In light of the
events of September 11th, the Year 2001 was a challenging one for the
Canadian Hospitality and Tourism industry. It is programs such as our
Monthly National Market Report and Annual Operating Trends, which provide
a valuable tool for the industry in planning during both good and difficult
times. A key objective of Pannell Kerr Forster has always been the feedback
of information to the many industry partners who participate in our
databases. In conjunction with the feedback of information, we have
and will continue to remain pro active in monitoring the key issues
impacting the industry from both a top line and bottom line perspective,
whether it is our broad industry forecasts or more specific concerns
and implications resulting from such horrific events as those of September
11th.
Over the past 12
months, we have assisted our clients on over 100 accommodation projects
across the Canada representing in excess of $1.0 billion in hotel assets.
The scope of these assignments has included asset evaluation and strategy,
new development, acquisitions, refinancing appraisal and property tax
appeals on behalf of developers, owners, operators, purchasers and lenders.
These projects were completed in all regions of Canada, from Whitehorse
to Windsor, from Vancouver to Halifax.
PKF provided advisory
services on behalf of major financial institutions such as the Alberta
Treasury Branch, the Bank of Montreal, the Business Development Bank
of Canada, the Canadian Imperial Bank of Commerce, Citibank Canada,
Mass Mutual Financial and the Royal Bank of Canada.
Our hotel clients
in 2001 included such major companies as CHIP REIT, Coast Hotels, Executive
Hotels, Northland Properties Ltd. (Sandman Hotels), Royal Host REIT
and Westmont Hospitality. We worked with a number of major hotels such
as the Westin Bayshore in Vancouver, the Four Season's, Crowne Plaza
and King Edward in Toronto, and the Renaissance in Montreal as well
as major resorts such as Kicking Horse Mountain in the British Columbia
Rockies, Ontario's Deerhurst and Muskoka Sands and the Chateau Mont
Tremblant in Quebec.
We also completed
numerous assignments for accommodation and tourism industry demand generators
including a Tourism Information Gateway Development in Niagara Falls,
a Convention Centre in Drumheller, Alberta, and a Best Practices Study
for Touring on behalf of the Prince Edward Island Department of Tourism.
Industry assessments included an a National Snowmobile Tourism Strategy;
an Accommodation Industry Economic Impact Analysis for the Greater Toronto
Hotel Association; a Tourism Development Opportunities Analysis for
Bruce County, Ontario; and an analysis of the impacts of the September
11th U.S. Terrorist Attack on the accommodation industry in Canada on
behalf of the Canadian Tourism Commission, Ontario Tourism and Alberta
Economic Development.
Pannell Kerr Forster
has also provided advisory services to clients in the food and beverage,
resort, spa and golf clubs sectors over the past year. These projects
included market studies, appraisals and strategic planning assistance.
Food and beverage clients included full service independent restaurants,
neighbourhood pubs and institutional operations.
Pannell Kerr Forster
has also continued to maintain our strong level of industry involvement,
with our professional staff actively participating in industry conferences
nationally and provincially. These have included The Hotel Association
of Canada Annual Conference, The Canadian Hotel Investment Conference,
The Canadian Gaming Summit, The Asian American Hotel Owners Association
Canadian Session, Resorts Ontario Spring and Fall Conventions, the British
Columbia and Yukon Hotel Association Annual Conference, Attractions
Ontario Conference, Tourism Federation of Ontario Conference, the British
Columbia Assessment Authority forum, the Days Inn Canada Annual Conference,
the Colliers International Hotels Investment Forums, a National Winter
Tourism Conference, and the Tourism and Travel Research Association
Annual Conference as well as many regional and municipal meetings and
conferences.
In addition, our
staff have written or provided input to a number of key industry articles
including the Hospitality Market Report, published in Hotelier magazine;
the International Journal of Contemporary Hospitality Management; the
Canadian Tourism Research Institute publication; and contributes to
numerous association/government publications, including Greater Toronto
Hotel Association, Accommodations Ontario, Tourism British Columbia,
Ontario Tourism, and the Hotel Association of Canada.
At Pannell Kerr
Forster, we pride ourselves in providing valuable objective third party
advice to our clients. On behalf of our Directors and staff, we thank
those clients who took advantage of our services over the last year,
as well as those owners and operators who continue to participate in
our monthly and annual Trends programs. We wish you all success in 2002,
and please feel free to contact us if we can be of assistance.
| David Larone,
Director, Toronto |
Beth Walters,
Director, Vancouver |
| Brian Stanford,
Director, Toronto |
|
| Fran Hohol,
Principal, Toronto |
|
