Navigating a Career in Hospitality Real Estate
Unique Opportunities in a Rewarding Real Estate Niche
The realm of hospitality real estate presents a unique blend of opportunities, merging the vibrancy of the hospitality industry with the robustness of real estate. For students contemplating a career path that combines business acumen with a passion for hospitality, a master’s degree in hospitality real estate can unlock doors to a world of dynamic and lucrative job opportunities.
To help you get more insights into the career outlook for this field, at the Hospitality Real Estate Symposium, Boston University SHA invited a group of distinguished alumni to share their experiences and advice on launching a career in the real estate and hospitality sector.
Learn about the jobs you can get with a degree in hospitality real estate and how to prepare for a thriving career!
The Panelists
- Zach Demuth, SHA ’11, Global Head of Hotels Research, JLL
- David S. R., SHA ’08, Vice President Investments, HEI Hotels & Resorts
- Jonathan Jaeger, SHA ’08, Senior Managing Director, LW Hospitality Advisors
- Spencer Davidson, SHA ’12, Senior Vice President, Hunter Hotel Advisors
- Chelsea Salamone, SHA ‘14, Senior Director, Acquisitions & Development, Standard & Bunkhouse Hotels
- Priya Tewani, SHA ’22, Real Estate Analyst, Sonesta Hotels
Understanding the Hospitality Real Estate Ecosystem
Hospitality and hospitality real estate is a widespread discipline. In a very brief definition, it covers anything related to the experiential or service economy. As panelist Zach Demuth, the Global Head of Hotels Research at JLL, explained, “Most often, we talk about it in the context of hotels, but it really can expand broadly. In my line of work, both currently and prior to JLL, I worked across the entire travel landscape that includes cruises, airlines, and booking engines.”
Learn more about hospitality real estate and why you should study it.
Diverse Career Opportunities in Hospitality Real Estate
Many hospitality real estate professionals begin their careers in hotel operations, as did several members of our panel. This foundation provides invaluable insights into the customer experience, which is crucial when making the leap into real estate.
The panel agreed that career paths in the hospitality real estate sector are boundless. Chelsea Salamone, Senior Director of Acquisitions & Development at Standard & Bunkhouse Hotels, brought up the different verticals within the industry. They include ownership groups like private or public equity, consulting, advisory, research, hospitality brands and operators, and construction.
Here are a few career options in different verticals:
Financial Analysis in Hospitality Projects
Potential Salary: $71,000 – $104,000/yr
Financial analysis in hospitality real estate is more than crunching numbers; it’s about understanding the economic impact of tourism trends, guest preferences, and market fluctuations.
Financial analysts assess the profitability and risks associated with new investments in hospitality properties and use financial models to project future revenues, expenses, and cash flows. They conduct feasibility studies to evaluate the economic viability of new developments or renovations in the hospitality sector.
Career paths in this area can lead to roles such as financial advisors, analysts, or investment managers specializing in hospitality properties.
Market and Acquisition Analysis
Potential Salary: $73,000 – $118,000/yr
Professionals in this area use their expertise to identify lucrative acquisition opportunities, conduct market analyses, and forecast future trends in the hospitality industry. They play a critical role in guiding investment decisions and ensuring the profitability of hospitality real estate ventures.
Market analysts collect and analyze data on key performance indicators like occupancy rates, average daily rates (ADR), and revenue per available room (RevPAR). They then prepare reports to provide insights into market dynamics.
Acquisition analysts focus on assessing potential property acquisitions and analyzing factors such as location, condition, brand value, and historical financial performance. They build financial models to evaluate the return on investment (ROI), internal rate of return (IRR), and payback periods.
Hospitality Project Evaluation and Development
Potential Salary: $81,000 – $135,000/yr
This career path involves the planning, development, and execution of projects within the hospitality industry, such as new hotel construction, renovation, expansion, or the conversion of existing properties into hospitality uses. Professionals in this vertical ensure that new ventures meet the unique demands of the hospitality market and incorporate sustainable practices and environmentally friendly designs into the project. They create spaces that resonate with travelers and guests, ensuring a perfect blend of comfort, convenience, and experience.
Advisory and Consulting
Potential Salary: $57,000 – $95,000/yr
Advisors and consultants in hospitality real estate provide expert guidance to hospitality businesses, such as hotel brands, resorts, restaurants, and other related entities. They advise on property development, investment strategies, and market positioning. Their insights help shape successful hospitality projects that stand out in a competitive market.
Sustainable and Socially Responsible Investments
Potential Salary: $63,000 – $95,000/yr
With a growing emphasis on sustainability, individuals increasingly seek careers in eco-friendly and socially responsible hospitality real estate projects. Environmental, Social, and Governance (ESG) analysts, sustainability consultants, and sustainable finance specialists are some common roles students may find in this vertical.
Public and Quasi-Public Agency Roles
These roles involve collaborating with private developers to create hospitality projects that serve public interests. Often working in nonprofit or government agencies, the professionals in this sector play an important role in shaping and regulating the hospitality real estate industry.
They work on projects that may involve public subsidies or aim to promote tourism and economic development. They supervise hospitality businesses to ensure public safety and compliance with environmental regulations.
Preparing for a Thriving Career in Hospitality Real Estate
The SHA alumni panel at the Hospitality Real Estate Symposium shared their tips for preparing for a successful career in the field.
“With so many opportunities, it’s difficult to sort through where to start,” Chelsea Salamone said. “At a certain point in your career, you have to start narrowing down what your specialties are and recognizing that you need to partner and network with people in other specialties that are good at what they do.”
Chelsea also pointed out that the best place to start your career in hospitality is where you can cast your net the widest to try different areas of work. In this way, you have the most flexibility to tailor your path.
The Most Important Skills You Need
When it comes to the key skills and qualities you need to be successful in the hospitality real estate industry, Spencer Davidson, the Senior Vice President of Hunter Hotel Advisors, suggested that entrepreneurship, financial analysis, and lifelong learning are the most important. “In my network of space where I’m dealing with consultants, legal, owners, buyers, sellers of all different spectrums, you have to keep yourself as open and opportune as possible.”
Some other essential skills include:
- Analytical prowess: A strong grasp of financials and data analysis is key, whether it’s understanding hotel P&Ls or crafting feasibility studies.
- Attention to detail: Accuracy in evaluating deals and assessing market trends can significantly impact the success of transactions and investments.
- Adaptability and networking: The ability to pivot roles and leverage industry connections is vital in navigating this dynamic sector.
- Passion and commitment: A genuine interest in hospitality and real estate drives success, making work more enjoyable and fulfilling.
Attain Professional Experiences before Graduation
At the Symposium, BU School of Hospitality Administration’s alumni provided their insights into what experiences students should have to better equip themselves for career success.
The panel agreed that hands-on experiences in the field are invaluable, helping students understand the hospitality real estate ecosystem and gain the necessary skills for their future jobs. During the school year and over the summer, students can engage in:
- Hotel/food and beverage operations: learn the basic day-to-day operations of a hospitality business. This type of work experience offers students a firsthand perspective of the service industry.
- Internships in hospitality real estate: work in brokerage houses, hotel brands, or feasibility departments to obtain fundamental financial skills like underwriting and asset valuation.
“Having worked in hotel operations—I worked at the Four Seasons Boston while I was a student—there’s really no replacement for that. I use that experience, and I’ve used it in my career at all levels.”— Zach Demuth
Tips for Job Searching
Priya Tewani, a recent SHA graduate, shared her experience in job searching, and she indicated that showing your passion for the company and being respectful can go a long way.
She emphasized that job seekers should be on time and well-prepared for the interviews. Tewani also advised sending thank you emails to potential employers after each interview to show your gratitude. Even if you don’t get an offer, staying connected with the interviewers could lead to future job opportunities.
Want more assistance in job searching? BU SHA’s Marriott Career Center is an excellent resource for students who intend to apply for internships or full-time jobs in the hospitality field.
Learn More about the Hospitality Real Estate Sector
Watch the full 2023 Hospitality Real Estate Symposium Alumni Panel Discussion video to learn more about our SHA alumni’s career stories and their advice to you.
Interested in pursuing an exciting career in Hospitality Real Estate? Boston University’s Master of Science in Hospitality Real Estate program equips you with job-ready skills and a strong professional network!