With 30+ years in hospitality, Sarkar plans to sustain the company’s financial success by growing third-party management contracts and streamlining accounting processes
[Danbury, Conn., March 1, 2023] — Meyer Jabara Hotels emerged from the pandemic stronger than ever. The management and ownership group is coming off a record-setting year. To keep the company on this trajectory for financial stability and growth, MJH appointed 30+ year hotel finance veteran Jay Sarkar as Chief Financial Officer.
“In today’s economy, average daily rates and revenues are up; that’s the good news,” said MJH President Justin Jabara. “The bad news is the cost of goods, capital projects, interest, and labor are up too. To keep Meyer Jabara Hotels financially strong and growing, we brought in an expert in hotel finance. Jay is a results-driven, hands-on CFO who is known to develop corporate strategies and translate them into actionable financial plans that maximize profitability and performance. He is a forward-thinking leader with tactile foresight and demonstratable success capitalizing on growth opportunities, improving bottom-line performance, and optimizing organizational efficiencies. We are delighted to bring Jay on board and consider him a trusted advisor and partner to our stakeholders and executive team.”
In addition to managing the accounting processes for Meyer Jabara’s 31 individual hotels, Sarkar is tasked with planning the financial future of the management company. He will be working alongside the Chief Investment Officer, VP of Investments & Asset Management and the VP of Development to get more hotels into the portfolio.
“While we wait for the economy to stabilize, we will focus on finetuning the finance department and making it a well-oiled, plug-and-play machine,” Sarkar said. “In addition, we will be creating a new reporting process built on accuracy and timeliness to make sure all financial data is consistent across all Meyer Jabara Hotels. Key to financial success will be adding more revenue from the management-company side of the business.”
Longevity in Hospitality
Hospitality is Sarkar’s passion. Prior to joining Meyer Jabara Hotels, Sarkar served as CFO for StepStone Hospitality in Providence, R.I., and prior to that held a CFO post at Alena Hospitality in Orlando. He also held regional controller and numerous finance positions with Pyramid Hotel Group in Oak Brook, Ill.; Adams Mark Hotels in Indianapolis and Northbrook, Ill.; and numerous Starwood Hotels & Resorts in New York. Sarkar is a licensed Certified Public Accountant. He received his Master of Business Administration degree from the University of Phoenix and Bachelor in Accounting degree from Mercy College in White Plains, NY.
“It is truly an honor to join a hospitality company whose success comes from 45 years in the hotel business,” Sarkar said. “You don’t see longevity like this in too many industries. The Meyer Jabara name – derived from the partnership of Bill Meyer and Richard Jabara – holds a lot of weight in our industry. I am proud to work for this multi-generational family venture now under the direction of Justin Jabara. The Journey Culture and tutelage behind the Meyer Jabara name is its real strength.”
For more information on Meyer Jabara Hotels, visit www.mjhotels.com. For media inquiries, call Barb Worcester of PRpro at (440) 930-5770 or email her at barbw@prproconsulting.com.
