CBRE Acquires Canada's PKF

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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Hilfiger Buys MetLife Clock Tower for $170M

Tommy Hilfiger has purchased 5 Madison Avenue, also known as the Clock Tower building, for $170 million with designs to turn the property into a hotel according to a New York Times article. The clothing designer purchased the property from Africa Israel USA (AFI), the American branch of Africa Israel Investments, an international holdings and investments group. Hilfiger sold his company last year for $4 billion has reportedly been shopping for a places to open his new hotel for some time.

"It's certainly a landmark in a neighborhood that's become more hotel-friendly in recent years," John Fox, a hotel industry specialist at PKF Consulting, said. "On the other hand, I'm not sure what a Hilfiger brand hotel is. I assume it's something with a preppy look to the design."

The famous 42-story Clock Tower building, once home to the Metropolitan Life Insurance Company is a preeminent icon of the Manhattan skyline. The 700-foot building was built in 1909 and remained the tallest building in the world until the Woolworth building beat it out in 1913. Overlooking Madison Square Park, AFI previously had plans to convert the tower into super high-end condominium apartments. AFI sold the property for $30 million less than the developer bought it for in 2007.

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