The addition of new luxury hotels and co-located 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 ... more details
Job Number 24111793 Job Category Development & Feasibility Location Marriott International HQ, 7750 Wisconsin Avenue, Bethesda, Maryland, United States VIEW ON MAP Schedule Full-Time Located Remotely? Y Relocation? N Position Type Management JOB SUMMARY The addition of new luxury hotels and co-located 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 (Ritz-Carlton, St. Regis, W, Bulgari, and Edition) and co-located residences, as well as building successful relationships with new and existing hotel owners. SCOPE / BUSINESS CONTEXT / CANDIDATE PROFILE Business Context: Expected Contributions – Essential Job Functions The Vice President of Development identifies and pursues new business opportunities, and coordinates a multidisciplinary team involved in the review, approval and finalization of contracts for new luxury hotels (Ritz-Carlton, St. Regis, W, Bulgari, and Edition) and co-located branded residences. Success in the position demands a driving focus on creation of shareholder value and earnings, as well as a passion to champion new business opportunities that build brand equity and help drive customer preference. Key Accountabilities Review and analyze potential luxury hotel (Ritz-Carlton, St. Regis, W, Bulgari, and Edition) conversion, new-build, or acquisition opportunities, as well as potential co-located residential opportunities for integration into Marriott International brand systems (luxury hotels). Oversee all aspects of the hotel 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 co-located 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. Perform other duties as assigned. Candidate Profile Experience Ten or more years of real estate development, luxury hotel and/or residential industry experience. Excellent interpersonal skills and capability of building lasting relationships – both internally within Marriott and externally within the hospitality industry – and “selling” Marriott International’s brands to third parties. An ability to think strategically, critically and analytically, while maintaining an enthusiastic, energetic, proactive outlook and approach to professional life. Mature, professional demeanor, capable of expressing confident, independent judgment, team player. Strong contact base and excellent reputation in the hotel investment and development sector. Familiarity with capital markets. Personal Competencies (Knowledge, Skills, Abilities and Other Attributes) Must have a broad business view; sharp business acumen. Enthusiastic and energetic professional with the ability to work in a team environment. Must have excellent communication, coaching, mentoring, negotiation and mediation skills. Fosters relationships and a positive climate to build effective teams that are committed to organizational goals and initiatives; fosters teamwork and is a corporate-minded team player. Must be a self-starter who can work independently and be a strong team player that contributes to the effectiveness of the broader Development team. Translates business needs into what needs to get done; solves problems and monitors the progress; maintains high performance standards. Develops and maintains effective relationships with both internal and external stakeholders, influences with and without direct authority. Actively pursues learning and self-development to enhance personal, professional and business growth, shares learning. Education or Certification Bachelor’s Degree or equivalent in Real Estate, Hotel Administration or Business; MBA or other advanced degree preferred. California Applicants Only: The salary range for this position is $195,321 to $288,113 annually. Colorado Applicants Only: The salary range for this position is $179,874 to $262,682 annually. New York Applicants Only: The salary range for this position is $210,773 to $297,332 annually. Washington Applicants Only: The salary range for this position is $195,321 to $288,113 annually. In addition to the annual salary, the position will be eligible to receive an annual bonus and restricted stock units/stock grants. Employees will accrue 0.04616 PTO balance for every hour worked and eligible to receive minimum of 7 holidays annually. The application deadline for this position is 30 days and will close on the date of 7/26/2024. All locations 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, educational assistance, 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. 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. Marriott International is an equal opportunity employer. We believe in hiring a diverse workforce and sustaining an inclusive, people-first culture. We are committed to non-discrimination on any protected basis, such as disability and veteran status, or any other basis covered under applicable law. Marriott International is the world’s largest hotel company, with more brands, more hotels and more opportunities for associates to grow and succeed. 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