LOS ANGELES—CBRE Group, Inc. has acquired PKF Consulting Inc. (PKF Canada), a leading advisory, consulting and research firm in Canada specializing in the Canadian hospitality and tourism industries.
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 to the Canadian hospitality industry 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.
“Like CBRE, PKF Canada’s professionals greatly value collaboration, integrity and the highest standards of client service excellence,” said Thomas B. McDonnell, president, Americas Valuation & Advisory Services, CBRE. “Combining their deep knowledge and insight into the Canadian hospitality sector with CBRE’s valuation and transaction expertise will significantly enhance our service offering and support our ability to create real advantages for hospitality clients worldwide.”
“CBRE is energized about the opportunities in the hospitality sector, and the addition of PKF Canada adds top talent to our deep bench of sector expertise,” said Kevin Mallory, senior managing director and global head for CBRE Hotels.
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, according to CBRE. PKF Canada’s professionals will become part of CBRE’s Valuation & Advisory Services business line and will collaborate closely with CBRE Hotels’ professionals. The firm’s market research data and analysis will be integrated into the larger PKF research platform at CBRE.
“We are excited about joining CBRE and enhancing our ability to serve our clients nationally, here in Canada and internationally,” said Larone, national managing director, PKF Canada.
“With the strength of our key professionals, combined with CBRE’s international presence within the hotel and overall real estate sectors, we are well positioned to grow our practice here and abroad,” added Stanford, national managing director, PKF Canada.
CBRE’s Valuation & Advisory Services provides appraisal, consulting, environmental and property condition consulting services to a broad base of local, regional and global clients. It has a professional staff of more than 1,700 appraisers, engineers, architects and environmental scientists in more than 300 major metro areas globally. CBRE Hotels has nearly 300 professionals in key markets around the world.