Director of Investments and Development
Summary :
Based out of White Lodging’s headquarters in Merrillville, IN, this position plays a key role in executing the company’s strategic growth plan and will report directly to the Investments & Development division’s CEO.
The successful candidate will facilitate cross-departmental collaboration and require an ability to lead the pre-development / development process including but not limited to : identifying sub-markets that meet / exceed strategic growth requirements, underwriting and related market / project feasibility, brand selection, site acquisition / entitlements, and working in conjunction with other team members to bring committed development projects to fruition on time and on budget.
Responsibilities
- Execute development and pre-construction activities with particular focus on achieving committed construction commencement dates.
- Secure and coordinate (with consultants and WLS PM team) local zoning entitlements / approvals-Prepare financial operating projections / investment analysis for internally owned projects-Franchise and site approvals-Establish working development budgets;
work with PM / Purchasing team toward securing owner approved development budget
- Lead and coordinate site selection / project due diligence process-In conjunction with in-house and / or 3rd party counsel, facilitate execution and compliance of all purchase agreements-Serve as liaison between PM department and legal to ensure time-bound contractual requirements are achieved-Soils-Environmental (standardize)-Survey / Title-Site Plan (must work for ownership, local jurisdiction, and franchisor)
- Maintain broad market operating knowledge and trends and work with team members to execute annual strategic growth plan -Identify data driven market and site opportunities and facilitate due diligence, purchasing and entitlements of same
- Establish networking and relationship building with key franchisor development contacts, investor partners, brokers, and hotel consultant / appraisers.
Attend periodic industry functions / conferences as appropriate.
- Establish and maintain constructive working relationships with partner and team leaders
- Coordinate and establish owner meeting agendas in conjunction with CEO and other team members
- Provide support to CFO and VP Financial Management for lender-required project packages (proformas, market data, maps, underwriting assistance) and market studies / appraisals
- Coordinate completion of periodic hotel RFP’s for public / private hotel projects
- Work, in conjunction with legal counsel to submit and execute franchise and management agreements
- Provide periodic miscellaneous analysis / recommendations relating to value enhancement opportunities for internally owned assets-Work with Hospitality Management Division’s Asset Management team to implement revenue and expense optimization initiatives and ROI driven capital investments -Provide Ownership / Operations communications as appropriate-Obtain Pre-opening, operating, and CAPEX budges / unbudgeted approvals-Administration of CAM’s, licenses, leases-Collect and direct ongoing measurement / benchmarking of costs / returns and various others
Other Information
COMPETENCIES
An integral member of the Investment & Development team, the candidate must be a mature, experienced leader that is considered a detail-oriented person who can tackle numerous projects simultaneously.
A strategic thinker who is able to establish credibility and lead various team members toward a common goal. Ability to work collaboratively with ownership, partners, franchisors, consultants and other team members of varying levels is a clear requirement.
Ability to solve problems, exercise solid judgement and discretion and maintain a keen understanding of the overall development process required to bring proposed projects from "paper" to operational.
EDUCATION / EXPERIENCE
REQUIREMENTS
- The candidate must have an undergraduate degree and a minimum of 5-7 years of relevant experience in addition to extensive knowledge and experience of the broader real estate, development and hospitality industry.
- Ability to travel up to 50% of the time is required
- Knowledge of market, feasibility, underwriting and financial analysis
- Possess excellent communication skills; both oral and written
- Maintain compliance requirements with each development project asset including, but not limited to, zoning matters, permits, entitlements,
- Self-motivated, well organized results driven professional who leads by example
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