AVP, Accounting – Hospitality Industry Chicago, IL (WFH 3-4 days/week, in the office in the loop 1-2 days/week) Summary This position oversees all activities related to supervising and managing the hospitality investments for a Private Equity firm. The role is responsible for overseeing a team for preparing, analyzing and reporting on the financial and operating results of the hospitality investments at the asset level, investment level and a consolidated level. You should be knowledgeable about real estate principles (GAAP, SEC).
What you'll be doing - Manages and oversees the daily operations of Hospitality Investment Reporting including overseeing and reviewing the month-end, quarter-end and year-end close processes such as account reconciliations, prior period adjustments and monthly journal entries, bank reconciliations, etc. to ensure accuracy and completeness.
- Directly supervises the following positions: Senior Accountants, Accountants, Associates and Interns
- Reviews and analyzes accounting data and produces Monthly Operating Reports such as P&L's, Balance Sheets, Budgets and Forecasts at the individual asset level and the consolidated portfolio level for the hospitality assets (BRE Hotels)
- Reviews monthly portfolio forecasts and individual forecasts in conjunction with the BRE Hotels FPA team and/or BX asset manager
- Reviews and loads the portfolio annual budgets and individual property budgets to X in conjunction with the BRE Hotels FP&A team and/or BX asset manager
- Provides variance reporting to assess property performance relative to budgets or forecast
- Leads onboarding and wind down efforts of acquisitions, dispositions and change of operators
- Instrumental in the preparation of certain due diligence reports for potential dispositions or acquisitions
- Conducts on site visits as necessary when onboarding or disposing a property
- Reviews all capex draw requests and debt yield calculations prior to distribution to the lender
- Reviews projects assigned to staff to ensure compliance, reporting accuracy and timeliness such as the debt reporting and the FF&E Draw submission
- Serves as liaison with property operators and establishes meeting cadence to discuss important and timely topics
- Ensures all hospitality property invoices paid at the corporate level are processed and paid timely
- Enforces proper accounting methods, policies and principles
- Provides recommendations to improve systems and procedures and initiate corrective actions
- Ensures direct reports are handling processes in a like and efficient manner
- Constructs reliable cash models to project an asset's future performance
- Establishes and maintains fiscal files and records to document transactions
- Assists in the preparation and review results of annual audit findings
- Assists with developing and documenting business processes and accounting policies to maintain and strengthen internal controls
- Interacts with internal staff, (such as Insurance, Tax and Treasury) and external service providers to complete assigned responsibilities
- Incorporates anticipated demand, driven by company initiatives and business conditions to ensure required capacity and skills will be available in the future
- Assesses and reacts to changing business conditions, in terms of their impact the organization they lead
- Ensures team's processes and procedures support the department's goals according to guidelines and policies
- Partners with senior managers to identify and drive external relationships with the team's key contacts and stakeholders including third party accounting departments and third-party operators accounting teams
- Assists other PC's during Project initiatives on an as-needed basis
Required: - Bachelor's Degree with a major in Finance, Accounting or closely related field
- 7+ years of experience in cost accounting, financial analysis and general accounting
- 5+ years managing accounting for a hospitality company
- Ideally experience in the Hotel Industry
- Ideally Food & Beverage experience
- 2+ years of experience managing direct reports
Preferred: - Master's Degree
- CPA certification
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