PKF Consulting provides a wide range of services to the hospitality
and tourism industries. We bring depth to our analysis with any assignment
by leveraging our vast experience, comprehensive industry databases
and relationship with members of the industries that we serve. Examples
of the major services that we provide are summarized below. Please
contact us if you require additional information about the services
we provide.
Market and Economic Feasibility Studies
Our integrated approach
incorporates a detailed evaluation of the market, the trade area,
and the proposed location. An assessment
of future supply/ demand factors and consumer trends provide
the basis for substantiated
forecasts. Relying on our industry database, our in-house models
and primary market research, as well as our experience, these
forecasts are incorporated
into overall financial forecasts for the operation. Then, the
overall financial forecasts are related back to the level of capital
investment required.
Estimates of Value/ AACI or MAI Appraisals
We are frequently retained
on behalf of financial institutions to prepare Valuations and/
or Appraisals for operations. We
examine the market
and financial potential of the operation and value the business
as a going concern. Depending on the requirements of the
study, our appraisals are
completed and signed by our AACI certified appraisers. If
required by a U.S. lender, we would work with a MAI certified appraiser
from our U.S.
firm. Our appraisals are trusted and valued by all major
industry
lenders.
Acquisitions and Underwriting Due Diligence
Understanding the profit
potential of an operation is a critical component of any acquisition
for both purchasers and lenders.
Our approach includes an evaluation of market conditions,
physical plant
and historical,
current and future operating results to identify risks
and opportunities associated with the transaction. With current
knowledge of all
major Canadian markets and an experienced team, we are
able
to provide timely and cost
effective advice.
Asset Evaluation, Strategy Development
and Implementation
Owners and operators of existing properties
are faced with numerous questions concerning changes in Canada's
dynamic hotel industry and the impact these changes may have
on
their hotels. We help
answer their questions
by offering objective analysis and providing advisory
services based on our many years of industry and
consulting experience.
Operational Reviews
In order to identify potential problem areas
(e.g. pricing, operating costs, staffing levels, controls,
etc.), we
compare the subject
operations to industry norms using a preliminary
benchmarking approach. Then, focusing
on these problem areas, we assess the situation
in detail and provide the owner/ operator with implementable
solutions.
Management Contract, Franchise Agreement
and Lease Negotiations
We believe that an effective
agreement is one that provides an identifiable economic benefit
to both parties. While
the nature of specific agreements
will vary considerably, the rights and obligations
of the owner and of the management company,
must be clearly identified
and
documented. Our
process involves gaining consensus on the
primary business terms
in advance of preparing a full agreement.
We work
closely with property owners and
their legal counsel to achieve agreements
that are fair, and reflective of the owner's objectives.
Litigation
Support
Due to the potential for conflicts with clients
of the firm in Canada or internationally,
requests for litigation support are carefully
considered in advance of any commitment. In situations
where it is appropriate
for us to be involved, we provide objective
third party advice. We are accepted
as experts because of our extensive experience
in
the industry. Our experience includes
advice in loss of business
claims,
arbitration
hearings and assessment
appeals.
Asset Management/Owners Representation
We do not provide long-term
management services to the industry. We do, however,
provide interim management services
in situations where the stability of an operation may
be
at risk. We also act as the owner's
representative to ensure that the
objectives of the
owner are being satisfied by the
manager/ operator of the property.
In this role, we
are able to
utilize our operations and industry
consulting experience to
contribute positively to the operating
results of the business.
Strategic
Planning
Utilizing our comprehensive industry experience, knowledge
of emerging industry trends and outlook for the future, governments,
associations and
private companies often retain us to provide third party strategic
advice. We take pride in our ability to understand the short and
long term issues
facing an organization, market or asset and our ability to provide
informed strategic alternatives and recommendations.
Economic
Impact
Despite the fact that the hospitality and tourism industry
accounts for about 2% of Canada’s gross domestic product,
the industry is often faced with lackluster public support. Economic
Impact assessments
are often included within the scope of a larger project in
order
to justify or market the project to the public. However, we
will also work with
an approved Tourism Economic Assessment Model (TEAM) provider
on comprehensive economic impact studies. In this role, we will
generally facilitate the
study and provide the inputs for the TEAM model.
Industry
Assessments
We have a unique ability to monitor the health of the
industry because of our comprehensive proprietary databases, industry
contacts and
third-party status. Given this, we are often retained by governments
or industry associations
to provide ‘state of the industry’ or ‘impact’ assessments.
Assignments of this nature are tailored towards the requirements
of the client however often include industry surveying, customized
data mining
and analysis and phased reporting.
