Calgary’s first downtown office-to-hotel conversion project has officially opened. The Element by Westin Calgary was developed by the PBA Group of Companies. PBA still owns the property, while Westin manages it under a licensing agreement.

The new hotel opened in time for the upcoming Calgary Stampede.

Located along Fourth Avenue S.W., the building formerly served a Mount Royal University downtown campus.

Under DIP, developers receive funding from the city to help reduce a surplus of older, increasingly obsolete office buildings. DIP is largely deployed to help boost multi-family rental supply, but the program also includes office conversions into hotels and other asset types.

DIP’s hotel section provides $60 per square foot in development incentives. Under the office-to-residential conversion program, investors and developers receive $75 psf.

PBA specializes in hotel investment and development. The award-winning company also owns, develops and manages other commercial real estate, including industrial and retail.

PBA is owned by award-winning local entrepreneur Patricia Phillips.

Pictured: Element-branded Westin hotel in downtown Calgary.

Rendering: Westin/PBA Group of Companies