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Vice President, Food & Beverage Asset Management

Company: The Lightstone Group, LLC
Location: New York
Posted on: May 11, 2024

Job Description:

COMPANY DESCRIPTION:Lightstone, founded by David Lichtenstein, is one of the most diversified privately held real estate companies in the United States. Headquartered in New York City, Lightstone is active in 26 states across the country, developing, managing and investing in all sectors of the real estate market, including residential, hospitality, commercial, and retail. With 209 existing properties, Lightstone's over $9 billion portfolio currently includes over 13 million square feet of industrial, life sciences, and commercial properties, over 25,000 residential units, and over 5,100 hotel keys. Lightstone's development portfolio includes over $3.5 billion currently under development in the residential and hospitality sectors spread across New York City, Los Angeles, and Miami.LIGHTSTONE'S LIFESTYLE HOSPITALITY PORTFOLIO: Lightstone developed an expansive lifestyle hotel portfolio from the ground up, consisting of 2,700 keys and 38 bars, restaurants, and nightclubs across New York, Miami, and Los Angeles. The portfolio launched in 2017 with the opening of the 612-room Moxy Times Square, winner of American Lodging Investment Summit's (ALIS) Development of the Year. In 2019, Lightstone opened two more Moxy hotels in New York City-Moxy Chelsea and Moxy East Village. Following these award-winning openings were Moxy South Beach (2021), Moxy Lower East Side (2022), and New York's Moxy Williamsburg (2023). Most Recently, Lightstone opened Moxy Downtown Los Angeles and AC Hotel Downtown Los Angeles in April 2023, winner of American Lodging Investment Summit's (ALIS) Development of the Year. Lightstone's lifestyle hotel developments feature world-class F&B venues through partnerships with some of the top F&B operators in the world.Moxy is an innovative lifestyle hotel brand by Marriott that targets "Millennials" through its contemporary design, extensive amenities, and approachable service at a reasonable price. It is one of the newest and most exciting brands in Marriott's global brand portfolio and was developed following extensive research on the rapidly emerging millennial travelers and their unique needs. POSITION OVERVIEW: VICE PRESIDENT, FOOD & BEVERAGE ASSET MANAGEMENTThe Vice President, Food & Beverage Asset Management will represent ownership by directing and managing all food & beverage performance across Lightstone's Moxy portfolio consisting of 38 different F&B venues across seven properties, as well as new acquisitionsThe positions will report to the President of Lightstone Group and will be located in Lightstone Group's New York City office.KEY RESPONSIBILITES:

  • Interact on a daily basis with five different F&B operators and on-property management and staff to oversee both operations and financial success
    • Regularly visit operations across New York, Miami, and LA properties
    • Implement measures to drive topline revenue generation including but not limited to: marketing initiatives, event sales, PR activations, regular menu updates, and special menu items
    • Drive profitability via expense control including but not limited to: setting and reviewing labor standards, operating expense management, menu engineering (food and beverage), purchasing and inventory SOPs and controls, etc.
      • Regularly review all major contracts and make recommendations
      • Oversee management-level org charts and front of house and back of house staffing models to right-size for venue operations
        • Interview key management positions on behalf of ownership
        • Partner with accounting and finance teams to ensure accuracy of financial results and identify areas of financial opportunity
        • Generate and analyze daily, weekly, and monthly reporting
        • Provide detailed written comments to monthly reports
        • Review all venue-level SOPs (accounting, purchasing, inventory, comps, steps of service, etc.) to standardize across properties and ensure proper controls
        • Maintain real-time forecasting for both weekly sales and forward P&Ls
        • Monitor guest satisfaction (online review sites, direct feedback, on-property observation) and implement training to proactively improve guest experience
        • Serve as an intermediary between hotel and F&B staff to resolve all conflicts in a mutually-advantageous and cost-effective manner
        • Oversee F&B-focused capital projects
        • Proactively review the quality and profitability of operators, recommending changes where necessary, and leading the process for potential new operators and/or reconceptingKEY ATTRIBUTES/EXPERIENCE:
          • 10 + years of Food & Beverage management exp within high volume operations, overseeing multiple restaurant and food & beverage operations.
          • Experience generating reports on asset performance, maintenance costs and downtime analysis
          • Substantial and specific knowledge and experience in Catering and Event Servicing.
          • Experience in property openings, multi-unit oversight and training and development required.
          • Knowledge of appropriate computer-based systems such as POS, PMS and Microsoft Office products required. Accounting control experience and proficiency required.
          • Strong financial acumen to review Profit and Loss statement, daily sales analysis, and capital requests.
          • F&B branding and/or repositioning; marketing and promotional experience a plus.
          • Strong interpersonal communication required; Organizational leadership skills a must.
          • Ability to determine, define and maintain strategic differences between individual brands and brand initiatives within the portfolio.
          • Strong interpersonal skills in order to meet the financial needs of the position but within the framework of the organization and culture.
          • Excellent verbal and written communication skills
          • Ability to speak effectively before internal members of the organization as well as external parties
          • Demonstrate a high attention to detail
          • Ability to multi-task effectively in a fast-paced work environment, and coordinate activities with various departments and disciplines.
          • 50 % travel required.
          • Bachelor's Degree/Culinary Degree required; Hospitality program preferred. Compensation details: 200000-250000 Yearly SalaryPI6fd47f8c1634-31181-34445787

Keywords: The Lightstone Group, LLC, New York , Vice President, Food & Beverage Asset Management, Executive , New York, New York

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