One of the best things about the property sector is its incredible variety, which is evident in the different types of real estate jobs available. But while you may think it’s all about agents and brokers, there are many hospitality career paths in real estate that are not related to buying and selling properties. With a market that’s expected to reach $75.36 billion by 2027, hospitality real estate involves acquiring, developing, managing and operating properties designed for short-term accommodation and other services such as hotels, resorts and casinos. If you’re curious about this industry, this article will introduce you to the different types of hospitality real estate careers and help you decide which one is right for you.
Types of real estate jobs in hospitality
There are various roles within the sector that range from strategic planning and development to property management. These positions are based in or work with a range of hospitality businesses, including hotels, resorts, vacation rentals, boutique hotels, motels, restaurants, bars and music and wedding venues. These roles are essential to delivering guest satisfaction and operational efficiency. Each position offers distinct responsibilities and pathways for career growth in this exciting industry.
Property development manager
This professional oversees the creation of new hotels or resorts, from concept to completion. Responsibilities include site selection, feasibility studies, securing permits and working with architects, engineers and contractors. Career progression can lead to senior development or executive positions in large hospitality firms. Starting salaries for professionals in this role typically range from $81,784 to $98,390 per year, with senior managers earning significantly more. Advancement often requires considerable experience and a track record of successful projects.
Real estate asset manager
With annual salaries ranging from $110,961 to $166,918, this role is well remunerated and involves overseeing the financial performance of hospitality properties in a portfolio. Responsibilities include strategic planning, budgeting, market analysis and increasing property value through renovations and operational improvements. Career paths can involve moving to senior asset management roles or executive positions and progress depends on financial acumen and successful managing of assets.
Property manager
Oversees daily operations of a hospitality property, including managing staff, improving guest satisfaction and maintaining the property. Those rising up the career ladder move into regional management or corporate positions in hotel chains. Property manager salaries range from $95,171 to $129,330 a year, with increased potential in more senior roles. Progression is often based on experience and demonstrated effectiveness.
Facilities manager
Maintains and improves the physical infrastructure of hospitality properties. Responsibilities include overseeing maintenance staff, regulatory compliance and renovation management. Doing well can lead to senior roles or directorial positions. Initial annual earnings range from $101,036 to $131,025, with senior roles earning more. Advancement relies on technical knowledge and successful running of facilities.
Revenue manager
Maximizes a property’s earnings by overseeing pricing strategies and inventory controls. Responsibilities include analyzing market data, setting room rates and forecasting demand. There are options to advance into senior revenue management or corporate strategy roles. Salaries for a revenue manager range from $111,501 to $155,529 and promotion usually depends on a candidate’s analytical skills and revenue optimization success.
Hospitality real estate analyst
Conducts financial and market analysis to support property acquisitions and development projects. Common tasks include financial modeling, market research and investment assessment. Options for progression include senior analyst or managerial roles and is dependent on demonstrating strong analytical skills and success in project assessment. Starting salaries range from $83,750 to $116,490 a year.
To succeed in these roles in the hospitality real estate industry, you need a combination of interpersonal skills, knowledge and experience, which can be developed by studying for the right degree.
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Benefits of working in hospitality real estate
Its steady growth and the wide range of job roles make this an exciting and rewarding sector in which to pursue a career. Some of the other benefits of working in hospitality real estate include:
- Skill development: allows you to develop expertise, from negotiation and property management to customer service and marketing strategies
- Networking opportunities: interact with a variety of professionals, including investors, developers, hoteliers and tourists, creating valuable connections for future collaborations and career growth
- Lively work environment: each day presents new challenges and opportunities to learn, keeping you engaged
- Global perspective: enables you to come into contact with different cultures, markets and regulatory environments
- Impactful projects: contributing to developing hotels, resorts and vacation properties allows you to see real, physical results and influence the hospitality market
- Financial rewards: successful projects can be highly lucrative, offering competitive compensation and potential for investment returns
- Innovation and creativity: from designing unique guest experiences to implementing sustainable practices, the sector encourages originality and ingenuity in problem solving
- Career stability: the hospitality industry is a robust sector that consistently seeks skilled professionals, offering good prospects even during economic fluctuations
- Personal satisfaction: providing positive, memorable experiences for travelers and guests is highly fulfilling
- Versatile career paths: hospitality real estate offers a variety of professional options suited to a wide range of interests and expertise whether in operations, development, asset management or consulting
What skills do you need for hospitality real estate?
To excel in any of these roles, you need a combination of technical expertise, organizational abilities, interpersonal aptitude and strategic thinking. Below are some of the key skills needed to thrive in hospitality real estate:
- Effective communication skills: essential for interacting with guests, negotiating with vendors, coordinating team members and guaranteeing smooth operations and guest experiences
- Analytical skills: the ability to analyze market trends, financial data and performance metrics is essential for making informed decisions
- Project management: this includes budgeting, scheduling, time management and collaborating with various stakeholders so projects are completed on time and within budget
- Customer service: meeting and exceeding guest expectations is essential and involves resolving issues promptly and creating positive experiences
- Financial acumen: understanding economic principles and being able to manage budgets, forecasts and fiscal reports
- Problem-solving skills: the ability to quickly address and resolve issues is key to maintaining smooth operations and handling unexpected challenges efficiently
- Leadership abilities: necessary for managing teams and motivating staff, overseeing high levels of performance and service quality
- Attention to detail: essential for ensuring all aspects of property management, from maintenance to guest services, are executed flawlessly and that high standards and operational excellence are maintained throughout
How can you learn hospitality real estate?
Pursuing careers in this industry means getting the right education, often through a specialized degree program at a reputable institution. These programs provide targeted coursework that addresses essential industry principles. Students acquire a solid foundation in areas such as property development, financial analysis, market trends and operational management, equipping them with the expertise needed for success in this field.
Hospitality schools offer a structured curriculum designed by industry experts that is relevant to current practices and challenges in the real estate industry. Students also benefit from hands-on learning experiences such as hospitality internships, case studies and practical projects that simulate real-world scenarios. These opportunities allow them to apply theoretical knowledge to practical situations, gaining valuable skills in problem solving and decision making.
How to find the right hospitality real estate job for you
Landing the right role for you in this industry involves careful consideration of your interests, skills and career goals. Follow these steps to help you navigate your options:
- Self assessment: reflect on your strengths, preferences and career aspirations. Do you have good time-management and communication skills? Do you enjoy analyzing data or greeting guests? With this in mind, consider which aspects of hospitality real estate appeal to you most, whether it’s operations, development, marketing or guest services
- Research career paths: explore the various roles in hospitality real estate. These can range from hotel management and resort development to corporate positions in finance or asset management
- Education and training: determine if you’ll need additional certifications for your desired career path. Some roles may require specific qualifications or industry knowledge that can be gained through formal education or professional courses
- Get relevant experience: look for opportunities to gain hands-on practice in the sector. Internships, part-time roles or entry-level positions can provide valuable insights into different facets of hospitality real estate and help you refine your career preferences
- Networking: build connections within the industry by attending events, joining trade associations or connecting with professionals on platforms such as LinkedIn. Networking can provide valuable mentorship, job leads and insights into career paths
- Evaluate opportunities: consider company culture, growth potential, work-life balance and how they align with your career goals. Look for positions that offer opportunities for professional development and advancement
Conclusion
Exploring the different types of real estate jobs in the hospitality sector reveals a wealth of exciting career opportunities that cater to different interests and skill sets. Beyond the traditional roles of property management and development, you’ll discover various positions, from managing revenue to guest services, each contributing uniquely to the experiences of guests in travel and tourism properties.
Hospitality real estate means working with a wide range of different properties, from luxury resorts nestled in scenic landscapes to boutique hotels in bustling city centers. These establishments provide accommodation and amenities from fine dining to wellness retreats, catering to varied preferences and lifestyles.
Choosing a career in hospitality real estate means starting on a path that values innovation, creativity and a global perspective. Professionals in this industry have the opportunity to impact projects that shape the way travelers experience destinations while also enjoying financial rewards and career stability in a thriving industry.
If you’re considering a career in this sector, studying for a degree at a hospitality school will enable you to build on your skills, gain relevant experience and develop valuable professional relationships.
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Main Image: Getty Richard Drury
