The Vice President, Hospitality Finance will manage through the regional support structure to oversee and direct the financial activities of all hotels within our client’s portfolio. This position will work closely with senior leaders across the organization to ensure that Company and property financial goals and objectives are achieved. This position will directly supervise the Regional Directors of Finance, Accounts Payable Manager, Corporate Director of Payroll, and other exempt and non-exempt finance / accounting positions. This individual will provide direction and guidance to hotel Controllers and accounting staff in all areas pertaining to finance and asset protection. This individual will function as a resource and provide direction to corporate Vice Presidents, Directors, Asset Managers and other corporate personnel. They will ensure all finance and accounting operations are in alignment with the vision and direction of the Company, brand requirements, and local, state and national regulations. The Vice President of Hospitality Finance articulates Company goals and demonstrates commitment to these goals through work ethic, integrity and respect for the Company and its associates.
This position interacts with asset managers, hotel management, company officers, property owners, investors, and other constituents, providing timely and accurate response to inquiries and requests. They will work directly with the Company’s corporate staff and respond to issues and needs including accounting, capital expenditures, asset management, human resources, legal and others.
- Provide financial leadership to the hotel operations management team including analysis regarding operational performance, investments, acquisitions, dispositions, and strategic plans ensuring achievement of operational goals and objectives
- Provide leadership direction and supervision to financial directors, accounting managers, and hotel controllers
- Direct the daily performance of the finance service offering throughout the organization
- Provide daily counseling, direction, leadership and support to finance associates
- Oversee accounting aspects of hotel acquisitions/dispositions, working closely with appropriate corporate personnel including Asset Management, Legal and Human Resources
- Analyze operational performance and provide recommendations to ensure maximum profitability for ownership
- Identify problem areas and negative trends at the earliest stages and recommend corrective measures
- Ensure all accounting policies and internal controls are in place and adhered to at each hotel within the region
- Ensure the timely payment of all mortgages, real estate and personal property taxes, sales and occupancy, taxes, escrows, insurance, franchise fees, etc., to prevent additional charges and penalties
- Maintain a working knowledge of relevant trends and best practices in business management and finance, so business opportunities can be identified and capitalized on the continually changing economics and business environment
- Submit recommendations for changes and improvement to superiors
- Manage and direct the overall hospitality financial reporting process systems including general ledger, payables, receivables, payroll, capital expenditures and related tax reporting
- Ensure timely and accurate reporting of hotel financial statements and cash positions on a monthly, quarterly, and annual basis to internal management, external investors, and external auditors
- Develop and execute analytical tools and reports for use by management across all levels of the organization
- Develop communication plans and delivery of information to management
- Actively participate in property financial reviews, identifying and responding to critical need areas and trends
- Direct the annual budget, planning, and forecasting process of the hospitality division
- Provide current and accurate information to VP’s Hospitality, ownership, asset managers, and other constituents as requested
- Clearly communicate Company standards and expectations to direct reports, hotel Directors of Finance/Controllers and accounting staff
- Ensure that company policies and procedures are followed in areas related to employment, discipline and wages
- Insist on a work environment that is free from harassment
- Hire, train and manage to ensure successful orientation and understanding of Company expectations
- Monitor finance staff performance to ensure adherence to policies and fulfillment of job responsibilities
- Coach, counsel, resolve conflicts, discipline and terminate as appropriate through fair treatment, generally at the corporate level
- Develop qualified candidate pool through networking and interviews to minimize vacancies in Regional Finance Director and other key finance positions
- Provide performance feedback to General Managers for completion of Director of Finance/Controller performance reviews
Life Safety/Risk Management:
- Promote culture of workplace safety and accident prevention to minimize liabilities and related expenses
- Make recommendations to superiors on additional safeguards as appropriate
- Ensure company and hotel assets are properly tracked and protected, and related risks, opportunities and losses are identified on a timely basis
- Inform appropriate personnel of potential risks/ losses and submit recommendations for corrective measures to superiors
- Provide direction in all facets of accounting operations in a manner consistent with the requirements of the Company, management contract, franchise agreement, and local, state and national regulations
- Keep abreast of brand standards and the competition’s products and strengths to continually improve revenues and profit margins while maintaining quality
- Use business/management knowledge, applications in the industry, and experiences to provide leadership, both internally and externally, to position the hotel as a market leader
- Be a coach with a positive attitude on a daily basis
- Ensure optimal levels of quality service and hospitality are provided to guests
- Regular and timely attendance with high standards of personal behavior, appearance and grooming
- Ensure regular, accurate and open communication with the EVP Finance, Chief Operations Officer, and VP’s Hospitality in all relevant matters
- Ensure all communication containing Company, hotel, brand and guest information is consistent with privacy policies, practices and regulations
- Maintain a consistent professional and positive attitude when communicating with guests, associates and other constituents
- Maintain effective two-way communication that crosses departmental lines and reaches all levels of associates
- Approach all encounters and actions with guests and associates in a friendly, service-oriented manner
- Conduct regularly scheduled meetings with hotel management and associates to provide organizational information and educate associates on changes and activities
- Communicate hotel activities and plans with superiors and obtain appropriate consultation, guidance and approval
- Ensure compliance with generally accepted accounting principles, industry accounting standards, and all legal and government regulations including management agreements, franchise agreements, loan documents, etc.
- Oversee the compilation and analyze various corporate and property reports to provide accurate information and to comply with corporate policies and procedures as well as government laws and regulations.
- Complete all required and requested reporting in a timely and accurate manner.
- Perform special projects and other responsibilities as assigned.
- Participate in task forces and committees as requested.
Our client is a fully accredited operator and developer of the industry’s most respected brands including Accor, InterContinental, Hilton, Hyatt, Marriott, Starwood and Wyndham that together represent over 40 hotel flags. With over 60 hotels and nearly 18,000 guestrooms currently under management coast to coast, our client is recognized throughout the industry as a leader in performance, service, and quality.
- A college degree in finance/accounting or closely related field, as well as MBA, CPA, or other advanced specialty designation.
- At least fifteen years combined experience as hotel Controller and regional/corporate Director of Finance in hotels of significant size, caliber, Brand and quality.
- Recognition within the industry as a person with integrity and ethical grounding.
Skills and Abilities
- Possess expert knowledge of accounting principles and budgeting practices along with the ability to compile facts/figures and analyze information that involves data manipulation or interpretation to arrive at logical conclusions.
- Ability to anticipate and identify issues and exercise initiative to investigate, interpret and weigh alternatives to reach logical conclusions and make sound business decisions.
- Display consistent professional leadership while simultaneously handling competing and changing priorities and projects.
- Remain positive, resourceful and possess the ability to improvise while working in a fast-paced environment, sometimes under pressure.
- The ability to effectively and efficiently schedule, manage and delegate work.
- Appropriately and effectively interview, hire, motivate, develop, monitor and address staff performance matters.
- Possess excellent listening, verbal and written communication skills with professionalism, diplomacy and confidentiality.
- Computer proficiency in Microsoft office and applicable property management/back office computer systems.
- Must satisfy and comply with the legal requirements for employment within the jurisdiction.