TORONTO — The CBRE Group has acquired PKF Hospitality, increasing its ability to offer the most comprehensive professional services for 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,” said Paul Morassutti, executive managing director, Canadian Valuation & Advisory Services, CBRE.
“Our combined service offering better integrates hotel operations and physical real estate. We are excited about the opportunity to welcome PKF Consulting’s top talent to our Vancouver and Toronto offices, which will enhance our client services from coast to coast,” said Bill Stone, EVP for CBRE Hotels in Canada.
The transaction will allow PKF to benefit from CBRE’s corporate infrastructure and employee support, while CBRE will use PKF’s services to round out their integrated service offerings, property expertise and access to top talent. “We are excited about joining the CBRE platform and enhancing our ability to serve our clients nationally, here in Canada and internationally,” said David Larone, national managing director, PKF Consulting.
“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 Brian Stanford, national managing director, PKF Consulting.
Founded in 1970, PKF provides services for the hospitality industry on market and economic feasibility studies, real-estate appraisals, operational reviews, asset management, management contract negotiations and acquisition due diligence. Meanwhile, CBRE Group, Inc. offers strategic advice and execution for property sales and leasing, corporate services, property management, mortgage banking, development and more. In 2013, CBRE won Hotelier magazine’s Pinnacle Award for Supplier of the Year.