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Brookfield acquires former Shangri‑La Vancouver hotel, to relaunch as Park Hyatt in 2026
A fund managed by Brookfield Asset Management has acquired the former Shangri-La hotel and associated retail space in downtown Vancouver from Westbank Corp. and Peterson Group, according to reporting by the Vancouver Sun and Storeys.
"This investment reflects our conviction in luxury travel and the strength of Vancouver’s market, supported by strong demand fundamentals, international appeal, and limited new supply. We plan to reposition the hotel as a Park Hyatt, a brand that aligns with our focus on delivering elevated, design-forward experiences in global gateway cities. Looking forward to working with our partners at Hyatt, Mark Srulowitz and James Francque, to reimagine this landmark property," states Shai Zelering, managing partner and head of hospitality investments at Brookfield Asset Management.
The 119-room hotel, located at 1128 West Georgia Street, is now operating under the temporary name Hyatt Vancouver Downtown Alberni. Hyatt Hotels Corp. announced in a July 2 news release that it will undertake a multi-million-dollar renovation before transitioning the property to its Park Hyatt brand in 2026.
The hotel occupies the lower portion of a 62-storey mixed-use tower developed by Westbank and Peterson. The building also includes 307 residential condominiums and ground-level commercial retail units. Storeys reported that Brookfield has acquired both the hotel and the adjoining retail space.
Brookfield confirmed the acquisition to Storeys but did not disclose financial terms. However, unnamed sources cited by the publication estimated the deal to be valued between USD 150 million and USD 200 million.
According to Hyatt’s statement, the hotel has joined the company’s World of Hyatt loyalty program. The renovation will include updates to guestrooms, the lobby, spa and public areas, aligning the property with Park Hyatt’s brand standards and luxury positioning.
Once the transition is complete, the hotel will become the first Park Hyatt in Vancouver and the fifth Hyatt-branded property in British Columbia, according to Luxury Travel Advisor.
Storeys also reported that Westbank will retain a stake in the property and continue to participate in its management. Peterson confirmed to the outlet that most hotel staff are expected to remain in place throughout the transition.
Brookfield Asset Management, based in Toronto, is one of Canada’s largest alternative investment firms, with global holdings in real estate, infrastructure, renewable energy and private equity.
