Hotel Asset Manager Job Description, Duties, and Responsibilities
What Does a Hotel Asset Manager Do?
A hotel asset manager is responsible for running and overseeing those items or services that enable a hotel to generate revenue, including rooms, restaurants, meals, gymnasium, and spa.
The hotel asset manager job description entails focusing on the hotel’s income generating assets and finding ways of boosting revenue from them.
In a nutshell, he/she manages the hotel by seeing it as an asset, that is, as a resource that generates revenue. With this perspective of looking at a hotel as an asset, the manager seeks to maximize earned income and improve on profitability.
He/she commonly applies hotel management tools such as iRoomi to effectively organize and manage their activities and improve revenue generation for their hotel.
The duties of a hotel asset manager might be difficult to define sometimes as they can vary widely from managing housekeeping and utilities to managing room inventory.
His/her role also includes managing hotel cost structures, which enables the hotel to save money from its purchases.
The manager helps to negotiate for reduced prices for items and services the hotel purchases or to work out the most cost effective purchasing decisions to make that will help the hotel save money or bring more return for its spending.
Hotel Asset Manager Job Description Example/Sample/Template
Hotel asset managers perform various functions in improving revenue from hotel assets.
Shown in the job description example below are typical duties, tasks, and responsibilities that usually make up the activities of asset managers of most hotels:
- Carry out analysis and interpretation of revenue, demand generators, financial reporting, and management data regularly to assess the performance of hotel, and where necessary evolve short and long-term strategies to enhance performance
- Perform on-site property inspection and spot deficiencies in cleanliness, service levels, and property condition
- Prepare and deliver standard market and operations report weekly, monthly, and quarterly and ensure they are accurate and done timely
- Apply data from company benchmarking systems to improve operating results and best practices
- Maintain current information on demographics; change in demand and supply, and all markets that impact on the performance and positioning of hotel
- Make sure management and other agreements are complied with
- Review and analyze quarterly reporting and annual operating budgets, and provide assistance to finance and accounting team on monthly, quarterly, and annual reporting
- Conclude review on ongoing and detailed loss and profit statement reports on assigned assets
- Participate in development of hotel strategic plans with executive leadership team
- Record, track, and speak regularly to ensure performance of assigned assets or/and portfolio.
Requirements – Abilities, Skills, and Knowledge – for Hotel Asset Manager Role
Are you seeking the role of a hotel asset manager and want to know the requirements to meet to qualify for the job?
If you are, then here are common qualities, skills, and qualifications you may need to have to be able to access the position of asset manager with most hotel employers:
- Possess Bachelor’s degree in courses such as hospitality, business, or finance. Having an MBA can give you an advantage, but not usually required
- More than 10 years experience in hotel operations and asset management, including senior level positions in hotels
- Strong skills and ability to work with Microsoft applications, including Outlook, PowerPoint, Word, and Excel
- Strong knowledge of feasibility analysis, financial structures, and market
- Strong knowledge and familiarity with legal documentation, including easements, tenant lease, and eminent domain proceedings
- Strong ability to comprehend complex pro forma models
- Profound knowledge of property-level financial statements
- Strong working knowledge of capital expenditures and improvements
- Strong ability to organize and implement asset management procedures effectively
- Exceptional ability to reconcile priorities and perspectives involving hotel operations, brand position, and hotel ownership
- Proven ability to succeed in a team-centered, fast-paced, and result-driven environment
- Strong and effective communication skills, including oral and written communications
- Strong interpersonal relationship skills to effectively work collaboratively with other industry professionals
- Detail-oriented, self-motivated, result-driven, and well-organized individual
- Strong ability to provide innovative approaching to problem solving make the right decisions upon available information
- Creative individual with positive mental attitude.
If you are an employer hiring for the hotel asset manager position, you will find the sample job description for the role provided in this post useful in making one for your company.
With a detailed description of the position, prospective applicants will be able to know what exactly the role entails in your company so they can properly assess their suitability for it, and you will be able to attract the best candidates for the position.
You will also find this post beneficial if you are someone interested in the asset management career.
You will be able to learn all you need to know about the duties and responsibilities hotel asset managers perform, which will enable you to make the right decision about the career.
Did this post help to increase your knowledge of what hotel asset managers do? Please, share what you think about this post in the comment box below. You can also share your work description if you work as a hotel asset manager.
Job Assessment Tests: How to Top Your Competition
As part of the hiring process, most applicants that passed the initial Resume/CV screening phase are required to pass an assessment test for the job or apprenticeship position they are applying for.
The goal of this phase is to determine if the candidate has the appropriate set of skills and qualities to excel on the job.
Find out the tests you will be needing to take for the position you are applying for; get lots of success proven Practice materials to prepare with now: Sure way to make high scores in job tests.