Acquisition to Create Hospitality Research Leader

Publicly held property services firm FirstService Corporation has bought an 80% stake in San Francisco-based PKF Consulting & PKF Hospitality Research. The buyer aims to merge the hotel brokerage and advisory unit of its subsidiary CMN into PKF to create 'the largest hospitality consultancy in the US'.

Senior management of PKF will retain the other 20% of their company and will remain in place, as will the name. Terms of the transaction were not disclosed.

PKF was founded as long ago as 1935, employs 70 people in 10 offices across the US and is the publisher of the annual operating guide and statistical review 'Trends in the Hotel Industry'. Its services to the hospitality property industry include feasibility studies, appraisals, brokerage, research, litigation support and asset management.

First Service is the owner of brands including commercial real estate services giant Colliers International, with more than $1.4bn in annualized revenues and more than 12,000 employees worldwide. Colliers CMN is the largest company within Colliers International with annualized revenues in excess of $650m. The group says it aims to use the CMN global network to further grow PKF's international business.

As part of the deal, Bob Eaton will become Executive MD of PKF Capital Markets Group with a remit to build its consulting, research and hotel real estate transaction business.

PKF Consulting has offices in Boston, New York, Philadelphia, Washington DC, Atlanta, Indianapolis, Houston, Dallas, Bozeman, Los Angeles, and San Francisco – and is on the web at www.pkfc.com . The buyer is online at www.firstservice.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.