Hotel Recruiters
Would love to hear if there are any hotel recruiters people know of for either developers or acquisitions groups or if there are recruiters that help you land at the flags (marriott, hyatt, etc). To be honest I don't know a ton about the space since I have spent my career working in MF development, but I have a love for travel and would love to work on hotels. Curious to hear from people in the hospitality space if working for one of the large hotel brands is even a good move.
Appreciate any insight.
Similar to NNN CRE, the hotel industry revolves around a franchise model. Marriott and Hilton don’t usually own the assets holding their flags. Development roles at Marriott, Hilton, etc. involves selling franchises not developing properties.
Institutional owners include REITs and traditional/hotel-specific PE shops. Development is pretty stagnant right now due some of the same headwinds other asset classes are facing.
Not sure of any hotel-specific recruiters. Would recommend reaching out to groups and networking directly.
Very helpful. Would you say going to work for a Marriott or Hilton would not be a good move for a career in Hotel development? Are you helping the franchisee at all with underwriting or making sure the development goes smoothly, or is it purely just a business development job trying to get developers to use their franchise?
If you’re interested in real estate development, I would not recommend taking a brand development role as you will be dealing with franchise agreements, management contracts, and all things brand-related. Brand development teams care about net unit growth (selling franchises), not if the deal actually pencils.
If you want to get into developing hotels, I recommend tracking down the principals that actually build hotels - some PE firms, merchant developers, owner-operators.
Should go without saying, but if you choose to go down this road, it would be beneficial to learn more about the hotel business model. Hotel real estate is much more complex than other asset classes due to the operating business aspect. There is a world of nuance in hotel revenue/expense management, as well as the previously mentioned brand dynamics.
Thank you for the advice. Much appreciated!
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