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Manager of Transitions - Atlanta, United States - Noble Investment
Description
Noble is seeking a Manager of Transitions to work with the asset management team, the investment team, and third-party managers to maximize the performance and value of our hotels and institutional real estate funds. The role will specifically engage with assets during the transition of an asset from the intent to purchase stage to closing on the asset. This individual will be responsible for engaging in operational due diligence, confirming underwriting and investment thesis assumptions, assisting with the asset management and legal transition items with the closing, and creating and initiating the execution of the value-add initiatives through the transaction date. The Manager of Transitions will be working with assets of select-service and extended-stay hotels based in the continental United States. The role is approximately 40% travel.
The candidate will report to the Managing Principal and Head of Asset Management and work closely alongside a team of asset management and investment professionals at the Noble headquarters in Atlanta, Georgia.
Responsibilities
The Manager of Transitions role will have primary responsibility for the following:
Provide support in underwriting and due diligence of new acquisition opportunities.
Review underwriting analysis of operating performance and areas of opportunity and/or risk as investments are considered.
Utilize historical management and brand reports to complete data-driven analysis to quantitatively analyze data to support decisions and to provide context to underwriting assumptions.
Utilize internal and external benchmarks and other relevant data sources to inform recommendations to the Investment and Assets Management teams.
Provide line-by-line feedback on underwriting assumptions by internal and external groups, challenging/refining the investment thesis and/or business plan.
Work with Noble's project development team to capture all needed capital projects and renovation work are identified and tied to underwriting assumptions.
Help the Operational Asset Management Team approve the Year 1 Operating Budget and Business Plan; facilitate involvement from the Design/Construction team on Capital Budgets.
Along with the Investment Team and Legal Team, develop and manage key date schedules for contracts, licensing, and other pre-closing deadlines.
Take the lead (through the close date) on any pre-identified value-add initiatives.
Lead transition "Asset Management Transition Meeting" and provide takeover report and file to the asset manager's team before the close.
Potentially, conduct on-property site visits for potential acquisition targets to analyze locations.
Be on-site for closing if needed.
Partner with brands and third-party management firms before, during, and after transactions to facilitate a smooth transition process.
If needed, engage with property sellers, lenders, advisors, and consultants on transition-related processes as deemed appropriate.
Identify and address any existing or potential deficient conditions relating to the physical asset, including life safety, risk management, or legal concerns.
Develop and implement short-term, intermediate, and long-term strategies to improve the value of the asset.
Engage with Asset Management through the life of the investment to ensure the success of the investment as an active member of the asset management team.
Qualifications
The desired candidate should have 5+ years of experience in Hospitality Asset Management and/or related operations or finance. A track record of success, integrity, and academic achievement, supported by the strong recommendation of industry peers, is required. Other qualifications required are:
Undergraduate degree with a preferred course curriculum focused on finance, business, or hospitality.
Excellent financial analysis, analytical, and quantitative skills are required.
Proven experience in operations, finance, accounting, budgeting, market monitoring, and monthly reporting.
Well-organized, detail-oriented, flexible, confident, analytical, technical, and resourceful.
Strong writing and oral communication skills.
Effective interpersonal skills and ability to interact with diverse personality types.
Ability to work well under pressure with compressed project time frames.
Ability to multi-task and meet deadlines; possess strong project management and problem-solving skills.
Proactive, hardworking, dedicated, and a self-starter.
Willingness and capacity to travel.
Capable of collaborating on financial impact analysis - which may include transactional underwriting, cost containment initiatives (and tracking performance), and value-enhancement ROI models.
Computer skills: fluency in Microsoft Office products. Knowledge of Tableau or AirTable is a plus.
