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Director of Finance

Posted May 21, 2021

1 Hotel West Hollywood
West Hollywood, CA
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Hiring good-natured people with the ability to do great things.

About This Job

Life at SH is based on a simple idea: the world is beautiful and we want to keep it that way. Our industry-leading Sales Teams have become known for its ability to maximize the hotel’s profitability while delivering impeccable, perfectly-executed experiences for our guests.  Our team at 1 Hotel West Hollywood is in search of a magnetic Director of Finance with remarkable tenacity, a sharp leader with an entrepreneurial spirit, who’s good-natured, a natural at relationship building, and puts their clients needs at the top of their priority list, while meeting (or surpassing) all revenue goals for the department.

POSITION OVERVIEW

The Director of Finance is a strategic financial business leader for the property that champions, develops and implements hotel-wide and market-wide strategies that deliver products and services to meet or exceed the needs and expectations of guests, team members and owners. This position provides financial expertise to enable the successful implementation of the brand service strategy and initiatives while maximizing the return on investment. Creates and executes a strategic business plan that is aligned with the hotel’s business strategy with a primary focus on the execution of financial and accounting activities and the delivery of financial results.

PRINCIPLE DUTIES AND RESPONSIBILITIES

Business/Functional Results

• Lead and facilitate the achievement of property annual goals and targets to ensure profitability and revenue growth. Actively participate in cross-functional teams to drive overall business performance, e.g. revenue management and sales and marketing tools

• Manage working capital, cash flow, capital, overall expenses and daily accounting activities to obtain highest value. Identify risk exposure and effectively manage financial and business risk to create and preserve value, ensuring effective systems of controls are in place.

Financial Leadership

• Function as a strategic business partner to the General Manager and the Guidance Team. Leverage strong financial expertise and business acumen to influence the strategic direction of the operation, identify opportunities for growth, optimize allocation of financial resources, and drive business results. Advise the General Manager and the Guidance Team on existing and evolving business/financial issues and protect and strengthen the competitive advantage by supporting sound business and financial decision making.

• Effectively lead the execution of finance and accounting responsibilities for the property including the preparation of the annual business plan and operating budget, forecasting, internal controls, financial analysis, cash management, balance sheet reconciliation, financial reporting, P&L accuracy, capital expenditure budget, etc. Educate property team on key financial processes.

• Focus on maximizing the property’s revenue by supporting the development of revenue generating strategies for different areas of the hotel and related lines of business. Work with revenue management to develop effective revenue management strategies and set aggressive goals; participate in sales strategy meetings and use financial expertise and analytical models to evaluate mix of transient and group revenue and provide pricing and inventory recommendations to increase market share and attain growth and profit goals.

• Help enhance the team’s business skills. Educate department heads on sales and profit maximization and cost control; provide ongoing analytical decision support & tools to ensure revenue goals are met and opportunities are identified and addressed.

• Use financial analysis and market information to anticipate needs, identify business/financial issues, and recommend actions to maximize financial return. Identify opportunities to create value by challenging existing processes, encouraging innovation and driving necessary change through calculated risk taking.

Managing Execution of Finance

• Create SOPs and put in place appropriate controls to manage business and financial risks. Ensure a strong accounting & operational control environment to safeguard assets, improve operations and profitability. Ensure compliance with standard and local operating procedures, and local regulations.

• Leverage technology and effectively use information systems and tools to create operational efficiency and generate information to support decision-making. Oversee the implementation and maintenance of property based systems.

• Oversee internal, external, and regulatory audit processes and ensure compliance with SOPs; make sure appropriate corrections are made.

• Reconcile balance sheet and ensure account balances are supported by appropriate supporting documentation in accordance with SOPs. Ensure all issues in the balance sheet are disclosed and compliance with certification is timely.

• Ensure that the P&L is accurate and statements are delivered to appropriate individuals in a timely manner.

• Effectively manage property working capital and cash flow; identify key projects and manage associated capital expenditure funds for product improvement and increased revenue potential.

• Create the annual operating budget for the property and provide analytical support during budget reviews to identify cost saving and productivity opportunities for property managers.

• Analyze financial data and market trends and produce accurate forecasts that enable operations to react to changes in the business; monitor and take steps to enhance forecast accuracy; facilitate critique meetings to review information with leadership team.

• Ensure tax rates used for sales/use tax are current and proper amounts are collected and/or accrued. Oversee the payment of real estate/ property taxes, payroll and other applicable local taxes, and if applicable hold in funded escrow accounts. Ensure tax exempt transactions are appropriate and properly documented.

• Analyze ROI capital projects prior to committing funds and upon completion determine if anticipated results were achieved.

Building Relationships/Owner Relations

• In partnership with the General Manager, develop a trusting and effective business partnership with the property owners by understanding the management contract, deal structure, and the owner's ROI expectations. Provide valuable information to owners and the Regional team, give meaning or context to the financial results, and demonstrate a solid understanding of cash flow and owner priorities. Proactively anticipate and address owner's needs. Pull in resources as necessary to help to resolve owner relations/contract issues.

• Effectively manage communication with owners. Regular dialogue and presentations to owner’s representatives on actual and forecasted financial results. Development and presentation of business cases.

• Promote and sell ideas persuasively to owners for stimulating business opportunities, improving service, and increasing profitability.

• Accountable for compliance with contract and reporting requirements for the properties. Ensure the rest of the guidance team and property leadership team is familiar with the management contract and structure of the deal, and in compliance with contract requirements.

• Build effective working relationship with the rest of the property leadership team, regional and corporate groups, external customers, partners and auditors. Effectively leverage resources outside of own area.

REPORTING RELATIONSHIPS

Reports to the General Manager of 1 Hotel West Hollywood.

Requirements

QUALIFICATIONS & SKILLS

REQUIRED:

Experience

• At least 4-5 years of related Director of Finance experience

• In-depth hotel/ hospitality industry knowledge

• Excellent finance, accounting and analytical skills, including experience with cash management, forecasting, revenue management strategies, budgeting, and project management

• Experience evaluating business trends and developing and successfully implementing new business programs and strategies that enhance financial performance

• Experience in owner relations is preferred

• Experience with complex operating and financial agreements; demonstrated success in evaluating risks and developing proactive strategies and plans to mitigate business issues

• Experience managing people preferred

Personal Attributes and Competencies

• Financial management skills e.g., ability to analyze P&L statements, develop operating budgets, prepare a short and long term forecast, and champion capital expenditure planning

• Excellent verbal and written communication and presentation skills

• Strong organization skills

• Analytical and problem-solving skills

• Ability to use standard software applications and hotel systems; technology-savvy

• Strategic planning skills; ability to translate financial concepts into actionable business strategies and tactics

• Ability to build and maintain relationships

• Demonstrated high ethical standard and acts with the utmost integrity.

• Communicate financial concepts in a clear and persuasive manner that is easy to understand and drives desired behaviors

• Leverage strong functional leadership and communication skills to influence the executive team, the hotel's strategies and to lead own team

• Openly share own viewpoints even when they may be unpopular, and encourage others to do so

Education or Certification

• Bachelor’s Degree in Accounting, Finance, Business Administration or related field required

• CPA is an asset

PREFERRED:

• Prior experience in a quality luxury hotel brand; specifically in Finance.

• Fluency in a second language other than English.

About us...

Our culture is caring and thoughtful, and we deliver good-natured and informed service, perfectly executed to evoke a sense of fulfillment and well-being. As a part of our team, you can look forward to activities and perks that drive your passion for nature such as:

  • Designed by Nature work environment
  • Work/Life Balance: Paid Time Off, Holidays (Earth Day is a holiday)
  • Pre-tax benefits to encourage commuting, and even free bicycle parking
  • Pay it Forward: Annual 8 hours paid to volunteer & hotel organized volunteer opportunities
  • Health & Wellness- Competitive Medical, Dental & Vision; Company paid Health and Wellness program to promote healthy living; delicious, healthy complimentary snacks and beverages.
  • Retirement Planning: 401(k)/retirement savings plan
  • Career Advancement: Were growing rapidly and with growth comes advancement opportunities (around the globe)!
  • SH University - Offers eligible team members a chance to grow and flourish from obtaining professional development and courses/certifications through our exclusive online learning educational platform.
  • Team Member Recognition program - Earn rewards and pay it forward, while doing all the good you can!

SH Hotels & Resorts is committed to providing diversity and equity in our workplace that is representative at all levels, for the communities we serve. We celebrate equal employment opportunities embracing an environment of mutual respect and inclusion that embraces race, color, religion, sex, national origin, citizenship, age, sexual orientation, gender identity/expression, or any other characteristic protected by law. It’s a responsibility we all share—it’s 1 world.

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About this Employer

1 Hotel West Hollywood

8490 West Sunset Boulevard
West Hollywood, CA 90069

(310) 424-1600

285 Room Hotel

www.1hotels.com

Managed By

Our Hotel

Nestled at the base of the Hollywood Hills, with sweeping views from Downtown to Santa Monica, 1 Hotel West Hollywood draws inspiration from the land, sea, and abundant sunshine of Southern California.  As a luxury lifestyle hotel brand inspired by nature, 1 Hotels cultivates the best of eco-conscious design and sustainable architecture, together with extraordinary comfort and an unrivaled level of service.

  • 285 Rooms
  • 1 Kitchen by Chris Crary
  • Juniper Bar & Lounge
  • Pool Deck
  • 14,000 sq. ft of Meeting & Event space
  • The Field House 
  • Harriet's Rooftop by H.Wood

SH Hotels & Resorts is committed to providing diversity in our workplace that is representative at all levels, for the communities we serve. We celebrate equal employment opportunities embracing an environment of mutual respect without regard to race, color, religion, sex, national origin, citizenship, age, sexual orientation, gender identity/expression, or any other characteristic protected by law. It's a responsibility we all share - its 1 world.