Real Estate Capital Markets Analyst (Hospitality & Retail)

About the Job

(Job Summary)

Turnberry is seeking a Real Estate Capital Markets Analyst to support debt and equity execution across a portfolio of hospitality and retail assets and related development/redevelopment initiatives. This role is highly analytical and transaction-oriented, responsible for building and maintaining underwriting models, preparing lender/investor materials, and supporting due diligence and closing processes. The ideal candidate has strong financial modeling skills, experience with hotel and/or retail underwriting, and proficiency with ARGUS Enterprise

What You Do:

(Duties/Responsibilities)

Financial Underwriting & Modeling 

• Develop and maintain institutional-quality models for Investment Committee (IC) presentations, including clear audit trails, assumptions tabs, and scenario outputs.
• Integrate operating budgets, capital expenditure plans, and development timelines into comprehensive underwriting models.
• Perform hold/sell and refinance analyses, including IRR, equity multiple, and return attribution across different capital structures.
• Evaluate joint venture structures, promote waterfalls, and partner-level economics across multiple scenarios.
• Reconcile and validate underwriting assumptions against historical property performance and third-party reports (appraisals, feasibility studies, STR reports, etc.).
• Support model standardization efforts and best practices across the platform to ensure consistency and scalability.

Capital Markets Execution Support (Debt & Equity) 

• Assist in managing the end-to-end transaction process, from initial underwriting through closing and funding.
• Prepare and track due diligence checklists, closing deliverables, and transaction timelines to ensure efficient execution.
• Support debt placement and equity raise strategies, including sizing, pricing, and structuring recommendations.
• Coordinate and review third-party reports (appraisals, engineering, environmental, franchise/property improvement plans).
• Analyze and summarize loan documents and partnership agreements, highlighting key terms, risks, and obligations.
• Maintain organized and investor-ready data rooms (physical/virtual) with accurate and up-to-date materials.

Asset & Market Analytics (Hospitality / Retail) 

• Monitor and report on actual vs. underwritten performance, identifying key variances and drivers.
• Conduct ongoing portfolio surveillance, including refinancing opportunities, capital events, and risk identification.
• Analyze operating KPIs and margin trends to identify value creation opportunities and cost optimization strategies.
• Support annual budget and reforecast processes in coordination with operations and asset management teams.
• Evaluate competitive positioning and market share dynamics across submarkets and asset classes.
• Partner with leasing, operations, and development teams to refine business plans and value-enhancement initiatives.This job description does not imply that the listed duties are the only responsibilities to be performed by the employee in this position. Employees may be required to carry out other job-related tasks assigned by their supervisor or management.

What You Bring to the Table:

(Requirements)

• 2–3 years of relevant experience in real estate capital markets, acquisitions, investment banking, private equity, brokerage, or principal-side real estate.
• Demonstrated experience underwriting hospitality and/or retail real estate.
• Advanced Excel skills with a strong command of:
  • Three-statement-like real estate cash flow modeling
  • Debt schedules (floating/fixed, IO/amortizing)
  • Returns analysis (IRR, EM, NPV) and sensitivity frameworks
• ARGUS Enterprise proficiency (required); ability to audit assumptions and translate outputs to Excel.
• Strong written and verbal communication skills—able to create clear, polished materials for lenders/investors and senior leadership.
• High attention to detail, ownership mindset, and ability to manage multiple priorities in a deadline-driven environment.
• Bachelor’s degree in Finance, Real Estate, Economics, or related field (or equivalent experience).

Preferred Attributes:

• Experience with hotel P&Ls, franchise/management agreement concepts, and/or capex planning (FF&E/OS&E).
• Experience reviewing and summarizing loan documentation and covenants (cash management, reserves, reporting requirements).
• Familiarity with retail leasing concepts (TI/LC, rent steps, percentage rent, CAM recoveries, downtime).
• Exposure to CMBS, bank, life company, or debt fund underwriting standards.
• PowerPoint proficiency for lender/investor materials.

What Success Looks Like:

(First 90 Days)

• Independently produces high-quality underwriting models and sensitivity runs with minimal revisions.
• Delivers clear term sheet comparisons and supports execution workflows (diligence tracking, data room, closing checklist).
• Develops a working understanding of portfolio assets, key operating drivers, and house underwriting assumptions.
• Becomes a dependable “go-to” resource for modeling and analytics across active transactions.