Dear HMs and CAs,
I wanted to let you know about a special way we will handle Volkert’s new CGM salary and benefits.
As you know, this position was not budgeted, so all 4 hotels will probably run over budget on A&G salaries and benefits, and GOP will be lower. Also some KPIs and staff salary increases and bonuses could be affected.
But, good news! We will continue to produce normal P&Ls with Volkert’s shared salary and benefits in there. However, K Ravin has agreed that for year-end calculations we can deduct or reverse all of Volkert’s salary and benefits for a special “P&L less CGM salary and benefits.
This P&L is not real, and will not be used for anything official. But it will be used to calculate KPIs, A&G expenses, GOP, etc.
This way none of the hotels will be penalized for our decision to bring the CGM on board this year.
Dee mai?