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Acquisitions & Development Intern
New Castle Hotels LLC | Shelton, Connecticut
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Job Description

New Castle Hotels & Resorts a privately held hotel management company is seeking an Acquisitions & Development intern to join their Corporate team in Shelton, CT for the summer of 2019. The paid internship program will provide opportunities for an undergraduate student to learn the functions of hotel real estate development, within a company that has owned and operated premier full and limited service hotels in the U.S and Canada for over 38 years. It also provides an opportunity to learn from experienced hotel professionals and gain valuable insights and contacts in the industry. With a small executive team and development staff, the intern will work directly with the developer and c-level executives, providing inside access to the inner workings of a hotel company.

The internship program will run 10-12 weeks and temporary lodging accommodations are available. During this time the Acquisitions and Development Intern will be responsible for performing market research for areas targeted by New Castle for expansion - Review hotel acquisitions opportunities and assist in performing financial valuations - Perform ad hoc analyses, reports and presentations for the executive team. Other duties as assigned.

The ideal candidate will currently be pursuing an undergraduate degree in hospitality or related business field. He or she would have completed coursework in hotel or business accounting. A general understanding or hotel profit and loss statements is required and familiarity with STAR reports and other industry related reports is preferred. Additional coursework in finance or real estate is preferred but not required. The position requires advanced Microsoft Excel skills and proficiency with Microsoft Word and PowerPoint. Some business travel may be required and thus a valid driver's license is required for this role. The intern will need to provide his or her own transportation to and from work and must be able to work at least 40 hours per week; with longer hours sometimes needed.

To be successful in this role, you must be able to read, write, and verbally communicate effectively in English and must be able to evaluate and select among alternative courses of action quickly and accurately. You must also be able to work in stressful high-pressure situations and have the ability to assimilate complex information, data, etc. from disparate sources and consider, adjust or modify to meet the constraints of a particular need, with mathematical reasoning and the ability to prioritize required. This job requires light/sedentary work - exerting up to 10 pounds of force occasionally and/or a negligible amount of force frequently - with a regular need to lift, carry, push, pull or otherwise move objects. This role will require the ability to work under variable temperatures and noise levels, with near vision (the ability to see details at close range) required.

About New Castle Hotels LLC

Headquartered in Shelton, New Castle Hotels is an independent operator and developer of upscale hotels, resorts, and conference centers in the United States and Canada. The company, which completes an average of $30 million per year in renovation and expansion work, owns and operates 24 hotels in nine state and three Canadian provinces. New Castle generates annual revenue of $150 million. We have continuously grown each year since 1990, said Chase, "the company has survived a recession" in the business due to a proactive approach. Instead of sitting back and waiting for the economy to improve, Chase said, New Castle Hotels continued to take on new projects and held its own in the hotel industry. A focus in the last five years on "new holds" in the market with growth opportunities, a concept that Chase credits to New Castle substantial founder and chief executive officer, David Buffam, has been key to this process. Additionally, New Castle has acquired and managed historic hotels, including six which are 70 years old or more. "Those worked very well for us in difficult times," Chase said of those undertakings. Interest rates were part of what kept the company growing during tough economic times, he said. According to Smith Travel Research, an organization that has analyzed the hotel industry since 1985, hotel occupancy was to 52% in 2002 - down 1% from 2001 - throughout the United States. But 2002 fourth-quarter occupancy reached nearly 54 percent, 3 percent increase from final quarter in 2001. Chase said that he noticed that start of a rebound from the last few slower years. While New Castle has continued to expand during this overall decline in the hotel industry business, the tough economic times did have some impact on the company. "It has been a very tough three years," said Chase, explaining that growth slowed somewhat during this time. But since success breeds success, the company continued to find ways to grow. In 2000, New Castle operated 21 hotels and average occupancy was 72 percent. New Castle is among the top 10 in revenue per available room rate for all hotels in the United States, according to Hotel Business magazine, Chase said. New Castle Hotels was founded in New Castle, NH, in 1980. The company was mover to Shelton by Buffam 1985, Chase said, because of the quality of the business environment and the fact Buffam liked the idea of bringing his family to Fairfield County. Most of the hotels are in the Northeast, from Virginia to Maine, including Hilton Garden Inns in Shelton and Norwalk. "You'll see most in the Northeast because it's our regional base; we know it inside and out," Chase said. However, there are a few hotels seemingly misplaced way out in the Midwest. There is, however, a good reason for this. "Ironically, David and I are from the Midwest," said Chase, who is a native of Minnesota. The current plans are for the company to expand along the East coast from Virginia to Florida. We're actually looking, right now, in Florida," and in other states along the coast, Chase said. Paul Boyle, general manager of the New Castle run Hilton Garden Inn in Shelton, is in his second stint with New Castle. Boyle worked for New Castle at the Sheraton Inn in Waterbury until the hotel closed after Sept. 11, 2001. After a brief stint with a hotel managed by one of New Castle's competitors, Boyle found an opportunity to go back to New Castle at the Shelton hotel. "There's a special camaraderie among the people who work at New Castle," Boyle said. "I felt I needed to be back with them. They're definitely in touch with their properties.

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