Looking to become a dominant force within the lodging industry in both valuations and strategic advisory services, CBRE Group, Inc. recently acquired PKF Consulting USA, LLC (PKFC), a hotel advisory, consulting and research firm. Headquartered in San Francisco, California, PKFC was formed in 1999 to provide real estate appraisals; litigation support and expert testimony; market and financial feasibility studies; purchase price allocations; asset recovery and impact studies. The company provides these services to a wide range of clients, including owners and operators; financial institutions, real estate developers; investors; product and service providers to the industry; and government agencies.
PKFC is likely to be integrated into CBRE’s hotel division, which was formed in 2003 and is headed by Kevin Mallory. CBRE Hotels has a range of offerings geared primarily for owners. Services include hotel brokerage and investment sales; feasibility studies; debt and structured finance; asset management; investment and marketing advisory; and loan sales.
With the PKFC acquisition, CBRE Hotels now has roughly 270 employees focused on the hospitality space in 44 offices worldwide. The firm is poised for additional growth as the combined company will aggressively pursue additional market share within the hospitality space.