THE OPPORTUNITY & CHALLENGE
Have you ever wondered where the WeWorks, Airbnbs, and Ubers of the world came from? It’s easy enough to just enjoy these brands that sprung up and not think about how they came to be. The reality is that they were built from the ground up by many dedicated people committed to taking a new idea and making it feel as though the world could not live without it. We at WhyHotel are carving out our own industry-changing company starting by making pop up hotels a thing. We are bringing flexibility to the most inflexible asset ever, high-rise real estate. Today, our hotels operate out of newly constructed apartment buildings (explainer video here); however, this is just the start. We are using our current platform as the springboard to further blur the line between hospitality, home, and work. Our goal is to build the engine that makes real estate better, smarter, and more flexible for consumers, developers, investors, and cities alike.
With 4 hotels and growing, WhyHotel has secured around $15M in venture capital financing in less than two years and is poised to scale. We have a staff of about 50 today, we are now seeking many more A-team players to join both our corporate team and create exceptional guest experiences in our pop-up hotels. If you’re interested in joining a fun, fast-paced, high-growth start-up, read on.
To shake up the old-fashioned world of real estate by delivering a brand-new asset class in a brand-new paradigm. The asset class is Hospitality Living and it will integrate live, stay, work, and play in a single building. The paradigm is to take mixed-use to the next level: flexible-use.
You will be a key member of the, currently 3-person, Acquisitions & Development team evaluating WhyHotel investment opportunities, including both WhyHotel’s current core product: the pop-up hotel, as well as the development of Hospitality Living assets. Your role will entail deep market research and underwriting of potential pop-up hotel and ground-up development opportunities in target markets across the United States. Depending upon experience level, initial responsibilities may also include sourcing, due diligence, and financing. Simply put - your mission is to help determine where we go next.
You were an integral part of the real estate revolution moving towards flexible-use assets.
YOUR CHARGE (WHAT YOU'LL BE DOING)
Over the first 6 weeks:
1. Master the pop-up hotel underwriting model. Understand how to make the best possible assumptions and make structural model
2. Gain an understanding of the ground-up Hospitality Living development pro forma and understand the mechanics of the model.
3. Manage critical databases including the company-wide relationship database and the Acquisitions & Development database of development opportunities.
By 12 weeks:
1. Master the ground-up Hospitality Living development pro forma. Understand how to make the best possible assumptions and make structural model changes seamlessly
2. Independently underwrite at least 3 pop-up hotels or 1 Hospitality Living ground-up development per week.
3. Perform all appropriate market research and due diligence to arrive at the best assumptions possible.
4. Present pop-up hotel and ground-up Hospitality Living opportunities to the WhyHotel Investment Committee with the ability to clearly articulate the investment thesis and to defend the major assumptions.
Within 6 months:
1. Draft deal snapshots for both pop-up hotels and Hospitality Living ground-up developments for both internal Investment Committee approval and for external delivery to partners and investors.
1. Represent WhyHotel by participating in meetings and conferences with brokers, investors, and partners to assist in relationship development and sourcing.
2. Maintain a high degree of organization in a fast-paced environment and bring structure to WhyHotel data, meetings, and processes.
3. Support critical tasks and projects across departments at the corporate-level.
4. Partner with colleagues in other departments to add value and contribute where possible.
HOW YOU'LL GO ABOUT IT
1. You have a bachelor’s degree with a concentration in economics, finance, math, or engineering (preferred).
2. 2+ years in a related role developing a deep familiarity with Excel financial modeling and valuation
3. Demonstrated ability to research and track down the best possible answer or solution
4. Proof of strong quantitative skills.
5. You want to get deals done.
6. You have a thirst to learn.
7. You have an unwavering attention to detail.
8. You are a consummate professional.
WHAT YOU NEED TO KNOW
- Answers to Your Questions: We have hopefully anticipated and answered many of your candidate questions in our insider candidate playbook HERE. Please read this before you apply.
- Start Date: July 2019.
- Salary + Perks: Salary commensurate with experience - please be sure to tell us your salary expectations in our application. We match up to 100% of every dollar you contribute to our 401(k) up to 4%, you’ll get shares in the company after your first quarter. We also provide medical and dental insurance and we’ll reimburse you $75/monthly for your cell phone or give you a new one.
- Manager: Will Hu, Senior Vice President, Acquisitions & Development.
- Team Beats Individual: We are in this together. We hold all team members responsible for bringing talent into our organization and guests to our hotels - afterall, it’s the only way we’re going to grow.
At WhyHotel, we don’t just accept difference — we celebrate it, we support it, and we thrive on it for the benefit of our staff, our work and our community. WhyHotel is proud to be an equal opportunity workplace.