Business
FirstService adds strength to its commercial real estate services division with two key acquisitions
FirstService adds strength to its commercial real estate services division with two key acquisitions.
About this update from Firstservice Corp
[{"type":"text","content":"\n\n\n\nAcquires the leading US hotel and hospitality consulting and research\n\n\nfirm, PKF Consulting and PKF Hospitality Research\n\n\nAcquires Canada's largest independent project management company, MHPM\n\n\nProject Managers\n\n\nTORONTO, Jan. 22 /CNW/ - FirstService Corporation (NASDAQ: FSRV;\nTSX: FSV) today announced that it has completed two acquisitions to add\nstrength and depth in its rapidly growing commercial real estate services\ndivision. The acquisitions are expected to add approximately US$25 million in\nannualized net fee revenues to FirstService and approximately US$4 million in\nannualized EBITDA. The terms of the transactions were not disclosed.\n\n\nPKF Consulting & PKF Hospitality Research\n\n\nFirstService acquired an 80% interest in PKF Consulting and PKF\nHospitality Research, the leading hotel and hospitality consulting and\nresearch firm in the United States, based in San Francisco, California. PKF's\nsenior management team will retain the balance of the equity and will continue\nto operate as partners in the business going forward.\n\n\nFounded in 1935, PKF provides a variety of consulting and advisory\nservices to owners, managers and financers of hospitality properties,\nincluding feasibility studies, appraisals, brokerage, research, litigation\nsupport and asset management. The company's annual publication \"Trends in the\nHotel Industry\" is a key management and operating guide for the hospitality\nindustry, providing a statistical review incorporating operating and financial\ndata on hotels in the United States. PKF employs 70 people in 10 offices\nacross the United States with operations in San Francisco, Los Angeles,\nHouston, Dallas, Atlanta, Washington DC, New York, Philadelphia, Boston,\nIndianapolis, and Bozeman, Montana.\n\n\nConcurrent with the closing, FirstService will merge the US hotel\nconsultancy and brokerage operations of Colliers Macaulay Nicolls (\"Colliers\nCMN\") into PKF to create the largest hotel and hospitality consulting, market\nresearch and specialty brokerage operation in the United States with the\nability to serve hotel and hospitality clients throughout the country.\n\n\n\"PKF's strong reputation and expertise in the hotel and hospitality\nsector, combined with Colliers CMN's exceptional hotel and hospitality\nbrokerage practice, will create the leading full-...