Vice President of Business DevelopmentLocation: Corporate Office or RemoteOverview:The
VP of Business Development will assist with the company's business development efforts, including third-party hotel management, hospitality investments (equity, key money, loans, etc.), and possibly corporate mergers and acquisitions. The candidate will work closely with the feasibility team and other Crestline departments to prepare hotel pro formas and then will present the underwriting for Crestline's capital partners. In addition to working with Crestline's current capital partners, the successful candidate will build a network of equity partners to help source new business opportunities for the firm.
The candidate will need to be an outgoing individual who thrives on juggling multiple projects, building consensus across departments, listening to capital partners, and creating long-term business relationships. This individual will be responsible for clearly communicating complex independent financial modeling and analysis processes for potential deals, existing hotels, and other investor / corporate entity needs.
The candidate will report directly to the Chief Financial Officer but will have close communication with the CEO as well as with Department heads in Feasibility, Legal, Operations, Revenue Management, and Sales & Marketing. The position would preferably be based at the firm's corporate headquarters in Northern Virginia. Nonetheless, if the candidate cannot relocate, consideration will be given to working remotely, but the candidate would be expected to spend considerable time at the outset in the corporate office to build relationships with the team. The candidate will also be expected to travel approximately 60%within the U.S. to meet with Crestline's business partners and to visit hotels.
Key Duties & Responsibilities: - Collaborate with feasibility and other departments to assess financial viability of new business opportunities
- Work with Crestline's current business partners (investors, brands, analysts, etc.) and develop new business connections to source management contract and hospitality investment opportunities
- Meet with business partners and build long-term business relations with hotel ownership groups
- Responsible for all aspects of analyzing, modeling, assessing, and closing on new management opportunities
- Lead the management contract and investment negotiations, in conjunction with Crestline's legal team and other departments
- Serve as an additional company point of contact for brokers, consultants, industry analysts, and others for sourcing potential acquisitions/deals
- Investigate and follow through on maximizing return-on-investment projects assigned by the Chief Financial Officer within the existing portfolio (i.e., excess land sales/development, brand changes, major cap ex projects)
- Attend major industry conferences
- Drive company marketing and public relations activities
- Engage with the executive team to develop strategic planning initiatives
- Historically, Crestline has pursued corporate mergers and acquisitions and has used unique financial mechanisms to create new real estate platforms. Should Crestline elect to pursue such strategies, the candidate would be expected to assist with:
- Discussions/presentations with equity and debt partners
- Identifying and underwriting portfolio/company targets
- Presenting corporate financial models to the key stakeholders
Education & Experience: - Bachelor's Degree from a four-year college or university with a degree in Finance, Business, or Hospitality is required. An MBA is preferred
- Extensive experience (5+ years) in business development and the hospitality industry
- Successful track record of negotiating complex, strategic deals at the corporate/ regional
- Ability to travel approximately 50-60% to meet with potential business partners, hotel visits, and industry conferences
