Opportunity: Vice President of Asset Management
Essential Job Functions
- Hersha Hospitality Trust (HT) is a self-advised real estate investment trust in the hospitality sector, whose portfolio consists of high quality, urban transient hotels in high demand gateway markets. At present, the Company's 51 hotels totaling 8,259 rooms are located in New York, Boston, Philadelphia, Washington, DC, Miami and select markets on the West Coast.
- The individual will be responsible for a portfolio of luxury, upscale, and midscale hotel assets. The Vice President will report to the Senior Vice President of Asset Management. The individual will be part of a larger asset management team, responsible for creating shareholder value.
- Responsibilities include, but not limited to:
- Manage a portfolio of first class urban properties and maximize the value of the assets.
- Responsible for developing and implementing short, medium, and long-term strategies for each asset in the portfolio.
- Maintain a thorough understanding of all factors affecting markets, including demographics and changes in supply and demand.
- Interact with hotel management in a proactive manner in developing revenue management and sales and marketing strategies, while creating cost containment programs to preserve and grow market share and NOI.
- Review annual capital expenditure plans with hotel management, with the goal of meeting hotel’s current needs, brand requirements, and positioning the hotels for growth or disposition.
- Perform other reasonable duties as assigned.
- The VP of Asset Management has direct exposure with the executive management team and has various possibilities to interact with other REITs, brands, brokerage firms, private equity firms, and investment banks.
- Overnight travel required.
- Thorough knowledge of the lodging industry as well as return on investment principles. Experience in other aspects of lodging, hospitality and real estate finance is highly desirable.
- A Bachelor’s degree in finance, business, or accounting is a requirement along with 7-10 years of experience in hotel asset management and/or real estate. MBA or master a plus.
- Previous experience with managing or asset managing luxury urban properties is also a requirement. Preference for experience with franchise properties (3rd party management companies).
- Possess superior communication skills, oral and written. Self-motivated, well organized, and results driven professional. Ability to meet deadlines.
- Strong knowledge of Excel.