Job DescriptionJOB SUMMARYThe addition of new luxury hotels and branded residences is one of the principal drivers of Marriott's earnings growth strategy and an important element in maintaining and advancing the quality and brand equity of Marriott's Lodging System. The company's luxury unit growth strategy focuses primarily on acquisition of management contracts as well as licensing of our hotel brands for residential developments by third-party owners under residential license agreements. The Vice President of Development performs a central, critical role in identifying opportunities, structuring deals and successfully closing transactions for new luxury hotels and residences, as well as building successful relationships with new and existing hotel owners.
Required
- Bachelor's Degree or equivalent in Real Estate, Hotel Administration or Business
- Fifteen or more years of real estate development, hotel and/or residential industry experience with at least seven years of hotel development or related experience
Preferred
- MBA or other advanced degree
CORE WORK ACTIVITIES - Review and analyze potential luxury hotel conversion, new-build, or acquisition opportunities, as well as potential residential opportunities, for integration into Marriott International brand systems (luxury hotels).
- Travel to potential site visits, owner meetings and lodging conferences to represent the luxury development team.
- Oversee all aspects of the development process internal to Marriott International, including site inspections by brand, market management and technical services representatives, requesting feasibility studies and pro forma valuations, and presenting the opportunity for approval by the appropriate Marriott committees.
- Ownership of the underwriting process for proposed residential projects, residential projects in development and/or actively being sold, including review of third party market studies, requesting valuations, and presenting the opportunity for approval by appropriate Marriott committees.
- In tandem with Marriott's Law Department, negotiate terms and conditions of hotel management agreements, residential association management agreements, residential license and development agreements, purchase, joint venture, or other agreements with owner/owner's representatives. Ensure that agreement terms and conditions are acceptable to Marriott operating and staff executives.
- Provide guidance on minimizing risk related based on experience with other residential projects. Review draft Shared Services Agreements and Rental Agreements for all residential projects to make certain key terms and clauses are included and properly represented. Provide comments and feedback to Legal.
- Work with Marriott's Treasury and Project Finance departments to maximize returns on Marriott International investments in hotel projects.
- As needed, assist owners and developers to identify and tap sources of financing for hotel acquisition or construction, including Marriott sponsored financing programs.
- As required, attend public hearings and meetings with regulatory agency officials to secure site plan, engineering and other approvals necessary for the project's successful development.
- Share leads for other Marriott brand or product opportunities (e.g., Marriott Premium Brands, MSB) with appropriate personnel.
- As requested, participate in the resolution of workout situations.
- Track the competitive landscape in target markets and identify competitive and/or comparable brand positioning.
All positions offer a 401(k) plan, stock purchase plan, discounts at Marriott properties, commuter benefits, employee assistance plan, and childcare discounts. Benefits are subject to terms and conditions, which may include rules regarding eligibility, enrollment, waiting period, contribution, benefit limits, election changes, benefit exclusions, and others. Click here to learn more.
Full-time positions also offer coverage for medical, dental, vision, health care flexible spending account, dependent care flexible spending account, life insurance, disability insurance, accident insurance, adoption expense reimbursements, paid parental leave and educational assistance.
Washington Applicants Only: Employees will accrue paid sick leave, 0.077 PTO balance for every hour worked and be eligible to receive a minimum of 9 holidays annually.
Marriott HQ is committed to a hybrid work environment that enables associates to Be connected. Headquarters-based positions are considered hybrid, for candidates within a commuting distance to Bethesda, MD; candidates outside of commuting distance to Bethesda, MD will be considered for Remote positions.
