Job description

Magna Hospitality Group (“Magna”) is a vertically integrated private equity fund focused exclusively on the hospitality industry. Magna was formed in 1998 and has over $4.0 billion in AUM. Magna is based in Warwick, Rhode Island and owns and/or operates 57 hotels across the country. Magna and its affiliates have over 120 corporate professionals specializing in every discipline, including investment, finance, legal, hotel operations, sales and marketing, revenue management, hotel accounting, human resources, and construction. Magna Capital Management (“MCM”) is the investment company responsible for fund raising, investment, and management of the Magna’s family of funds. MCM is currently deploying its seventh discretionary equity fund, Magna Hotel Fund VII LP, a $355 million fund.

Strategy

The investment lodging space is unique when compared to other real estate asset classes. In light of the highly cyclical nature of the hotel business, the vast number of hotel operators, and the complexity of the hotel operating model, the lodging industry is populated with underperforming assets at all points in the investment cycle. Additionally, the intensive human resources component of operating a hotel and the increasing intricacy of the revenue generation models lead to a high level of inconsistency in the performance of hotels. It is this combination of factors that serves to create a multitude of investment opportunities. As a vertically integrated hotel investment and management firm, Magna Hospitality Group is perfectly positioned to capitalize on the uniqueness of the investment lodging space. Unlike many other hotel investment firms, Magna Hospitality Group is responsible for every aspect of the investment process, commencing with sourcing the investment opportunity, conducting the diligence, and capitalizing the transaction. From there, Magna is responsible for both the day-to-day oversight of hotel operations. Magna also undertakes responsibility for executing each hotel’s disposition strategy. Thus, Magna Hospitality Group not only sets the investment strategy, but is also responsible for all points of execution of that strategy.

Culture

Magna Hospitality Group is managed by a talented and experienced team of seasoned hospitality professionals with an average of over twenty years of relevant experience. Each professional on the corporate team is an active investor in Magna Hospitality Group real estate investments. By virtue of their investment in each hotel, the Magna Hospitality professionals’ interest are in direct alignment with Magna Hospitality Group’s broader investment base. This investment structure provides Magna Hospitality Group professionals with a vested interest not only in the “gross operating profit” or “net operating income” of each hotel, but more importantly, the value creation as a result of said cash flow.

Magna Hospitality Group’s culture is expressed through T.E.A.M. – Together Everyone Achieves More. TEAM encourages individuals to succeed as part of a team and be less concerned with themselves as individuals. Only by contributing to the Team’s success will an individual provide herself or himself with the opportunity for personal growth, development, advancement, and financial reward. The TEAM culture is an integral component of Magna’s success and it extends from Magna’s Leadership Committee through every Team member at their properties. The TEAM culture ensures that if all team members (both corporate and property level) achieve personal advancement and financial gain, their hotel investments will be successful, and investors’ expectations will be realized.

Maintaining the TEAM culture is all about hiring the right people, both at the corporate level and the hotel level. Once hired, each corporate member is provided with an incentive plan carefully designed to enable them to create personal wealth, but only where true value and return on investment is generated for the investment group.

Dedication to this culture has enabled Magna Hospitality Group to add value to all its investments, to provide superior returns to its investors, and to create personal advancement for all its professionals and team members, all while delivering an excellent experience to guests that exceeds their expectations.

Description of the Position

The Senior Associate – Loan Administration for Magna Hospitality Group is responsible for a multitude of tasks ranging from debt sourcing for new acquisitions to oversight of loan compliance reporting. The primary responsibility of this individual will be to manage portfolio company debt, including interest rate hedging along with lender relationships, loan testing and loan reporting. The chosen candidate will be confident and collaborative with both senior leaders, peers and property accounting teams and display the ability to be a leader in the hospitality debt platform at Magna. The candidate needs to be a self-motivator that is prepared to think strategically about debt from the portfolio perspective often through independent analysis and thought. The characteristic traits of the candidate must include a desire to be able to dig into details yet step back and understand the larger picture of the company’s investment objectives.

Specifically, the Senior Associate – Loan Administration for Magna Hospitality Group is responsible for the following:

• Loan administration including covenant review, financial certifications, as well as liaise with lenders and/or servicers for approvals for material agreements and leases
• Effectuate Interest rate hedging strategy
• Understand reserves including interest and excess cash, use and replenish triggers/release requirements, disseminate to property accounting team and trouble-shooting of
• Proactive outreach to potential lender’s for acquisitions and refinancings under the guidance of the CFO
• Direct lender, broker and appraiser due diligence process

The Senior Associate – Loan Administration is an in-office position based in Warwick, RI and will report to the Chief Financial Officer.

Professional Qualifications

S/he will have experience in the field of debt origination, loan document negotiation and/or loan administration. The candidate should be a team player, someone that can forge relationships with all key stakeholders yet maintain a focus on the company. It is expected that the individual will strive for personal growth but never at the expense of the company or its investment. This person is expected to be a critical thinker that can foresee problems before they develop, and once the problem is apparent, become an effective problem solver understanding not just how to identify a problem, but help to solve the problems collaboratively with the team members.

The individual’s skill set should include a knowledge base of the following skills/contacts:

• Financial statements (hotel specific knowledge is valued, but not necessary)
• How to maintain and develop lender relationships
• Understanding of covenant performance testing in loan documents
• Experience in key loan agreement terms
• Excel Modeling

Compensation

Base salary and incentives will be commensurate with experience and will include a base salary and annual bonus.

Benefits:

• 401(k)
• 401(k) matching
• Dental insurance
• Employee assistance program
• Employee discount
• Health insurance
• Life insurance
• Paid time off
• Referral program
• Retirement plan
• Vision insurance

Job Type: Full-time

Benefits:

• 401(k)
• 401(k) matching
• Dental insurance
• Employee assistance program
• Employee discount
• Health insurance
• Life insurance
• Paid time off
• Referral program
• Vision insurance

Physical setting:

• Office

Schedule:

• Monday to Friday

Supplemental pay types:

• Bonus pay

Ability to commute/relocate:

• Warwick, RI 02886: Reliably commute or planning to relocate before starting work (Required)

Application Question(s):

• What are your base salary expectations?

Experience:

• Commercial Loan Administration: 3 years (Required)

Work Location: In person

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