Director of Finance, Hospitality

4 weeks ago

Lakewood, United States The Lightstone Group, LLC Full time
Job DescriptionJob DescriptionCOMPANY OVERVIEW:

Lightstone, founded by David Lichtenstein, is one of the most diversified privately held real estate companies in the United States. Headquartered in New York City, Lightstone is active in 26 states across the country, developing, managing and investing in all sectors of the real estate market, including residential, hospitality, commercial, and retail. With 209 existing properties, Lightstone’s over $9 billion portfolio currently includes over 13 million square feet of industrial, life sciences, and commercial properties, over 25,000 residential units, and over 5,100 hotel keys. Lightstone’s development portfolio includes over $3.5 billion currently under development in the residential and hospitality sectors spread across New York City, Los Angeles, and Miami.


LIGHTSTONE’S LIFESTYLE HOSPITALITY PORTFOLIO:

Lightstone developed an expansive lifestyle hotel portfolio from the ground up, consisting of 2,700 keys and 38 bars, restaurants, and nightclubs across New York, Miami, and Los Angeles. The portfolio launched in 2017 with the opening of the 612-room Moxy Times Square, winner of American Lodging Investment Summit’s (ALIS) Development of the Year. In 2019, Lightstone opened two more Moxy hotels in New York City—Moxy Chelsea and Moxy East Village. Following these award-winning openings were Moxy South Beach (2021), Moxy Lower East Side (2022), and New York’s Moxy Williamsburg (2023). Most Recently, Lightstone opened Moxy Downtown Los Angeles and AC Hotel Downtown Los Angeles in April 2023, winner of American Lodging Investment Summit’s (ALIS) Development of the Year. Lightstone’s lifestyle hotel developments feature world-class F&B venues through partnerships with some of the top F&B operators in the world.

Moxy is an innovative lifestyle hotel brand by Marriott that targets “Millennials” through its contemporary design, extensive amenities, and approachable service at a reasonable price. It is one of the newest and most exciting brands in Marriott’s global brand portfolio and was developed following extensive research on the rapidly emerging millennial travelers and their unique needs.

POSITION OVERVIEW:

The Senior Director / Director of Finance – Hospitality is responsible for overseeing all accounting and reporting related aspects of the Moxy and AC hotel portfolio as well as any additional lifestyle hotels that Lightstone acquires or develops. Significant prior accounting experience in a managerial role with hotels, attention to detail and good communication skills are amongst the required qualifications.

This position is full time and exempt. The Senior Director / Director of Finance – Hospitality will be based at the Company’s Lakewood, New Jersey office. This position may require occasional travel and reports to the Company’s Chief Accounting Officer.

ESSENTIAL FUNCTIONS:

The Senior Director / Director of Finance will oversee Lightstone’s a portfolio of Moxy and AC hotels and is responsible for the following functions:

  • All activities related to budgeting, forecasting, profit and loss reporting and account reconciliation for operating and balance sheet accounts for 8 hotels inclusive of 2700 keys and 38 food and beverage venues.
  • Oversee day-to-day activities of both internal accounting team and third-party managers (both hotel management companies and third-party food & beverage) including implementing appropriate financial controls and ensuring consistency in reporting, budgeting, and forecasting processes.
    • Verify the accuracy and timeliness of all finance functions: daily and month-end reporting, payroll processing, income audit, accounts payable, accounts receivable, and cash and credit card management
    • Timely review and approval of all balance sheet accounts, including monthly bank reconciliation and general ledger account reconciliations.
  • Create and deliver ownership-level reporting that consolidates hotel, food & beverage, and ancillary operations on behalf of internal stakeholders and financial counterparties.
    • Identify any errors or discrepancies between management and ownership reporting and provide direction to ensure consistent records.
  • Oversee all managers’ procedures related to income auditing, cash handling, accounts payable, accounts receivable collection, tax compliance, payroll, and month-end processing on behalf of ownership.
    • Review, evaluate and document internal controls over processing of accounting transactions.
    • Complete all internal and external financial audits, including coordination of work with CPA firms and delivering information requested by auditors on a timely basis.
  • Oversee cash management for the portfolio including cash flow projections by property, taking into account both operating performance and debt service considerations.
  • Oversee debt service covenants and cash management provisions under loan documents and implement corresponding reporting and forecasting.
  • Manage capital expense budget and reconciles expenditures monthly.
  • Collaborate with Asset Management team to drive profitability at hotels and identity areas for improved financial performance.
    • Investigate and critique variances to budget and prior years and offer practical improvement methodologies to manage.
  • Participate in the review and preparation of annual budgets and periodic forecasts.
  • Participate in quarterly reviews and annual audits.
  • Participate in the processing of real estate tax payments and sales & use tax returns and oversee regulatory agency audits.
  • Oversee and assist with providing information for all U.S. Federal and State income tax filings.
  • Foster strong professional relationships with all third-party manager finance teams to create consistent dialogue to ensure accurate and strategic management of performance.
  • Other duties and responsibilities, including special projects as assigned.

QUALIFICATIONS:

  • Minimum of 7-10 years of experience at a management level within hotel finance including food and beverage.
  • Bachelor degree or equivalent in accounting, finance, business or similar field.
  • Public accounting experience and/or CPA designation preferred.
  • Substantial managerial/supervisory experience.
  • Excellent computer skills, including advanced proficiency in MS Office applications, particularly Excel.
  • Experience with MRI and ProfitSword preferred
  • Experience with reading and abstracting loan documents.
  • Well-organized with the ability to excel in a dynamic work environment.
  • Strong work ethic with the ability to work independently and manage a team.
  • Ability to multi-task and manage a challenging workload while consistently meeting deadlines.

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