In an ageing and maturing market, legacy financial close solutions can be ‘retired’ at any time. The PPHE Hotel Group is a case in point. After using a legacy SAP consolidation and reporting system for many years, the Group was suddenly faced with the unenviable challenge of finding a new way forward.
PPHE owns, co-owns, develops, leases, operates and franchises hospitality real estate. An amalgam of subsidiaries, jointly controlled entities and associates, its financial consolidation and reporting structure is complex. It’s not something that can be resolved overnight, with a wide range of issues to consider such as whether to pursue a ‘best-of-breed’ strategy in the cloud or turn to yet another legacy solution.
To help unravel the challenges of this dilemma, Dor Shniper, Vice President Corporate Finance, PPHE Hotel Group, speaks to Gary Simon CEO and Leader of the Modern Finance Forum to share his experiences and insights into the journey of migrating from legacy consolidation tools to Fluence, a modern best-of-breed solution in the cloud.
Dor has been VP Corporate Finance for over 3 years and before that was Director of Reporting and Tax for the Group and trained with EY. PPHE Hotel Group is a major undertaking. It is a £2.0 billion international hospitality real estate company, listed on the London Stock Exchange, comprising a portfolio, of prime freehold and long leasehold assets in Europe. The portfolio includes 49 hotel properties in six countries offering nearly 9,400 rooms as well as eight campsites in Croatia offering approximately 6,000 campsite pitches and mobile homes. Its popular hospitality brands include, Park Plaza, art’otel and Radisson.