issues that may occur.
- Evaluate physical condition and anticipated capital requirements
- Evaluate major systems (HVAC, phone, PMS, etc.) for appropriateness and competitiveness
- Ensure legal compliance (health codes, life-safety, access for disabled)
- Perform annual strategic review, comparing properties’ expected performance to ownership’s investment objectives
- Determine market value of properties and project future increments in market value from holding, renovating, expansion, or other strategic alternatives
- Develop and implement short term, intermediate and long term strategies to improve the value of the portfolio
- Determine appropriate franchise affiliation for property
- Determine appropriate management for property
- Retain appraisers, environmental consultants, engineering consultants as appropriate
- Ensure franchise services are provided and billed properly
- Ensure management contract compliance
- Negotiate outside contracts (vendors, retails leases, service contracts) for optimal returns to ownership
- Create long-term capital expenditure plan
- Review annual budget proposals for consistency with capital plan
- Evaluate impact on profitability/value from discretionary expenditures.
- Approve capital budgets for presentations to ownership.
- Review spending requests for compliance with capital budget.
- Maintain a thorough understanding of all factors affecting hotel markets and submarkets associated with the portfolio
- Track occupancy and average rate trends
- Track new properties being considered for development
- Monitor demand generators for significant increases/decreases
- Track sales prices for comparable properties
- Track capitalization rates for hotel purchases
- Remain apprised of financing terms available