The Shangri-La Vancouver, one of the city’s premier downtown hotels, has been acquired by Canadian multinational investment firm Brookfield, STOREYS has learned.
The Shangri-La Vancouver is located within the 62-storey mixed-use complex located between W Georgia Street and Alberni Street along Thurlow Street. The 62-storey tower at the corner houses 119 hotel rooms on the first 15 floors and 307 residences above. The ground level and an adjacent three-storey building houses retail space, including Vancouver Art Gallery – Offsite, an outdoor public exhibition space curated by the Vancouver Art Gallery.
The complex was developed by Vancouver-based real estate developer Westbank and its long-time partner Peterson, with James KM Cheng Architects serving as the architect.
All of the components are held under individual legal parcels. BC Assessment values the hotel parcel (1128 W Georgia Street) at $65,629,000 and the retail parcel (1121 Alberni Street) at $39,247,000, for a total assessed value — dated to July 1, 2024 — of $104,876,000, and sources say both were acquired by Brookfield, who confirmed that they acquired the Shangri-La Vancouver via a fund managed by Brookfield Asset Management, but declined to share further details.
“Our acquisition of the former Shangri‑La in downtown Vancouver reflects Brookfield’s deep conviction in both the strength of the Vancouver market and the enduring appeal of luxury hospitality,” said Shai Zelering, Managing Partner, Brookfield Real Estate, in a statement provided to STOREYS. “We’re excited to begin the next chapter as we transform this landmark into a world‑class Park Hyatt, delivering elevated experiences that capture the essence of one of Canada’s most dynamic cities.”
Sources tell STOREYS that Brookfield acquired both the hotel parcel and retail parcel for a grand total between $150 million and $200 million and that a deal has been under discussion for some time.
The transformation alluded to in Brookfield’s statement is Hyatt’s announcement on July 1 that the Shangri-La Vancouver — now delisted from Shangri-La’s website — will be joining its portfolio. The hotel is now operating as the Hyatt Vancouver Downtown Alberni and remains operational. A “multi-million-dollar redesign” will then enhance the hotel suites, lobby, public spaces, and spa, before it joins the Park Hyatt brand, one of Hyatt’s luxury brands.
The renovation is expected to be completed in 2026 and the hotel will become the first Park Hyatt in Vancouver and the fifth Hyatt hotel in British Columbia, according to Hyatt. Kate Martin will continue to serve as Hotel Manager, according to an update Martin shared on LinkedIn.
“Reimagining this iconic luxury hotel will enable Hyatt to thoughtfully expand our luxury portfolio in Canada,” said Hyatt Canada’s Scott Richer, VP of Development and Owner Relations, in the press release. “We’re excited for our plan to introduce the Park Hyatt brand to Vancouver in 2026, once we further elevate the hotel with refined design and signature experiences for our guests and World of Hyatt members. Together with Park Hyatt Toronto, the future Park Hyatt Vancouver will strengthen Hyatt’s luxury brand presence in Canada’s top urban markets and will offer the most discerning travelers a personalized experience in an intimate and enriching setting.”
The hotel lobby and a guest suite at the Shangri-La Vancouver, now operating as Hyatt Vancovuer Downtown Alberni. / Hyatt
In a statement provided to STOREYS, Peterson also confirmed the sale, said a majority of the hotel’s employees are staying on with Hyatt, and wished Brookfield success.
“Westbank and Peterson have jointly owned the Shangri-La Hotel Vancouver lands for more than 20 years. In that time, we have developed, built and operated a world-class hotel and retail offering, which has become an important landmark and a key part of the Vancouver skyline. The exceptional value we’ve created has consistently attracted strong market interest, and we are pleased to confirm that the hotel property has been sold. We look forward to seeing its new incarnation as Hyatt Vancouver Downtown Alberni. We wish the new owner and the team nothing but success in this next chapter.”
Upon inquiry, Peterson also said that there are no plans to sell the Shangri-La Toronto, which was also developed by Westbank and Peterson.
For Peterson, this is the second significant property it developed with Westbank that the partners have sold to a large institutional buyer in the past year. Last year, Westbank and Peterson sold The Lauren, a 22-storey rental tower in the West End of Vancouver, to Starlight Investments for around $120 million.
Over the past 18 months, Westbank on its own has also made a series of high-profile 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.