CBRE Boosts Hotel Presence with PKF Buy

LOS ANGELES—With an eye toward strengthening its position in the lodging sector, CBRE Group has acquired PKF Consulting USA LLC from FirstService Corp., parent company of Colliers International. Deal terms were not disclosed; a spokeswoman for Toronto-based FirstService said the company had no comment. FirstService acquired an 80% stake in PKF in early 2007.

The Wall Street Journal first reported the acquisition, which occurred last week, late Tuesday evening. “We’re extremely bullish on the hotel sector,” Kevin Mallory, senior managing director and global head of CBRE Hotels, told the WSJ. With the addition of PKF, CBRE hotel group will grow to about 270 people in 44 offices worldwide, he said. The paper also quoted R. Mark Woodworth, president of PKF’s research arm, as saying all 200 PKF employees would join CBRE.