Brookfield Acquires Shangri-La vancouver, Set to Transform into park Hyatt

Vancouver’s luxury hotel landscape is set for a significant shift as Canadian investment firm Brookfield has finalized the acquisition of the Shangri-La Vancouver. The deal, estimated between $150 million and $200 million, includes both the hotel and retail parcels of the downtown landmark and signals a major investment in Vancouver’s hospitality sector.

Luxury hotel Transformation Underway

Brookfield Real Estate Managing Partner, Shai Zelering, stated that the acquisition reflects the company’s strong belief in Vancouver’s market and the enduring appeal of luxury hospitality. The company plans to transform the property into a world-class Park Hyatt, promising elevated experiences that capture the essence of Vancouver Hyatt.

The 62-story mixed-use complex, located on Thurlow Street between W Georgia and Alberni Streets, currently houses 119 hotel rooms on its lower floors and 307 residences above. The ground level features retail space, including the Vancouver Art Gallery – offsite. The hotel is currently operating as the Hyatt Vancouver Downtown Alberni.

Did You Know? The assessed value of the hotel and retail parcels, as of July 1, 2024, totals $104,876,000, according to BC Assessment.

Park Hyatt Vancouver: A New Era of Luxury

hyatt Hotels Corporation announced on July 1 that the Shangri-La Vancouver would join its portfolio. A multi-million-dollar redesign is planned to enhance the hotel suites, lobby, public spaces, and spa before it officially becomes a Park Hyatt in 2026. This will be the first park Hyatt in Vancouver and the fifth Hyatt hotel in British Columbia.

According to hyatt Canada’s VP of Advancement and Owner Relations,Scott Richer,the reimagining of this iconic hotel will enable Hyatt to thoughtfully expand its luxury portfolio in Canada. Kate Martin will remain as Hotel Manager, according to her LinkedIn update.

Key Players in the Deal

The Shangri-La Vancouver was developed by Westbank and Peterson, with architecture by james KM cheng Architects. Peterson confirmed the sale and wished Brookfield success,noting that most of the hotel’s employees will remain with Hyatt.

Westbank and Peterson jointly owned the Shangri-La Hotel Vancouver lands for over 20 years. Thay stated that the exceptional value they created attracted strong market interest, and they are pleased to confirm the hotel property has been sold.

Pro Tip: Keep an eye out for updates on the renovation progress and the official unveiling of the Park Hyatt Vancouver in 2026.

Recent Property Sales by Westbank

Peterson also clarified that there are no plans to sell the Shangri-La Toronto, which was also developed in partnership with Westbank.In the past year,Westbank and peterson sold the Lauren,a rental tower in Vancouver’s west End,to Starlight Investments for approximately $120 million.

Over the past 18 months, Westbank has also made several other significant sales, including The Pendrell to CAPREIT, The Zephyr to Crombie REIT, and M2 to Spear Street Capital, as well as Deloitte Summit and toronto House to Allied Properties REIT.

Vancouver luxury Hotel Market

Vancouver’s luxury hotel market remains competitive, with high occupancy rates and strong demand from both business and leisure travelers. The transformation of the Shangri-La into a Park Hyatt is expected to further elevate the city’s reputation as a premier destination.

What are your thoughts on the new Park Hyatt coming to Vancouver? How will this impact the luxury hotel scene in the city?