This position will be based east of Denver.
Target "all in" total comp, $235k
This position will identify land for hotel development under the WoodSpring brand within Choice Hotels. All potential acquisitions will be required to meet certain investment criteria which may vary dependent upon location and timing. The successful candidate must demonstrate a proven track record of their ability to identify and close on sites for acquisition. A strong network in the land, hospitality and commercial real estate community is essential.
Expertise in the discovery, initial evaluation analysis of opportunities, and management of the acquisition process is mandatory for this opportunity. Proven ability to understand site use/zoning as well as due diligence and entitlement process, where necessary, is expected.
This role will be a primary source for identification of new investments in their assigned target area and will travel extensively to achieve these objectives. This role will require excellent communication skills, both written and verbal.
Key Words: Hospitality Real Estate Development, Land and Commercial Acquisitions, Brokerage, Acquisitions, Investment
Reports to: Managing Director, Real Estate Acquisitions (Rockville, MD).
Primary Duties and Responsibilities
- Actively, quickly, and creatively source opportunities within the company's investment parameters.
- Develop a comprehensive strategy in advance of market visits which will lead to acquisition opportunities in assigned markets. Director will have several markets within which to source opportunities, but each Director will be regionally based.
- Underwrite potential acquisitions, understanding land sales comps, development timing and costs, timing of entitlement requirements, and yield expectations of development partners and Choice.
- Serve as an active participant in all due diligence activities. Manage and coordinate delivery of due diligence information including sales comps, title, survey, zoning and entitlement processes, etc., as required.
- Develop, maintain and network with new business relationships including principals, brokers, advisors, owners or other lead generating sources
- Travel to and visit assigned markets regularly, proactively generating new leads by contacting brokers, owners, general contractors, architects, and other market participants. Inspect potential acquisition opportunities and their surroundings, and conduct preliminary research to ascertain zoning and development status to ensure hospitality use and any market specific site requirements (parking, height, design criteria, etc.). Ability to ascertain and present successful bidding strategy for acquiring targeted assets at favorable pricing.
Skills, Education, Background, and Experience
- Four year college degree required, preferably in business or real estate related fields.
- Minimum of 5 years of relevant business experience, preferably in real estate acquisitions, commercial or land brokerage, or investment and analysis.
- A strong knowledge of the hospitality industry is beneficial; ability to quickly understand criteria for successful hotel site/location critical.
- Proven track record of identifying, underwriting and acquiring land or investment opportunities. Successful candidate will also be able to eliminate opportunities that don’t meet investment criteria quickly and move on to new opportunities.
- Established contacts in commercial real estate brokerage and ownership communities, with the ability to quickly develop additional contacts is essential.
- Must possess strong analytical, financial and quantitative skills with a high level of attention to detail.
- Intimate knowledge of MSA real estate markets and extensive background in the underwriting experience.
- Successful negotiator with excellent written and verbal communication skills; Ability to reach the Sellers ask/requirements quickly and to facilitate execution of mutually acceptable LOI between Seller and Buyer.
- Strong organizational skills; must be able to execute on multiple projects simultaneously with minimum supervision.
- Highly motivated, self-starter. Demonstrated ability to work with minimum supervision while producing viable possible transactions.
- Extensive travel (60+%) is required and expected.
- Must be proficient in Outlook, Word, Excel, and PowerPoint.
- Must be able to uphold Choice's Values & Performance Principles of collaboration, performance excellence, sense of urgency, openness to new ideas, inclusion & diversity, integrity, customer focus, and respect.
- Brokerage / Sales
- Hospitality / Entertainment