CBRE Group has acquired PKF Consulting (PKF Canada), an advisory, consulting and research firm specializing in the Canadian hospitality and tourism industries.
The company says PKF Canada serves a broad range of clients in Canada, including hotel owners and operators, financial institutions, real estate developers, investors, product and service providers to the industry and governmental agencies. Its key services include market and economic feasibility studies, real estate appraisals, operational reviews, asset management, management contract negotiations and acquisition due diligence. The firm has offices in Toronto and Vancouver.
The acquisition follows CBRE’s purchase in July 2014 of PKF Consulting USA, which provides similar advisory and consulting services for the U.S. and global hospitality sector.
“CBRE now offers the most comprehensive professional services specific to the Canadian hospitality sector. The combination of PKF’s proprietary data and research, and industry expertise with our existing brokerage and valuation offering, will prove to be a powerful advantage for our clients,” says Paul Morassutti, executive managing director, Canadian Valuation & Advisory Services, CBRE.
Founded in 1970, PKF Canada is led by David Larone and Brian Stanford, who will remain in leadership roles with CBRE. During the past four years, PKF Canada has provided advisory services for more than $4 billion of hotel assets, serving a wide range of owners, lenders, purchasers and developers. PKF Canada’s professionals will become part of CBRE’s Valuation & Advisory Services business line and will collaborate closely with CBRE Hotels’ professionals, the company says. The firm’s market research data and analysis will be integrated into the larger PKF research platform at CBRE.
