Overview:
Over the past two decades, The First Group has forged a reputation as one of the hospitality industrys leading innovators, providing groundbreaking investment opportunities to clients and partners, while delivering exceptional, memorable experiences to hotel and leisure guests. Our corporate ethos and unique vision for the future of hospitality is encapsulated in our fast-growing portfolio of award-winning hotels and residences, exciting F&B outlets and lifestyle venues, and delivered through our array of complementary third-party hotel and asset management services.
Core to our vision for the future of hospitality is The First Collection, our award-winning hotel brand that reflects the rich culture, innovative spirit, and unparalleled refinement for which Dubai is famous for. The First Collections urban lifestyle resorts, situated in prime locations across Dubai, are renowned for their unique blend of world-class hospitality and modern flair, as well as their cutting-edge guest facilities and services, which include exclusive access to the stunning Soluna Restaurants and Beach Club, located on the world-famous Palm Jumeirah.
Every hotel in our fast-growing portfolio reflects our ambition to capture the essence of urban living, blending it seamlessly with the tranquillity of a serene getaway. The First Collection echoes the citys heartbeat, ensuring all our guests are made to feel a part of the magnificent tapestry of Dubai, the worlds most exciting metropolis.
Job Description:
The Group Director of Finance will be an operational and strategic partner to the TFG Hospitality executive team, providing financial leadership and support to ensure the operational efficiency and financial health of our hotel properties. This role requires a deep understanding of the hospitality industry, exceptional financial and commercial acumen, and the ability to lead and inspire a diverse team. Responsibilities includes financial planning, reporting, forecasting, and analysis in support of the enterprise's strategic goals. This role works closely with TFG Hospitality and TFG Group senior executives to develop divisional views of financial results and performance to help drive strategic decision-making, growth objectives, and capital allocation. You will collaborate with operations and finance leaders throughout the company to gather appropriate data and analyze trends to make data-driven decisions that improve overall hotel financial performance.
The TFG Hospitality division includes an existing portfolio of 8 hotels, 40 F&B outlets and 2 beach clubs and has a headcount of over 1,000 employees. The portfolio is going through a period of rapid growth including 4 new hotels opening within the next 8 months, and there will be continued rapid expansion over the next 3 years. Hence the post holder must have the bandwidth to also adopt to the growth trajectory.
The position reports to the TFG Group CFO.
Responsibilities:
Strategic Financial Leadership
Develop and implement financial strategies that align with the companys long-term goals and objectives.
Provide financial insights and recommendations to the executive team to support decision-making processes.
Participate in the formulation of the TFG Hospitality strategic plans and initiatives.
Ensure that financial plans support the strategic direction of the TFG Hospitality division.
Operational Finance Management
Oversee the financial operations of all TFG hotel properties, ensuring accurate and timely financial reporting.
Be responsible for the hotel's financial management and determine the financial impact of strategic decisions to ensure profitability.
Develop, manage, and track budgets for each property, ensuring alignment with overall business objectives.
Conduct regular financial reviews and variance analysis to monitor performance against budgets.
Ensure compliance with all relevant financial regulations, IFRS, and company policies and management of external audits for the Hospitality division.
Implement robust financial controls and procedures to safeguard company assets.
Maintain operational and financial records and provide information regarding the enforcement of regulations, conduct of business, as well as analyses, interpretations, and forecasts to management.
Maximize the hotel's cash flow performance by tracking credits, receipts, disbursements, payments, and settlements.
Performance Analysis
Monitor the financial performance of each hotel property, identifying trends and areas for improvement.
Provide detailed financial analysis and reports to the executive team, highlighting key performance indicators (KPIs) and financial metrics.
Develop and present Hospitality financial models and forecasts to support business planning and decision-making.
Collaborate with hotel managers to develop action plans to address underperformance and capitalize on opportunities for growth.
Establish data representing the hotel's progress (P&L, balance sheets, profit and loss accounts, KPIs, etc.) to formulate proposals on the strategies to be followed
Cost Management
Identify and implement cost-saving initiatives without compromising service quality.
Analyze cost structures and develop strategies to optimize operational efficiency.
Work closely with operations teams to identify opportunities for reducing waste and improving resource utilization.
Negotiate with Hospitality and F&B vendors to secure favorable terms and pricing.
Team Leadership
Lead, manage, and develop the Hospitality Finance and Procurement team (current terms strength of 48 employees), fostering a culture of excellence and continuous improvement.
Set performance goals and conduct regular performance evaluations for team members.
Provide training and development opportunities to enhance the skills and capabilities of the Finance and Procurement team.
Stakeholder Management
Collaborate with various stakeholders, including property managers, operations teams, and external partners, to ensure alignment and achieve financial objectives.
Communicate financial performance and strategic initiatives to stakeholders, including the board of directors and investors.
Build and maintain strong relationships with external auditors, financial institutions, and regulatory bodies.
Strong understanding on how Hospitality Management Agreements operate and able to represent then TFG Hospitality division in discussions with hotel owners.
Risk Management
Identify and assess financial risks and develop strategies to mitigate these risks.
Ensure compliance with all financial regulations and standards, including local, national, and international laws.
Develop and implement internal controls to prevent fraud and financial mismanagement.
Monitor economic and industry trends to anticipate potential impacts on the companys financial health.
Technology and Innovation
Leverage technology to enhance financial processes and reporting capabilities.
Stay abreast of industry trends and innovations to drive continuous improvement and efficiency.
Implement and develop financial systems and tools that streamline operations and improve data accuracy. Knowledge of Sun systems, Adacco and Power BI would be an advantage.
Desired Skill & Expertise:
Accountancy degree as well as a professional accountancy qualification is required. MBA would also be an advantage.
15+ years of total business experience an extensive experience working within the hospitality industry. Should have at least 5+ years in finance leadership roles.
Outstanding analytical skills and problem solving skills with the ability to synthesize information, develop insights, and communicate effectively in presentations and in-person meetings.
Deep curiosity and passion for understanding and analyzing financial results in the context of creating shareholder value.
Excellent communication skills with significant experience working with senior executives, and third-party clients.
Strong technical and compliance competency including detailed knowledge on IFRS accounting standards particularly in a hospitality environment. High level of integrity and professionalism.
Strong technology understanding and familiar with industry leading financial and business systems used in the hospitality sector.
Strategic thinker with a results-oriented mindset.
Ability to work under pressure and manage multiple priorities.
Strong attention to detail and organizational skills.
Innovative and forward-thinking.
