Accounting Financial
Resume:
JOSEPH A. KLAM
*** ***** *** *************, ** 17050 703-***-**** ******.****@*****.*** PROFILE
Accomplished senior level hospitality management executive with extensive international finance/accounting, operations and acquisitions management experience. Versed in the application of analytical factors to determine optimal financial operations efficiency. Skilled in leading negotiations of sizable consulting engagements and acquisition transactions, as well as streamlining accounting, payroll and accounts payable processes to minimize labor cost waste. Offer knowledge in structuring/directing all facets of accounting operations across multiple properties and international regions. Possess expertise in auditing internal financial controls to ensure company standards compliance.
P&L Management Due Diligence on Acquisition Team Leadership
Financial Statements Standard Operating Procedures Internal Audit
Business Planning Casino Financial Management Acquisition Integration
Budgeting / Forecasting Capital Planning Strategic Planning PROFESSIONAL EXPERIENCE
HERSHA HOSPITALITY MANAGEMENT
EVP – FINANCIAL SERVICES 01/2016-PRESENT
Oversaw the centralized financial operations of 120+ hotels with topline revenues of $1Billion with a $50MM in GOP. Transformed the Shared Service Center into a Team that is customer-centric and one that united in Vision and Mission.
Exceeded both budget and L/Y with an 82% flow through to budget.
Distributed 180% of expected distributions.
Implemented a Purchase Order system resulting in a net ROI of $3.4MM or 919% return over a 5-year period.
Outsourced A/P with a $5MM ROI over a 5-year period.
Achieved a 5 business-day close period down from 15 days.
Achieved uniformity in the reporting process and established updated SOP for the company. SIXTY HOTELS – NYC, NY
CFO CONSULTANT 03/2015-01/2016
Evaluated the current financial set up of the company and assisted in directing the Financial Controllers as well as the Director of Accounting for the Company. The actions resulted in a $350K savings in the first year.
Researched a Centralized Accounting Solution.
Established a uniform Chart of Accounts in accordance to the USOA 11th edition.
Established a uniform Financial Statement and Balance Sheet with the proper accounts that reflect inter-company transactions and financial tracking of ownership’s money.
Established a budgeting and forecasting models to ease the reporting process.
Worked with outside Audit Firm to establish a proper review process and proper documentation. INTERSTATE HOTELS AND RESORTS – ARLINGTON, VA 03/2003-01/2015 EXECUTIVE VICE PRESIDENT-HOTEL FINANCE
Oversaw 7 direct and 200+ indirect reports while managing North American and international financial operations for 440 hotels and resorts in 11 countries, with revenues of more than $3 billion, GOP of $1 billion and EBITDA of $650 million. Developed annual budgets for all hotels in the system and ensured budget planning process met company targets. Engaged in financial forecasting and action plan development to minimize negative economic impact. Evaluated Pro-forma for new potential business. Delivered presentations to acquire new contracts. Led the re-write of the company’s SOPs. Communicated financial status to COO and CEO. Represented the company in international forums such as the Dubai AHIC conference.
Negotiated large acquisitions and development deals in Dubai and Abu Dhabi (UAE), Doha (Qatar), Damascus (Syria), Tripoli (Libya), and various Saudi Arabia locations.
Led a team of 18 professionals in a three months consulting agreement in Egypt for three Mega Resorts in Al Alamein on the Mediterranean Sea and Sukhna on the Red Sea.
Negotiated with ADP to upgrade the payroll system at a minimal cost, saving $3.9 million over 4 years.
Directed transition of six companies into the Interstate System, exceeding the underwriting of the pro-forma by $1 million on the EBITDA line.
Created $700,000 in annual savings by negotiating the outsourcing of the accounts payable process. Joseph A. Klam 703-***-**** ******.****@*****.*** Page 3 of 3
Facilitated the implementation of Blackline software to automate the balance sheet reconciliation process for hotels and corporate, cutting costs by as much as $300,000 for one hotel group.
Implemented efficiencies that reducing reporting period by 80% (from 20 days to 4 days).
Increased EBITDA of the company by 94% over 4 years by coordinating with field Operation teams to ensure meeting of commitments.
Provided leadership as a member of the Senior Management Team; evaluated opportunities and developed strategic plans to improve efficiency, increase ROI and grow the company. MILLENNIUM HOTELS AND RESORTS – NEW YORK, NY 08/2001-03/2003 VICE PRESIDENT OF FINANCE-NORTH AMERICA
Managed the financial operation of 14 hotels in North America with revenue of $372 million and EBITDA of $72 million. Developed the organization’s budgeting, forecasting and reporting processes and tools. Upgraded the company’s payroll system and oversaw the forecasting process.
Implemented IBM’ General Dynamics accounting platform to consolidate the accounting process.
Reduced accounts receivables by $1.5 million within one year. WYNDHAM INTERNATIONAL, INCORPORATED – DALLAS, TX 01/1999-08/2001 VICE PRESIDENT, REGIONAL CONTROLLER
Oversaw financial operations for 27 hotels in North America while managing 24 direct and 60 indirect reports.
Introduced methods to accelerate the financial reporting process, including the elimination of monthly F&B inventories and a three-day closing program.
Opened an $80 million flagship hotel in the heart of Boston’s financial district.
Developed a program that increased internal audit scores by 10 points in the region.
Member of the SAP Implementation Team for Wyndham; assisted in writing the hotel’s SOPs. Additional Experience
Vice President-Planning & Internal Audit Marriott International – Bethesda, MD 1997-1998
Assessed financial system capabilities of 35 Asia Pacific hotels and designed a more functional system to enhance delivery of financial data for corporate consolidation.
Constructed a model for analyzing Renaissance’s budgeted revenues and fees that was compatible with Marriott's format.
Partnered with Arthur Andersen to identify issues critical to developing a strategy to solve the Euro currency challenges facing the lodging business.
Consulted internally with customers and Marriott departments regarding fee structure, strategic alliances, management contracts, owner relations and special relationships for Renaissance International hotels.
Created model and obtained buy-in from franchise owners to systematically deliver weekly and monthly financial and statistical data to capitalize on Marriott's marketing and reservation support. Vice President-Field Financial Services, International Lodging Renaissance Hotels Intl. – Bethesda, MD 1997-1998
Published Global Policies & Procedures Accounting Manual for centralized and managed hotels, which standardized and addressed capital expenditures, cash management, accounting operations, planning, budgeting and reporting.
Developed long range planning model, wrote guidelines and disseminated to properties worldwide.
Coached internal auditors to provide training to field controllers in restructuring existing systems to minimize audit findings. Served as key contact for external worldwide audit conducted by PriceWaterhouse-Coopers.
Provided approval for data and analysis of quarterly SEC filing and corporation's annual report. Senior Director Planning & Budgeting, Worldwide Renaissance Hotels Intl. – Bethesda, MD 1995-1996
Played the key role in taking company public with underwriters Morgan Stanley and Salomon Brothers.
Ensured legality, accuracy and integrity of financial and statistical data contained in prospectus.
Conducted training for European and Asian regions on changes in data reporting due to IPO.
Established development contact in the Syrian Arab Republic and United Arab Emirates for the European Regional Development Office, resulting in a 20-year management contract. Joseph A. Klam 703-***-**** ******.****@*****.*** Page 3 of 3 EDUCATION & TRAINING
Master of Business Administration
University of Phoenix – Phoenix, AZ
Submitted paper to Harvard Business Review benchmarking Matrix Management at Asea Brown Boveri of Switzerland.
Conducted research related to the hospitality industry. Bachelor of Science, Computer Systems Application
The American University – Washington, D.C.
SAP certificates Hyperion certificate TM1 training Management Training ADDITIONAL QUALIFICATIONS
Professional
Organizations:
Member, AH&LA Internal Audit subcommittee
Member, Hospitality Financial & Technology Professionals Represented Stouffer Hotels & Resorts in three AH&MA Industry forums at the University of Michigan. Technical Skills: Lawson, JD Edwards, IBM AS-400, Microsoft (Word, Excel, PowerPoint, Visio), QuickBooks, SAP Publications: Contributed to focus group resulting in publication of Financial Accounting for the Educational Institute of the American Hotel and Motel Association.
Published article in Front Office Operations, third edition by Kasavana/Brooks for American Hotel and Motel Association addressing the relationship between accounting and front office functions. Language Skills: Arabic (fluent), Spanish (conversant), French (conversant)
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