Commercial Real Estate Underwriter/Analyst (Boutique Hotels)

We are looking for an experienced Commercial Real Estate Underwriting Analyst (Hotels/Hospitality) to support us as we acquire boutique hotels and hospitality assets. Our biggest bottleneck is underwriting and market analytics, and we want someone who can help us evaluate deals quickly, accurately, and consistently. What You’ll Do (Per Deal): • Analyze seller P&Ls and historical financials • Build or refine hotel underwriting models (Excel/Sheets) • Create pro forma projections (ADR, occupancy, RevPAR, NOI, DSCR, IRR, MOIC) • Model value-add scenarios (renovations, rebranding, amenity upgrades) • Compare financing options: bridge loans, SBA 7(a), bank debt, seller financing • Build downside/base/upside scenarios Market Research: • Pull ADR and occupancy comps • Conduct competitive set analysis • Provide market insights (seasonality, demand drivers, RevPAR positioning) • Identify revenue opportunities and operational inefficiencies • Summarize key risks and upside potential Deliverables (Per Deal): Updated underwriting model, normalized financials, market comps, and a 1–2 page summary with stabilized projections and offer recommendations. To clarify our needs: As we ramp up our boutique hotel acquisition efforts, we will consistently need two levels of underwriting support: 1. Quick “Pre-LOI / Pre-PSA” Underwriting This is a lighter, fast analysis that helps us determine whether a hotel is worth pursuing or offering on. Typical needs include: cleaning and normalizing the seller’s simple P&Ls, plugging revenue/expense items into our hotel model, pulling ADR + occupancy comps from OTA listings and comparable hotels, identifying obvious operational upside, and providing a high-level return estimate with a recommended offer range. 2. Full Due Diligence Underwriting (Post-PSA): If we move forward on a deal, we’ll need in-depth analysis including full normalization of financials, STR/ADR/Occ comp analysis, scenario modeling (ADR uplift, occupancy increases, amenity fees, staffing optimization), CapEx and value-add modeling, debt modeling, exit scenarios, sensitivity analysis, and a detailed underwriting summary with recommendations. Requirements: Experience underwriting CRE (HOTELS), strong Excel/Sheets skills, knowledge of hotel metrics, understanding of DSCR, IRR, MOIC, LTV/LTC, ability to interpret financials, strong communication. Hotel underwriting experience, SBA/bridge financing experience, STR/hospitality familiarity. To Apply: Provide your underwriting experience summary, model samples (screenshots ok), fixed price per deal, turnaround time, and any relevant certifications. We’re looking for someone we can work with consistently, so we want to make sure the pricing structure makes sense for both sides. We will start with a per deal basis- then looking to increase hours to either part time or full time based on performance. Apply tot his job