I have an opportunity as Development Analyst for a decent hotel group. What are the long term career opps?
Would taking this position open doors down the line in other development roles/areas (office, retail, residential) and acquisitions, or would I be role relegated as a result.
The role includes a focus on all phases of the hotel development project from site acquisition, financing, zoning, entitlements, design, permitting and construction.
Best to all, and thanks.
I know people who have done this. I think it'd be a great path and if you change your mind, yeah, my hunch is you could probably go work for a mall developer or what have you. Thing is, those other areas you mentioned (with the exception of apartments) are not doing a lot of building right now anyway. Furthermore, a lot of the aforementioned people who have done hotel development have stuck with hotels by choice, because they love hotels. You're in a pretty sweet spot, if you think you'd have fun with it of course.
It obviously depends on your career goals, but this sounds like a good learning opportunity. The hospitality business is roaring back across the country and this would be a great way to get development experience in a specialized sector. I agree with prospie, an overwhelmingly large amount of professionals who start in the hospitality sector, end up staying and specializing for the long term...
I’m not sure how the development business views development experience across sectors, but I interned for an office developer and they hired analysts that worked in other sectors (retail and even multi-family). Let us know if you take it, and if you like it.
The feedback is appreciated Prospie and REValuation, and will do.
I have been reading and studying article and data from HVS's site and found a very (very) basic hotel valuation excel model to take apart and study.
Can you guys recommend resources where I can really ramp up my excel modeling training (acquisition, renovation and disposition) for this position. I saw the 'Life on the Buy Side' offers a course that looks on point (but -- money is quite tight at this point so would prefer a more bootstrap alternative).
Thanks again as am taking your advice.
Read HVS, and try and get your hands on a PKF annual trends study.
If you’re going to work on the development side, I wouldn’t guess you would need to know much about disposition or renovation (but then again I could be wrong and its your life...).
What level or service does this firm specialize in: upper upper scale, luxury, limited service, etc… The reason I ask this is because the room revenue vs. other revenue breakdown, and operating expenses, vary widely depending on the services offered.
I would familiarize yourself with ADR, RevPAR, room revenue multipliers (to a lesser extent), business value from different “flags”.
http://www.hvs.com/Content/3050.pdf
A lot of good feedback here. Hotels are a complex and specialized asset class. From the brief description, it sounds like you will be gaining a lot of skills that are transferable across all other RE - entitlement, zoning, construction, etc. In addition, you'll also get your feet wet with the more specialized. operations piece...e.g. soliciting a brand and management company, coordinating pre-opening and managing the budget, etc. I strongly believe that it would be much better for your exit opps to start with something complicated like hotel development vs storage facility/industrial development or the like. Does the group just develop hotels, sell upon completion or stabilization, and move on to the next? Or do they hold for awhile and are focused on building up their portfolio?
Also...completely agree with prospie. The people I know who have started with hotels have stuck with it by choice as well. It's a highly desirable niche.
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