The year 2006 saw a significant improvement in results for most areas of the Canadian lodging and hospitality industry. Over the past 12 months, we have assisted our clients on over 100 accommodation projects across Canada representing in excess of $2.5 billion in hotel assets. The scope of these assignments has included asset evaluation and strategy, new development, acquisitions, refinancing appraisals as well as management and franchise agreement negotiation assistance on behalf of developers, owners, operators, purchasers and lenders. Our assignments have also included market studies for projects with fractional and condominium ownership, including several comprehensive, mixed use developments with major components such as golf courses and spas. Our client base is diverse, including multinational corporations, public sector institutions, Aboriginal organizations and individual developers and investors.
In addition to traditional hotel studies and appraisals, PKF undertook numerous other assignments in 2006 within the tourism and hospitality sector including a Destination Marketing study for the City of Winnipeg; a needs assessment for additional convention facilities in Charlottetown; and an evaluation of the Canada Select Grading program in Ontario; a study for an Olympic Legacy Project, the Whistler Athletic Centre on behalf of the Vancouver Organizing Committee for the 2010 Olympic Games and Paralympic Winter Games; a study for a heli ski resort in British Columbia; a review and analysis of redevelopment and management options for an existing hotel with pub and night club and feasibility studies for casino hotels in British Columbia, Saskatchewan and Alberta.
Of note, in June 2006, PKF Consulting provided advisory assistance to Oxford Properties Group in the acquisition of a six property Fairmont Portfolio which included the Fairmont Vancouver Airport, the Fairmont Whistler, the Fairmont Banff Springs, the Fairmont Chateau Lake Louise, the Fairmont Jasper Park Lodge and the Fairmont Château Montebello.
 |
APPRAISALS AND VALUATIONS
Appraisals and Valuations totaling $750 million in assets on behalf of lenders such as the ATB, BDC, Royal Bank, Bank of Montreal, CIBC and Citibank |
 |
|
ADVISORY SERVICES, MARKET STUDIES AND OPERATIONAL REVIEWS
Market Studies & Operational Reviews totalling $2.0 Billion in assets on behalf of owners, operators and developers.
In 2006, PKF conducted assignments in most major cities in Canada. Overall, our projects were located in a diverse mix of urban centres, resort destinations and communities across Canada as well as a number of projects in the Caribbean.
In October 2006, PKF Consulting hosted our fourth annual PKF Outlook Forum in Toronto and Vancouver, presenting a review of the performance of the Canadian hotel industry in 2006 and our forecasts for 2007. The events drew hundreds of guests, including developers, owners, lenders and representatives of various hotel companies.
PKF Consulting 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 make 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 2007.
| David Larone, Director, Toronto |
Beth Walters, Director, Vancouver |
| Brian Stanford, Director, Toronto |
Fran Hohol, Principal, Toronto |
