Hotel Acquisitions Associate

MIG Real Estate (“MIG”) is a privately-held real estate investment and development firm headquartered in Newport Beach, California. MIG invests in and develops multifamily, industrial/flex, hotel, retail and office properties located in the Western U.S. and Sunbelt states, with a focus on retaining full ownership of its real estate investments for value-add appreciation. Given MIG’s approximate $2.5 billion real estate portfolio, active exchange strategy and significant discretionary cash holdings, the company is poised for extraordinary growth.

The ideal candidate will have 3 to 5 years of prior experience in sourcing and underwriting hotel properties in target markets with historical and projected population/employment/leisure travel growth.

JOB DUTIES AND RESPONSIBILITIES

• Primary responsibility is to source potential hotel investments that fit MIG’s acquisition strategy and prepare detailed economic analysis that supports the potential investments.

• Identify and source acquisitions both on and off market, including direct from property owners. Candidates must be self-starters willing to “pound the pavement” to find target assets and connect with brokers and owners in the industry.

• Must have experience recognizing and evaluating trends in hotel financial statements, reviewing operating statements, STR reports analysis, competitive set performance (MPI, ARI, RGI, segmentation).

• Research and analyze demographic, economic, and real estate market data to recognize market trends to support all underwriting assumptions with a high level of certainty.

• Analyze hotel operational weaknesses to capitalize on opportunities for strategic investment.

• Work with potential hotel operators to complete underwriting and prepare proforma budgets for operations and property improvement plans as required.

• Partner with legal team to negotiate franchise and management agreements.

• Regular communication with those parties familiar with the assets and markets (investment sales brokers, lenders, hotel operators, tax advisors, attorneys, appraisers, and other third party service providers).

• Conduct on-site due diligence for potential new investments.

• Maintain detailed pipeline of potential new investments to be reviewed on a weekly basis.

• Be instrumental in the writing and production of investment memos and pitches.

• Comfortable defending an investment thesis to a variety of stakeholders with compelling evidence.

• Be a key thought leader in evaluating target markets and real estate opportunities through the MIG investment acquisition process.

• Provide overall support for the hotel asset management team with a willingness to learn and enthusiasm for the hospitality business.

• Perform other related duties as assigned.

• Demonstrating a track record of successful investments is a plus.

QUALIFICATIONS AND QUALITIES:

• Strong working knowledge of Microsoft Excel, Word, CoStar.

• Self-starter and motivated team player with ability to work independently.

• Flexible and able to travel frequently – anywhere within the US.

• Must be able to work in a fast paced, entrepreneurial work environment.

• Excellent interpersonal, communication, and organizational skills.

• Detail oriented and able to handle multiple projects and deadlines.

• BS/BA degree in Real Estate, Finance or similar, MBA a plus.

• 3+ years of experience in hotel acquisitions and underwriting.