Real Estate Development Associate (Commercial/Hotel/Retail/Land/Property – Site Acquisition Support)

The Employer: HRMC has partnered with a privately held, family-owned and operated real estate development company that owns, develops, designs and builds Drury Hotels. For over 51 years, the Drury family of companies has operated on good business values of hard work, fair prices, dedication and honesty, and currently owns and operates over 150 hotel properties in 27 states. This is a vertically integrated company with over 100 employees actively developing and building over 1,000 new Drury hotel rooms at a time, across the country.  With an experienced in-house team of developers, architects, engineers, interior designers, construction managers, legal support, and finance professionals, this team comes together to complete projects that live up to the company’s founding principles, delivering the highest quality hotels at fair and honest prices.

Basic Function: The Development Associate is responsible for researching, compiling and managing data and identifying key insights utilized by the development team in the strategic decision making for Drury Hotel sites. The work will span all functional areas of the development team process including strategic research/analysis, market feasibility, site acquisition, zoning/entitlement and asset management. The Development Associate will utilize research to make recommendations to the development team on site acquisition targets and zoning/entitlement strategies across a variety of projects/markets. This person will be given increasing levels of responsibility for various markets/projects providing the opportunity for growth and advancement within the development department. "Become part of our collaborative, growth-oriented development team."

Working Relationships:

◼  Reports to a Director of Development and supports other members of the development team including Development Managers.

◼  Collaborates with departments throughout the company including architecture, construction, engineering, design, legal, finance, and accounting. May assist Director or Manager in leading multi-department projects or lines of effort.

◼  Supports Development Managers and Directors in the hiring and management of external resources (consultants, engineers, etc.).

General Job Duties:

◼  Identify, gather, analyze and compile market reports outlining hotel demand generators to determine feasibility for new hotel development (i.e., leisure activities, universities, hospitals, office parks, convention centers, airports, residential density).

◼  Locate and analyze data for competitive hotels in target markets and monitor news/updates for planned/future hotel competition.

◼  Run demographics reports for target markets and identify general trends in growth and income levels.

◼  Monitor real estate listings, auction.com, foreclosures, and mergers for potential development opportunities.

◼  Research zoning codes (i.e. use, density, parking, heights, setback, and signage) and assist in obtaining approvals/entitlements.

◼  Compiling traffic counts, researching highway plans, and identifying proposed short/long term changes that may impact a market/site.

◼  Research impact fees, development costs, and historical construction costs in support of new hotel/renovation budget preparation.

◼  Analyze historical Drury Hotel performance data and new market competitor data and develop initial project budgets and proformas.

◼  Compile sale comparables and summarize land values and tax rates.

◼  Prepare market reports and exhibits for real estate/investment committee deliverables.

◼  Identify key insights from data and make recommendations to the development team on market focus, site selection/acquisition, project cost and hotel performance assumptions and zoning/entitlement strategy.

◼  Coordinate/track due diligence tasks. (i.e., Environmental, survey, geo-tech, zoning)

◼  Support development team with hotel sales (coordinate marketing efforts, manage closing checklists, resolve varied issues, etc.).

◼  Travel with the development team to review markets and sites.

General Knowledge, Skill, and Ability:

Education and Experience: 

◼  Minimum of Bachelor’s Degree (Preferred emphasis in business, economics, legal, finance, or real estate.) Advanced degrees are also advantageous for candidacy.

◼  Two or more years professional experience or an advanced degree, preferably in real estate development, brokerage or management with experience in negotiations, sales and relationship building preferred. Hotel industry experience a plus.

◼  Valid driver’s license and proof of insurance required.

◼  Fluency in English, spoken and written.

◼  Must be able to provide proof of eligibility to work in the U.S.

◼  This is an on-site position; it is not remote or hybrid. You must reside within a reasonable commuting distance to the St. Louis area or be willing to relocate prior to your start date.

Company Benefits:

◼  Paid Time Off (PTO) and Paid Holidays

◼  401K Savings Plan (% matching)

◼  Health, Dental, and Vision Insurance Plans

◼  Other Insurance (Critical Illness, Accident Protection, Basic Life, Supplemental and Dependent Life, and Long and Short-Term Disability)

◼  Flexible Spending Accounts (FSA)

For External Posting Sites: HRMC has been retained by Drury Development Corporation to manage the entire search and screening process. ALL individuals that possess the core qualifications will be required to complete HRMC's online application form at this site (https://hrmcglobal-team.freshteam.com/jobs/HrLdQYk8TWfB/real-estate-development-associate-commercial-hotel-retail-land-property-site-acquisition-specialist) prior to scheduling any interviews. HRMC's Search Team will assess the credentials of each applicant.