PKF Hospitality Research

PKF Hospitality Research
Name	PKF Hospitality Research
Type	Private
Industry	Hospitality
Founded	1920s
Headquarters	New York City
Parent	PKF International

PKF Hospitality Research is a commercial research firm specializing in hospitality industry data, analysis, and forecasting for hotel operators, real estate investment trusts, private equity firms, and tourism boards. The firm provides quantitative and qualitative insights on room rates, occupancy, and revenue per available room to inform investment banking, asset management, corporate finance, and urban planning decisions. Its work is widely cited by Wall Street Journal, Bloomberg L.P., Financial Times, and industry trade publications.

History

Founded within the network of PKF International in the early 20th century, the firm evolved alongside major developments such as the expansion of the railway system, the rise of air travel, and post-war urban renewal programs. During the 1960s and 1970s the company expanded services in response to the growth of interstate highway system, the Hilton Worldwide and Marriott International brand proliferation, and regulatory shifts following the Sherman Antitrust Act litigation modernizations. In the 1980s and 1990s PKF responded to globalization by opening offices near financial centers like London, Hong Kong, and Dubai. The firm's archives reflect interactions with major transactions involving Host Hotels & Resorts, Wyndham Hotels & Resorts, Accor, and sovereign wealth funds from Qatar Investment Authority. PKF delivered advisory work during crises such as the 2008 financial crisis and the COVID-19 pandemic recovery period, collaborating with multinational consultancies like Deloitte, PwC, and Ernst & Young on valuation and forecasting assignments.

Services and Products

PKF provides services spanning feasibility studies for real estate projects, market demand analyses for convention centers, and asset-level valuations used by Morgan Stanley, Goldman Sachs, and regional development banks. Products include proprietary databases tracking metrics comparable to those produced by STR, Inc., benchmarking tools used by Hilton Worldwide, and white papers for United Nations World Tourism Organization stakeholders. The firm offers advisory to operator groups such as IHG Hotels & Resorts, investor groups like Brookfield Asset Management, and public-sector clients including Metropolitan Transportation Authority planners. PKF also creates scenario models used by International Monetary Fund researchers and has provided testimony in proceedings before bodies such as Securities and Exchange Commission.

Organizational Structure and Leadership

Operated as a subsidiary within a global network, the company maintains regional practice leaders in the Americas, EMEA, and APAC who coordinate with global partners at firms including KPMG, CBRE, and JLL. Executive leadership has included figures with prior roles at Hyatt Hotels Corporation and academic appointments at institutions such as Cornell University and London School of Economics. Governance involves boards and advisory panels comprising former executives from Starwood Hotels & Resorts, academic scholars from Massachusetts Institute of Technology, and investment professionals from Blackstone Group. The firm’s client-facing teams include specialists in finance, operations, and development who liaise with city agencies like New York City Economic Development Corporation and tourism organizations such as VisitBritain.

Market Research Methodologies

PKF employs time-series econometric models, demand-supply equilibrium frameworks, and cash-flow discounted valuation techniques used by practitioners at S&P Global, Moody's Investors Service, and Fitch Ratings. Their methodology integrates data sources from national statistics offices like the U.S. Census Bureau, international datasets from the World Bank, and transactional comparables drawn from deals involving Blackstone Group and CPPIB. Fieldwork often includes intercept surveys at locations such as John F. Kennedy International Airport and Heathrow Airport, as well as stakeholder interviews with groups represented by American Hotel & Lodging Association. PKF adapts tools from scholars at Stanford University and University of Cambridge to model seasonality and shock scenarios, and uses GIS mapping approaches similar to those employed by Esri.

Major Reports and Publications

Signature publications include market outlooks, annual performance surveys, and bespoke investment memoranda cited alongside reports from OECD, UNWTO, and McKinsey & Company. Major releases cover U.S. hotel performance trends compared with international markets like China, India, and United Arab Emirates, and have been referenced in analyses by The Economist and Forbes. The firm’s white papers on topics such as asset-level capitalization rates and franchise fee structures are used by legal counsel in disputes before courts including the United States Court of Appeals and regulatory reviews by the Federal Trade Commission. PKF’s datasets are often incorporated in academic research published in journals such as the Journal of Real Estate Finance and Economics.

Industry Impact and Contributions

PKF’s analyses inform transactional pricing for landmark hotel deals involving portfolios held by Hilton Worldwide and Accor, and support feasibility for destination projects tied to events like the Olympic Games and World Expo. Their work shapes risk assessments used by pension funds and sovereign investors in regions including Southeast Asia and Middle East. PKF contributes to professional discourse through presentations at conferences hosted by Hospitality Financial and Technology Professionals and Global Business Travel Association, and collaborates with academic institutions such as Cornell University School of Hotel Administration on curriculum development. The firm’s historical datasets are utilized in retrospective studies of shocks like the September 11 attacks and the 2008 financial crisis.

Awards and Recognition

PKF professionals have received acknowledgments from industry groups including American Hotel & Lodging Association committees, speaker awards at International Hotel Investment Forum, and citations in lists compiled by Travel + Leisure and Condé Nast Traveler. The firm’s research has been recognized in rankings produced by Euromoney and referenced in honors awarded to partner institutions such as Cornell University and London Business School.

Category:Hospitality industry Category:Research companies