RBI Group has acquired a stalled Vancouver condominium tower out of creditor protection and plans to convert it into a 90-room Hyatt hotel.

The buyer’s hospitality division, PHI Hotel Group, plans to turn the partially built 10-storey Duet project at 2511 Spruce St. into a Hyatt Centric, according to acquisition financing adviser CFO Capital.

Construction had advanced well beyond the foundation stage before the project ran into trouble. Cushman & Wakefield estimated Duet was about 75% complete, with framing and formwork poured for nine of its 10 storeys and 85% of the concrete work finished.

The project was originally planned with 38 residential units, three commercial units and office space. Construction began in 2022 but was slowed by delays, cost overruns and financing problems. National Bank provided $37.9M in credit facilities before Duet entered CCAA proceedings in September 2025.

Cushman later marketed the property for $35M. The sale followed a competitive process that ultimately moved to sealed bids and received court approval.

The hotel plans call for a 4,200-SF restaurant and lounge, rooftop terrace and patio, fitness and business centres and another 2,500 SF of amenity space.

CFO Capital arranged financing for the acquisition and conversion. An opening date has not been disclosed.

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