Brookfield Puts Shangri-La’s Retail Component on Market
Brookfield Asset Management is looking to sell the retail portion of Vancouver’s former Shangri-La Hotel site less than three months after buying the landmark property, according to a published report. for an undisclosed amount.
Marcus & Millichap is listing the retail property for Brookfield, the report states.
Located at 1121 Alberni Street, the three-storey retail structure. Among other outlets, it includes a Keg restaurant and bar, along with an Urban Fare grocery store. The retail site is adjacent to the 119-room hotel, which is located within the first 15 floors of a 62-storey mixed-use tower. The other floors contain residential units.
Brookfield purchased the property from local companies Westbank and Peterson for an undisclosed price. In conjunction with the purchase, the hotel has been renamed temporarily as Hyatt Vancouver Downtown Alberni and will be rebranded as a Park Hyatt in 2026.
Hyatt is now managing and operating the hotel. The hotelier said previously that the rebrand will be completed after a multi-million-dollar redesign enhances and elevates the hotel’s guestrooms, residential style lobby, public spaces and spa.
“Reimagining this iconic luxury hotel will enable Hyatt to thoughtfully expand our luxury portfolio in Canada,” Scott Richer, Hyatt’s vice-president of Canadian development and owner relations, said previously.
The future Park Hyatt Vancouver, together with Park Hyatt Toronto, will strengthen Hyatt’s luxury-brand presence in Canada’s top urban markets, he added.
Pictured: Urban Fare grocery store at a retail property adjacent to downtown Vancouver’s former Shangri-La Hotel, which now bears a temporary Hyatt label.
Photo: Trip Advisor
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