CBRE Group, Inc. announced this week that it had acquired PKF Consulting Inc. (PKF Canada), a Canada-based advisory, consulting and research firm specializing in the Canadian hospitality and tourism industries. Financial terms of the deal weren't disclosed, but the acquisition follows Los Angeles-based CBRE's purchase in July last year of PKF Consulting USA, which provides similar advisory and consulting services for the U.S. and global hospitality sector. Founded in 1970, PKF was led by David Larone and Brian Stanford, who will remain in leadership roles with CBRE.
"Like CBRE, PKF Canada's professionals greatly value collaboration, integrity and the highest standards of client service excellence," said Thomas 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," added Kevin Mallory, senior managing director and global head for CBRE Hotels, in a statement. PKF Canada's professionals will become part of CBRE's Valuation & Advisory Services business line and will collaborate closely with CBRE Hotels' professionals.
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