1. Park Hotels & Resorts
Journey to the Cloud

2. When pigs fly….

3. Expectations exceeded!
Created an integration framework to ingest hundreds of thousands of financial transactions in under 2 hours
Deployed ERP with Fixed Assets, AP and Project Financials in less than 6 months
Became the de facto standard for quality and success within the Grant Thornton Oracle Practice
Under budget, on time, happy client, happy system integrator

4. Agenda About Park Hotels & Resorts
Financial system goals and challenges
Why Oracle
Why Grant Thornton
Seamless integration successes

5. About Park Hotels & Resorts
Spun off from Hilton in January 2017
Second largest publicly traded Lodging "REIT"
Originally 67 hotels in 7 countries; currently 54 hotels in 4 countries
Complex legal entity structure
A true "startup"—Park Hotels & Resorts had months to operate under a Transition Services Agreement ("TSA") with Hilton while developing new people, processes and systems
"Owners" and "managers"
Owners invest the capital to build, renovate, buy and sell hotels
Managers earn a fee to operate the hotels including all finance and accounting operations

6. Financial systems goals
Establish best-in-class integrated systems and processes that allow the company to deliver on its strategic objectives
Create a single source of truth for financial data
Exit the TSA with Hilton within the 12 to 24 month period

7. Financial systems challenges
Managing large volumes of data from the hotel managers including monthly ledger uploads and monthly forecast updates
REITs make financial decisions based on highly analyzed data so we needed the ability to slice and dice everything in real time and compare against 10+ year trends
Limited IT resources
Rapid deployment – 6 to 9 months

8. Why Oracle
Park Hotels & Resorts wanted all of their financial data in a single platform (did not want to manage "bolt-ons")
ERP – General Ledger, Accounts Payable, Fixed Assets, Procurement, Project Financials
EPM – Financial Close and Consolidation ("FCC"), Planning and Budgeting ("PBC")
Needed a true SaaS solution, rather than a ported on-premise solution in which product enhancements could continue seamlessly
Wanted enhanced reporting built into the solution that allows users to slice and dice real time data in the cube

9. Why Grant Thornton
Grant Thornton guided Park Hotels & Resorts through the software selection process bringing ERP subject matter expertise
Grant Thornton has an integrated technology practice with subject matter experts that were engaged when needed (ICS PaaS integrations, Internal Audit for segregation of duties conversations, etc.)
Leveraged trusted relationships, which parlayed into a very successful Oracle implementation for both parties

10. Oracle Practice solutions focus

11. Engagement successes Data management Integration Cloud Service
ERP FCC PBC
Procurement Accounts Payable

12. Data management
Ability to ingest financial data from property managers in a simple, manageable, repeatable and reusable way
Accelerated the period close process
Differentiated Park Hotels & Resorts from other REITs in that they are now able to consume detail level transactions from each property manager
Hundreds of thousands of records are processed on a monthly basis in a 2 hour period
Ability to bring on additional property management companies quickly

13. Integration Cloud Service (ICS)
More than two dozen potential integrations
ICS cleanly and efficiently automated these integrations where possible
Single point of management for integrations in/out of the ERP system
Robust platform on which to grow – set up 3 new integrations in the first 3 months post go live!

14. Integration Cloud Service

15. ERP FCC PBC
Using "Direct Connect", data moved between the 3 systems at scheduled times, making sure that the right people had the right data, at the right time
Enabled a faster period close process by providing a platform to ingest large data volumes critical to the process
Budget data is available in FCC so that it can be checked when periods are being closed
(Darren can help explain this part a little more, I wasn’t heavily involved in resolving this) One major challenge that we had to work through was reconciling (1) the differences between how the Close/Consolidations and FP&A teams viewed the data and (2) the differences between how FCCS and PBCS applications handle/model data, specifically around IC eliminations. Resolution ended up being adding alternate hierarchies in each of the applications to align the views and creating business rules in PBCS to mirror certain FCCS native elimination behavior.

16. Procurement Accounts Payable
Completely overhauled the existing AP approval process to be more efficient, removed paper approvals, eliminated single points of failure
Reduced manual entry by utilizing Optical Character Recognition ("OCR")
Enabled Park Hotels & Resorts to closely look at their AP process through the development of a detailed dashboard and make significant efficiency improvements

17. Procurement Accounts Payable

18. Procurement Accounts Payable

19. Procurement Accounts Payable

20. Procurement Accounts Payable

21. Speakers Kevin Barth Senior Manager Grant Thornton
Darren Robb
SVP & CAO
Park Hotels & Resorts

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23. Hear more from Grant Thornton
Monday
Wednesday
3:45 – 4:30 p.m. Moscone South—Room 157
Henkels & McCoy's journey to the cloud (CAS2953)
Ken Fontenot, Grant Thornton; Aaron Bartfield, Henkels & McCoy
3:45 – 4:30 p.m. Moscone South—Room 159
Wells Enterprises' Oracle HCM Cloud transformation: Happy Birthday (CAS2924)
Deron Stoecklein, Grant Thornton; Jasen Heaton, Wells Entreprises
Tuesday
Thursday
12:30 – 1:15 p.m. Moscone South—Room 155
Park Hotels & Resorts' journey to the cloud (CAS2795)
Kevin Barth, Grant Thornton; Darren Robb, Park Hotels & Resorts
9:00 – 9:45 p.m. Park Central (Floor 2) - Concordia
Integrating JD Edwards and Oracle Financial Consolidation and Close Cloud Service (CAS2719)
Seth Chaikin, Grant Thornton; Patrick Hammen, Renewable Energy Group
3:45 – 4:30 p.m. Moscone South—Room 155
Customers succeed with Oracle ERP Cloud (CAS4154)
Bill Behen, Grant Thornton; Kerri Keefer, Quest Oracle Community; Kevin Johnson, Ohio National Insurance Company
11:00 – 11:45 a.m. Moscone South—Room 153
Caesars Entertainment's successful transformation to Oracle ERP Financials Cloud (CAS2929)
Matt Lavery, Grant Thornton
4:45 – 5:30 p.m. Moscone South—Room 157
Truckloads of compensation at Great Dane (CAS2648)
Daniel Valencia, Grant Thornton
Visit Grant Thornton’s kiosk in the ERP showcase for a chance to win an Apple Parrot Mambo Fly Drone!