KAREN TAM
Chief Financial Officer, Choice Hotels Canada
Karen Tam’s path to Choice Hotels Canada was initiated by a fortuitous recruitment call while she held the position of CFO/COO in the financial services sector, prompted by her extensive background in the hospitality industry, which included stints in KPMG’s hospitality practice and pivotal roles at Four Seasons Hotels in corporate finance and investor relations. The timing was fortunate, coinciding with the retirement of Choice Hotels’ former CFO. Tam’s enduring passion for hospitality and the opportunity to return to the industry were decisive factors in her acceptance of the position. She focuses on operational finance and the corporate side of the business, overseeing legal, HR, ESG, procurement, IT and some commercial functions. All while striking a balance between the needs of franchisees and guests, and ensuring Choice Hotels Canada operates efficiently and effectively.
Throughout her career, Tam has gained valuable insights, particularly the importance of being prepared for unforeseen circumstances. Her experiences working at Four Seasons during the SARS outbreak and navigating the challenges brought on by COVID-19 shortly after joining Choice Hotels Canada reinforced this lesson, having to immediately modify cashflows and labour requirements, in particular, while also trying to guide and assist franchisees during the worst time in the industry’s history. These experiences reinforced to her the importance of resilience in the face of the hospitality industry’s inherent volatility. Tam believes in the power of learning from both positive and negative experiences, emphasizing the value of treating people respectfully regardless of the situation.
When discussing the advancement of women in the industry, Tam acknowledges progress while highlighting the ongoing journey toward substantial change. She emphasizes resilience and tenacity as being crucial for overcoming challenges, especially in male-dominated fields, without compromising one’s integrity.
When asked who inspires her, Tam draws particular inspiration from her parents—a father who immigrated from Hong Kong and became a doctor, and a mother from Charlottetown, P.E.I., who was a nurse. Despite lacking business backgrounds, they instilled in her a strong work ethic and essential skills such as curiosity, critical thinking, relationship management, and compassion.
Tam emphasizes she is continually inspired by the remarkable individuals in her life, including colleagues, friends, and family, who embody intelligence, strength, kindness, and the importance of laughter! This includes the individuals she encounters in various roles within the hotels, from owners and general managers to those in front desk, housekeeping, and breakfast service roles, who excel in their positions with positivity, while managing life’s other demands. She feels extremely lucky to be surrounded by such incredible people and believes in the importance of seeking guidance and support from them when needed.
As a lifelong volunteer, Tam deeply values continuous learning and growth, asserting that discomfort often accompanies growth. She has lived abroad in Australia and Scotland, challenging herself by relocating to these countries without knowing anyone there. Additionally, she was a competitive ballroom and Latin dancer for many years, confronting discomfort and learning to manage stress while performing in front of judges and audiences.