24 Hour Fitness, INC. Director, Real Estate & Capital Strategy in San Ramon, California
LOCATION 12647 Alcosta Blvd San Ramon CA 94583
Under the direction the Vice President of Pricing and Real Estate Strategy, the Director of Real Estate and Capital Strategy is responsible for managing and executing data-driven analysis to support and drive the national real estate strategy for the company. This position has two direct reports in the roles of Real Estate Analyst and/or Sr. Real Estate Analyst. Together, this team delivers the internal and external financial, demographic, and geographic data that drives critical strategic decisions for managing and growing the company's real estate portfolio. This person should be a "go to" resource for facts and critical data related to current and future sites and clubs. The Director is responsible for managing workflow and work process, quality checking analysis from direct reports, training and developing direct reports, working with and coordinating the efforts of partners in Finance and Pricing departments, and interpreting the data to deliver insights derived from both quantitative and field analysis from the DRE team. It combines elements of strategic planning and tactical execution of a production process (getting deals approved) while managing and leading teams to achieve both of the above. Additionally, the Director of Real Estate and Capital Strategy is responsible for defining, and measuring the strategic direction of capital spend across the organization (specifically focused on Real Estate and Construction) in an effort to improve and maximize Return on Invested Capital (ROIC) and long term growth associated with the Long Range Plan.
ESSENTIAL DUTIES & RESPONSIBILTIES
Estimated % of Time Spent
- 1. Development and Maintenance of Real Estate and Constructions Strategic Plan
Drive a multi-year planning process to set portfolio management objectives down to the individual assets
Work with VP of Pricing and RE Strategy, SVP Real Estate and SVP of Construction to develop national plan for new club growth, closures, renewals, refreshes and remodels based on capital budgets and required return targets
Work with Corporate Finance to manage the capital program for real estate and major facilities investments enterprise-wide; including annual capital planning process as associated road mapping of the capital plan as well as tracking, evaluating, and optimizing current and on-going capital projects enterprise-wide
Lead complex or sensitive planning initiatives
Lead annual strategic planning and budgeting process, coordinating inputs with multiple stakeholders, including senior leadership and functional leaders
Evaluation/ Decision Support
Lead the evaluation of and due diligence needed for potential acquisitions, divestitures, and sizable infrastructure investments in Information Technology
Manage the processes, infrastructure, and systems need to set, track, and decide on capital projects
Work across asset planning, real estate transactions and construction project management to ensure timely submittal of business cases
Track strategy implementation through financial reporting and scorecards
Oversee preparation of periodic business reviews, Real Estate penetration meetings, and Board meeting presentations
Provide proactive insight into key issues, risks, and opportunities and make recommendations to enable decision-making on a timely basis
Oversee ongoing management and tracking of development and R&M capital and integrate with strategic plan to ensure financial viability and effective capital and R&M expense forecasting and ROIC
Manage the completion of all data-driven analysis and mapping to support the stated national portfolio strategy
Create similarly supported Designated Market Area (DMA)-level strategies for club placement, relocation, and closure based on demographics, trade area targeting, customer segmentation and existing club performance
Ongoing management of the plan as it evolves due to competitor movement, capital planning, club performance and trade area evolution
- 2. Management of the Real Estate Site and Investment Evaluation, Recommendation, and Approval
Assist Real Estate leadership in managing the process for getting sites and deals approved through the Real Estate Committee (REC) and Board process which includes:
Oversee the development of financial projections for individual sites, and quality checking models to ensure proper integration of input assumptions
Review models with Finance to reach consensus projections
Work with Pricing and Customer Insights teams to obtain pricing and membership inputs to evaluate sites and fine tune pro forma models
Work with Director of Real Estate and Development Coordinators to ensure all support documentation is in place for REC review
Provide tools to Director of Real Estate and Development Coordinators to assist in site targeting and evaluation (field model, demographic tools, etc...)
Drive the development of REC meeting presentations and support materials
Assist SVPs of Real Estate & Construction in setting capital targets and work with the Real Estate and Construction teams to achieve those ROIC and club standard targets
Assist Finance with management of financial models and continuously work with them to improve the predictive capability of the financial models
- 3. Team and Partner Relationship Management and Communication
Manage a team designated to deliver the data, insights and clear presentations that drive improved decision-making
Oversee mapping and predictive analytics software to ensure accurate market analysis for all geographical regions, including demographic data such as growth trends, traffic patterns, and competitive movement
Maintain productive relationships and manage work process with all levels of the organization in Real Estate, Construction, Finance, Club Operations, IT, Marketing, Pricing, and others to create pro forma models and market segmentation studies. All of which support both the overall strategic plan and the evaluation and approval of individual deals / investments
Coach and grow the analysts on his/her team to enable them to improve their understanding of key drivers of club success and deliver valuable insights for critical capital decisions for the company
- 4. Tracking of Club Counts, Performance and Tracking/Projecting Capital Spending
Work with Finance team to track results of new club openings vs. budget and to track and predict capital spending and budgeting for new club and relocation capex.
Utilize team, be the "owner" of the data for Development Team related to club performance, new club capex spending, and definitive record of club counts
This position reports to the VP of Pricing and Real Estate Strategy and has constant interaction with all levels of the organization including Senior Vice Presidents, Executive Vice Presidents, Chief Executive Officer and President through ongoing communication and monthly meetings with C-level executives and senior management and field leadership to target, evaluate, and approve new club locations.
Knowledge, Skills & Abilities
Strong financial skills in real estate.
Seasoned professional with outstanding judgment, leadership, and interpersonal skills.
Excellent communication skills and the ability to influence others and build meaningful team relationships.
Ability to think strategically about real estate positioning, trade area dynamics, pricing, demographics and overall drivers of club success.
Excellent knowledge of industry trends and drivers of club success, and the ability to understand the project development process and the requirements of large-scale, nationwide, multi-unit development.
Advanced PC based computer skills, including presentation software, word processing and spreadsheets. Ability to manipulate Excel based financial models, and create impactful presentations.
Interest in strategy, real estate, have a strong work ethic, outstanding academic record, strong finance and accounting background, good research skills, strong/outstanding financial modeling experience, and excellent communication (including use of PowerPoint) and people skills. Motivated and demonstrate initiative in problem solving
Minimum Educational Level/Certifications
- Bachelor's degree in real estate, business, finance or related field
Minimum Work Experience and Qualifications
7+ years of work experience in real estate strategy, financial analysis, strategy consulting, private equity, or a related field
Experience with the use of enterprise software packages, for the purposes of obtaining internal data and/or running reports on existing performance data
Management/Business development experience with a track record of growing and building teams/customer relationships
Physical Demands/ Environmental Conditions
Some work is performed in a standard office environment without unpleasant or hazardous conditions. Work entails typical physical demands involved in office work
Regularly required to work standard office equipment (personal computer, copy machine, fax machine, etc.).
Ability to work on a computer up to 7 hours a day
Regularly required to sit for long periods of time, and occasionally stand and walk
Occasionally required to stoop, kneel, climb and lift up to 50 pounds.
Periodic travel to and work in real estate locations
- Occasional overnight travel may be required
Knowledge, Skills & Abilities
- Ability to learn or experience using Accruent, PeopleSoft, Khalix, or Business Objects enterprise software packages
- Master's Degree in real estate, business, finance or related field
Work Experience and Qualification
Experience in retail/fitness industry.
Experience working in Retail Department of large multi-unit retail business.
DISCLAIMER: The above statements are intended to describe the general nature and level of work being performed by incumbents assigned to this job. This is not intended to be an exhaustive list of all the responsibilities, duties and skills required. The incumbent may be expected to perform other duties as assigned. This job may be reviewed as duties and responsibilities change with business necessity.
COMPLIANCE & INTEGRITY: Consistently supports compliance and Workplace Conduct by maintaining the privacy and confidentiality of information, protecting the assets of the organization, acting with ethics and integrity, reporting non-compliance, and adhering to applicable federal, state and local laws and regulations, accreditation and licensure requirements (if applicable), and 24 Hour Fitness' policies and procedures.
All Directors, Managers and Supervisors are accountable for communication, implementation, enforcement, monitoring and oversight of compliance policies and practices in their departments.
SERVICE & QUALITY : In addition to defined technical requirements, accountable for consistently demonstrating service behaviors and principles defined by 24 Hour Fitness as well as specific departmental/organizational initiatives. Also accountable for consistently demonstrating the knowledge, skills, abilities, and behaviors necessary to provide superior and culturally sensitive service to member and team members, contracted providers and vendors.
WORKPLACE SAFETY: In addition to defined working conditions and physical requirements, employees are accountable for working safely; following established policies & procedures; and reporting all injuries and hazards to their supervisor immediately.
Supervisors and Managers are accountable for ensuring the safety performance of employees; applying consistent practices in compliance with federal, state and local regulations; providing guidance to maintain a safe and healthy work environment.
FUNCTIONAL GROUP Construction/Real Estate