CBRE Group, Inc. Acquires PKF Consulting Inc. in Canada
CBRE Group, Inc. Acquires PKF Consulting Inc. in Canada
| August 4, 2015
Firm Specializes in Canadian Hospitality and Tourism Industries
CBRE Group, Inc. (NYSE:CBG) today announced that it 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. 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, providing the most comprehensive source of hotel financial information in North America.
“We are excited about joining CBRE and enhancing our ability to serve our clients nationally, here in Canada and internationally,” said David 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 Brian 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.
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
“Safe Harbor” Statement Under the U.S. Private Securities Litigation Reform Act of 1995 Certain of the statements in this release regarding the acquisition of PKF Consulting Inc. (PKF) that do not concern purely historical data are forward-looking statements within the meaning of the ''safe harbor'' provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties, including, but not limited to, the ability of the parties to successfully integrate PKF with CBRE’s existing operations in the Americas and globally, as well as other risks and uncertainties discussed in CBRE’s filings with the U.S. Securities and Exchange Commission (SEC). Any forward-looking statements speak only as of the date of this release and, except to the extent required by applicable securities laws, CBRE expressly disclaims any obligation to update or revise any of them to reflect actual results, any changes in expectations or any change in events. If CBRE does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. For additional information concerning factors that may cause actual results to differ from those anticipated in the forward-looking statements, and risks to CBRE’s business in general, please refer to CBRE’s SEC filings, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2014 and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2015. Such filings are available publicly and may be obtained off the Company's website at www.cbre.com or upon request from the CBRE Investor Relations Department at [email protected]