The Year 2003 provided numerous challenges
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. PKF Consulting
worked with you to quickly evaluate the impacts of certain
major events that affected the Canadian hospitality industry
throughout 2003. We continue to analyze the impacts of the
SARS outbreak, the War in Iraq, the threat of global terrorism,
the BSE outbreak and the West Nile Virus on behalf of the
Canadian Tourism Commission and the Ontario Ministry of Tourism
and Recreation.
In 2003, PKF Consulting assisted our clients
on over 100 accommodation projects throughout Canada, representing
in excess of $1.0 billion in hotel assets. Our advisory services
have included asset evaluation and strategy, new development,
acquisitions, refinancing, appraisals and property tax appeals
on behalf of developers, owners, operators, purchasers and
lenders.
MAJOR HOTEL PORTFOLIOS
|
|
Underwriting
due diligence for GE Capital on the refinancing of
a 9-property/$120 million Westmont Hospitality hotel
portfolio in December 2003 and a 10-property/$80 million
Westmont portfolio in December 2002. |
Appraisal
of an 8-property hotel portfolio on behalf of Legacy
REIT in October 2003, totalling $150 million. |
APPRAISALS AND VALUATIONS
Appraisals and Valuations totalling $300
million in assets on behalf of lenders such as the ATB, BDC,
Royal Bank, Bank of Montreal, HSBC and Citibank.
ADVISORY SERVICES, MARKET STUDIES
AND
OPERATIONAL REVIEWS
Market Studies & Operational Reviews
totalling $300 million in assets on behalf of owners, operators
and developers.
In November 2003, PKF Consulting hosted
our first annual Outlook Forum, presenting a review of the
performance of the Canadian hotel industry in 2003 and our
outlook for 2004. The event drew 150 guests, including developers,
owners, lenders and representatives of various hotel companies.
PKF continues to be a major supporter of
the industry as long time members of the Hotel Association
of Canada, the Tourism Industry Association of Canada, the
Canadian Tourism Research Institute, the Tourism and Travel
Research Association as well as numerous provincial and local
associations, supporting the industry's initiatives, as well
as participating and presenting at conferences and events.
PKF has also continued to do presentations for the major
lending institutions, keeping them abreast of the status
of the industry, and despite the challenges it has faced,
its relative strength. As we remain committed to the industry,
all these initiatives will continue in 2004, with among other
efforts, PKF representatives presenting at the Hotel Association
of Canada Conference in February, the Hotel Investment Conference
in April, and International Tourism and Travel Research Association
Conference in June.
| David Larone, Director, Toronto |
Beth Walters, Director, Vancouver |
| Brian Stanford, Director, Toronto |
|
| Fran Hohol, Principal, Toronto |
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