Principal, CEO @ Prime Opus Partners, LP The company was founded to invest in and operate hotels and other related projects under an innovative business model. The model redefines the conventional thinking as it relates to real estate, facilities, distribution, and overhead in the upscale hotel market. Prime Opus was committed to creative business models that enrich...
Principal, CEO @ Prime Opus Partners, LP The company was founded to invest in and operate hotels and other related projects under an innovative business model. The model redefines the conventional thinking as it relates to real estate, facilities, distribution, and overhead in the upscale hotel market. Prime Opus was committed to creative business models that enrich the lives of all the people of the business: customers, employees, suppliers, and investors. From July 2006 to August 2008 (2 years 2 months) VP, Finance, Wrather Management Corp. @ Wrather Corporation Working closely with the president of Disneyland Hotel, we created an independent regional hotel management company by leveraging the vast management resources we had at the Disneyland Hotel to generate fee income for the company and create more career opportunities for our staff. We were successful in acquiring the management contract for the Los Angeles Biltmore Hotel as our first management contract. The principals of First Boston Group owned the hotel. I conducted my duties concurrently with those of the VP of Finance at the Disneyland Hotel. From April 1986 to February 1988 (1 year 11 months) VP, Finance, Disneyland Hotel @ Wrather Corporation I led the financial management of this 1,600-room independently branded convention and urban resort hotel. I worked closely with the corporate office as this was a family closely held publicly traded company. The hotel generated annual revenue of $65 million with extensive meeting and convention space, restaurants and bars, and a variety of income sources. I worked closely with sales and marketing to ensure our revenue generation was well managed to meet financial targets announced to the investment community. I also oversaw the conversion of our PMS, manpower, and back office accounting systems. From October 1984 to February 1988 (3 years 5 months) VP, Divisional Controller, Hawaii-Japan @ ITT Sheraton I managed the controllership for this division with 15 hotels located in Hawaii, Japan and California. These hotels generated about $500 million in annual revenue. I worked closely with the divisional president on negotiation of management contracts and franchise agreements. We renewed and extended the single largest multi-hotel management contract in Sheraton history worth about $200 million in fees over the extension period. I also worked closely with marketing and operations on analyzing and developing strategies on distribution channels, pricing, inventory allocations, and promotions of the Sheraton products in Hawaii. From February 1988 to June 1993 (5 years 5 months) Asst Controller, Miramar Sheraton Hotel @ ITT Sheraton I supervised the accounting staff of this 300-room hotel. I came into the position after a period of controller absence. The accounting was in poor conditions and many accounts had to be extensively reconciled and accounting procedures recreated. I personally handled many of the accounting tasks due to staff turnover and vacancies. From April 1980 to May 1981 (1 year 2 months) Management Trainee, New York Sheraton Hotel @ ITT Sheraton I received on the job training in various areas of the controllership at this 1,000-room hotel upon my graduation from Cornell. From August 1979 to March 1980 (8 months) President & CEO @ The Leading Hotels of the World I am responsible for overseeing the activities and operations of the company’s 26 worldwide offices. I lead the development of the strategic business plan of the brand, as well as the direction and administration of the programs and services it provides to its more than 430 hotel members. In addition to prioritizing business opportunities and maximizing resources, I direct the long- and short-term operational effectiveness of the organization, while promoting its mission and core values of excellence. I am also a member of the company’s board of directors.For the past four years, I have been executing on the Five Year Business Plan (2009-2013) I created for the company. The plan focuses on the quality of the portfolio/brand, revenue generations to our hotels, and reinvestment in the company’s capabilities. We are on track in achieving the aggressive goals set forth in the plan, including ranking in the top three position in quality from eleventh place and doubling our revenue to member hotels within four years. This is being accomplished with an organizational and cultural transformation. Largely the same team members are creating extraordinary results by doing different things and doing things differently.I am now leading the leadership team to finalize the ten-year (2011-2020) Strategic Plan, Destination 2020. The Strategic Plan shifts from an internal to an external focus; catching up to leading the market; improving to reinventing our business model; fixing to transforming; building to leveraging on our strength. From September 2008 to April 2019 (10 years 8 months) Executive in Residence, School of Hotel Administration @ Cornell University I served as the Executive in Residence at the Cornell Hotel School for the Spring 2006 semester. In this role, I guest lectured in various courses such as Asset Management, Managerial Accounting, Organizational Development, Multinational Finance, Strategies in Hospitality Industry, Cross Cultural Communications, Distribution in Hospitality, Strategic Management, and Development. I also worked with faculty members on research and projects. I held forums and roundtable discussions with students on industry topics and career development. I also coached students individually. I brought my insights and knowledge of the global hospitality industry experience to the Hotel School that integrates academic theories with practical business applications. From September 2005 to May 2006 (9 months) President, Chief Operating Officer @ Wyndham International I led the operations and was accountable for the profitability of the company’s Wyndham branded and non-proprietary branded assets. This included development of overall revenue and profitability strategies, brand standards, and service. With $2.5 billion in annual revenue, Wyndham’s portfolio included more than 200 owned, leased, managed, and franchised properties with more than 55,000 guest rooms. Additionally, I led a variety of corporate functions including Sales & Marketing, Human Resources, Information Technology (IT), Procurement, and Asset Management. From May 2000 to December 2004 (4 years 8 months) President, Asia Pacific @ Starwood Hotels & Resorts I led the Asia Pacific division of Starwood immediately following the merger of Starwood Lodging, Westin, and Sheraton. My task was to drive development growth and unit profitability in a new multi-branded hotel company that included 70 owned, JV, managed, and franchised hotels and resorts with an annual revenue of $1.5 billion. I also led the divisional support functions of Sales & Marketing, HR, Finance, Development, Technical Services, and IT.New projects included the St. Regis in Shanghai, the first international W in Sydney, the highest quality Four Points Hotel in Sydney, the Sheraton in Sapporo, and the Westin Kyoto. From April 1998 to April 2000 (2 years 1 month) President, Asia Pacific @ Westin Hotels Starwood Capital and Goldman Sachs bought Westin from the Japanese construction company Aoki in late 95. The Asia Pacific division was lagging behind in the Westin transformation. My mission here was to reignite a dormant division of a company with a great brand and world-class assets, where the company in North America was recently energized. I led a small divisional team to achieve development growth by creating purposeful mission, vision, and value commitments. We were able to grow the division with many new flagship hotels including Westins in Sydney, Melbourne, Guam, Kula Lumpur, Awaji Island, Taipei, and Shanghai. Operationally, I worked directly with the general managers of each hotel to improve operating performance. I changed half of the general managers within the first 12 months. While that was necessary for the business objectives, I felt the company’s weak leadership in the past had failed these managers as much as these mangers had failed the company. From August 1996 to April 1998 (1 year 9 months) VP, Operations, Asia @ ITT Sheraton I led the operations and development efforts for the North Asia region including China, Japan, Korea, and Taiwan. My group had 10 managed, JV, and franchised hotels with an annual revenue of $500 million. This required a transformation of the post-Tiananmen Square defensive operating strategy of controlling costs to a new Chinese economic reform growth strategy of enhancing the product and driving revenue.On the development side, I successfully negotiated the first ITT Sheraton equity investment in China in a multi-use project that included today’s St. Regis Beijing. I managed and eventually negotiated to regain control and eliminated exclusivity of a JV hotel management company with China International Travel Services and Bank of China. I negotiated and signed 7 new Sheraton Hotels. I negotiated and signed 6 renewals/extensions of existing management contracts and franchised agreements. I developed and put into place a China business plan to grow the Chinese market. From July 1993 to July 1996 (3 years 1 month) Controller, Sheraton Plaza La Reina Hotel @ ITT Sheraton I managed the financial operations of this high occupancy (85%+) 800-room airport hotel. My scope of accountability included Accounting, Budgeting and Forecast, F&B Control, Purchasing/Receiving, Night Audit, Payroll, Credit, IS, and Front Office Cashier. I worked closely with the general manager to control costs and drive the profitability of the hotel. I engaged myself extensively in operations and liaised regularly with the owner of the hotel regarding management contract compliance and operating performance reviews. From March 1983 to September 1984 (1 year 7 months) Asst Controller, Sheraton Boston Hotel @ ITT Sheraton I managed the financial operations of this 1,200-room convention hotel. My scope of duties included Accounting, Budgeting and Forecast, Payroll, F&B Control, Night Audit, Front Office Cashiers, Credit, IT, and Staffing. I led the automation of the back office accounting system and developed various management reports. The controller of the hotel also handled regional controller responsibilities. I worked closely with operations on all financial matters and regularly reviewed operations to drive business improvements. From May 1981 to March 1983 (1 year 11 months)
Prime Opus Partners, LP
July 2006 to August 2008
VP, Finance, Wrather Management Corp.
April 1986 to February 1988
VP, Finance, Disneyland Hotel
October 1984 to February 1988
VP, Divisional Controller, Hawaii-Japan
February 1988 to June 1993
Asst Controller, Miramar Sheraton Hotel
April 1980 to May 1981
Management Trainee, New York Sheraton Hotel
August 1979 to March 1980
The Leading Hotels of the World
President & CEO
September 2008 to April 2019
Executive in Residence, School of Hotel Administration
September 2005 to May 2006
President, Chief Operating Officer
May 2000 to December 2004
Starwood Hotels & Resorts
President, Asia Pacific
April 1998 to April 2000
President, Asia Pacific
August 1996 to April 1998
VP, Operations, Asia
July 1993 to July 1996
Controller, Sheraton Plaza La Reina Hotel
March 1983 to September 1984
Asst Controller, Sheraton Boston Hotel
May 1981 to March 1983
The company was founded to invest in and operate hotels and other related projects under an innovative business model. The model redefines the conventional thinking as it relates to real estate, facilities, distribution, and overhead in the upscale hotel market. Prime Opus was committed to creative business models that enrich the lives of all the people of... The company was founded to invest in and operate hotels and other related projects under an innovative business model. The model redefines the conventional thinking as it relates to real estate, facilities, distribution, and overhead in the upscale hotel market. Prime Opus was committed to creative business models that enrich the lives of all the people of the business: customers, employees, suppliers, and investors.
What company does Ted Teng work for?
Ted Teng works for Prime Opus Partners, LP
What is Ted Teng's role at Prime Opus Partners, LP?
Ted Teng is Principal, CEO
What industry does Ted Teng work in?
Ted Teng works in the Hospitality industry.
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