The developer conceptualizes and defines the project, enters into contact between the various project participants, and manages the relationships until property handover and project exit. The developer manages a project throughout its construction to ensure it is completed on time and according to the expectations of the project stakeholders.
The developer coordinates the involvement of architects, engineers and site planners, market consultants, attorneys, environmental consultants, surveyors, title companies, and lenders. The developer selects the hotel operator, hires the consultant for the feasibility study, contracts the hotel asset manager, and hires the real estate broker to mediate the sale of the property for project exit.
Property developers are distinguished from project managers and general contractors, while they may also act in these capacities. Developers are also distinguished from hotel operators, although they frequently operate the properties they develop post-construction.
Together with the operator and asset manager, the developer oversees the installation of the operational structure and launching of operations. Unless continuing as the operator, the property developer exits the project at construction completion.
The developer prepares construction progress reports during project construction. The reports inform the developer's management, project lenders, prospective investors and other stakeholders on the on-going property development.
The developer negotiates the disposition of the developed property and project exit with the investors and the operator who takes over management of the property for its owners upon the developer's exit.
Developers, lenders, investors and operators must work together to integrate sustainability into property development projects – from pre- to post-construction. This allows for the best financial benefits to be realized along the hotel value chain.
