Over the past 12 months, we have assisted our
clients on over 100 accommodation projects across Canada representing
in excess of $1.2 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.
PKF undertook numerous assignments
in the accommodation sector and related demand generators, including
an indoor water
park resort study adjacent to a major casino in Ontario, a casino/gaming
feasibility study for a community in north western Ontario, an
analysis for development of a waterfront attraction, hotel, residential
and commercial complex in Nova Scotia, assisting in preparation
of a business plan for a major convention centre in Alberta, a
feasibility study for a hotel, arena, water park, spa and children’s
camp in Russia and a feasibility review for a golf course project
in British Columbia.
PKF Consulting undertook an analysis
of Ontario’s
$81.4 million Tourism Recovery Program and $7.2 million in the
federal Toronto ’03 Tourism Recovery Alliance funding and
the impacts that they had on Ontario’s tourism industry post
SARS on behalf of the provincial Ministry of Tourism and Recreation.
APPRAISALS AND VALUATIONS
ADVISORY SERVICES, MARKET STUDIES
AND OPERATIONAL REVIEWS
Market
Studies & Operational Reviews totalling
$500 million
in assets on behalf of owners, operators and developers.
In 2004, PKF conducted assignments in most major
cities in Canada. Overall, our projects were located in a diverse
mix of urban centres, resort destinations and smaller communities
throughout Canada, such as Niagara Falls, Halifax, Vancouver, Red
Deer, Edmonton, Calgary, Toronto and Montreal, as well as the Caribbean
and Russia.
In November 2004, PKF Consulting hosted our second
annual Outlook Forum in Toronto and our first Forum in
Vancouver, presenting a review of the performance of the Canadian
hotel industry in 2004 and our outlook for 2005. The events drew
a cumulative total of more than 200 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, also participating and presenting
at conferences and events. PKF has 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 2005, with among other efforts,
PKF representatives presenting at the Hotel Association of
Canada Conference in February and the Hotel Investment
Conference in April.
David Larone, Director, Toronto
Brian Stanford, Director, Toronto
Fran Hohol, Principal, Toronto
|
Beth Walters, Director, Vancouver
|
