Brookfield Asset Management has purchased Vancouver’s landmark Shangri-La Hotel for an undisclosed amount.

The company has confirmed the acquisition publicly but not yet issued a formal announcement. Local companies Westbank and Peterson previously owned the downtown property.

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.

The 119-room hotel is located within the first 15 floors of a 62-storey mixed-use tower, with the other floors containing residential units.

Hyatt is now managing and operating the hotel. The company said 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,” said Scott Richer, Hyatt’s vice-president of Canadian development and owner relations.

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: Lobby of Vancouver’s former Shangri-La Hotel, purchased by Brookfield Asset Management and now bearing a temporary Hyatt label.

Photo: Hyatt Hotels