The Vice President of Acquisitions of a luxury or boutique hotel handles the flow of capital for the property. This professional is responsible for brand affiliation and creating a positive image of the brand beyond the financial bottom line. Keeping the brand consistent is a team effort that involves the entire management committee and the role of the VP of Acquisitions is intrinsic in this.
Some of the key functions of the Vice President of Acquisitions are:
Data: Accurate, timely and relevant data is essential for every aspect of luxury and boutique hotel operations. A highly skilled Vice President of Operations is able to collect, understand and analyze the data to identify trends, peaks and opportunities to make optimal financial decisions that result in solid operational and marketing plans.
Customer Base Understanding: A successful Vice President of Acquisitions is able to use data to identify the property’s existing and likely potential customers. By breaking down data this professional is able to create strategies for successful marketing opportunities with correctly priced packages and deals that create loyalty and enthusiasm.
Branding Affiliation: A creative, adaptable thinker, who can function during various business climates and market conditions, consistently creates innovative plans that ensure a consistent, high rate of returning and new guests. This is especially essential during off-season and adverse periods when new strategies to position a hotel ahead of the competition can make a critical difference to any property.
Management: An individual who sees a property in a holistic way and understands the various revenue streams that create a positive financial bottom line is able to go beyond a rooms operation. This professional understands the importance of the success of other hotel divisions, including restaurants, bars and spas. Being able to utilize every opportunity to generate revenue creates enhanced profitability for the entire operation.
Purchase Process: It’s extremely important find someone who understands the importance of sourcing the right investors; someone who can make assumptions based on the analysis of industry research about future market conditions, and ideally create a robust investment plan. The key is to highlight the true opportunity in your hotel to a potential investor. An ideal candidate would be capable of the following:
- Determining acquisition criteria
- Screening all offerings and develop specific targets
- Development of cash flow
- Development of investment analysis
- Establishment of price
- Development of a business plan
- Negotiate and close the deal
A successful Vice President of Acquisitions must be a true team player who works cooperatively to train and encourage other managers to create success in every department. Marshall-Alan Associates specializes in finding this type of talent for the boutique and luxury hotel industry. We can help find the right match for you.