Over the past 12 months, we have assisted our clients on over 100 accommodation projects across 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. Our assignments have also included market studies for fractional ownership and timeshare projects.
In addition to traditional hotel studies and appraisals, PKF undertook numerous other assignments in 2005 within the tourism and hospitality sector including an expansion study for the Winnipeg Convention Centre; a market feasibility study for the proposed Versant Soleil Convention Centre at Mont Tremblant; a market study for a Scandinavian Spa at Blue Mountain; an Economic Impact Analysis of the 2002 and 2004 Eco North Conferences held in Northern Ontario; an Economic Impact Analysis of the Greater Toronto Hotel Industry; a needs study for fixed roof accommodation within the Canadian Badlands region of Alberta; feasibility studies for casino hotels in Saskatchewan and Alberta; development of a business plan for a golf course in British Columbia; and analysis for development of a world class tennis facility at a major resort in British Columbia.
On behalf of the Hotel Association of Canada, PKF Consulting undertook an analysis of Canada’s Lodging Industry in 2004. Based on our research, the Canadian Lodging Industry generated revenues of $12.6 billion in 2004, with 270,000 persons employed directly and indirectly on a full-time, part-time or seasonal basis in the industry.
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APPRAISALS AND VALUATIONS
Appraisals and Valuations totalling $500 million in assets on behalf of lenders such as the ATB, BDC, Royal Bank, Bank of Montreal, CIBC and Citibank. |
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ADVISORY SERVICES, MARKET STUDIES
AND OPERATIONAL REVIEWS
Market Studies & Operational Reviews totalling over $1.0 Billion
in assets on behalf of owners, operators and developers.
In 2005, 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, Mont Tremblant, Ottawa, Whitehorse, Prince George, Whistler, Edmonton, Calgary, Toronto and Montreal, as well as the Caribbean.
In November 2005, PKF Consulting hosted our third annual Outlook Forum in Toronto and our second Forum in Vancouver, presenting a review of the performance of the Canadian hotel industry in 2005 and our outlook for 2006. 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 2006.
David Larone, Director, Toronto Beth Walters, Director, Vancouver
Brian Stanford, Director, Toronto
Fran Hohol, Principal, Toronto
