Thind Properties has sold the hotel component in a Metrotown mixed-use tower to Mundi Hotel Enterprises for $47.2 million, according to multiple reports.

The hotel is part of the 48-storey Highline Metrotown tower at 6511 Sussex Avenue in Burnaby, B.C. Hotel rooms will be situated in a 10-storey podium adjacent to a main multi-residential building. Originally intended as office space, the podium remained vacant after the tower’s completion in late 2023.

In early December, Thind Properties secured approval from the City of Burnaby to convert the office component into a hotel.

The newly sold hotel, which will operate under the Hyatt Place brand, will span 70,000 square feet and feature 159 rooms. It is expected to open in 2025. The transaction was facilitated by Colliers, with CFO Capital representing the buyer in arranging financing, according to the reports.

Known as Highline Metrotown, the tower is located across from the Metropolis at Metrotown shopping centre and beside the Metrotown Skytrain station. The hotel component marks Kamloops, B.C.-based Mundi’s first property in Metro Vancouver, with the company’s other holdings concentrated in the Okanagan Valley and Alberta.

According to one report, the sale was disclosed amid a legal dispute involving Thind Properties and realtor Gurmail Singh, who has alleged that he was promised a commission for facilitating the hotel sale but was not compensated. But the dispute did not prevent the sale from being completed.

Proceeds from the sale are expected to go toward paying down Thind’s substantial debt, including a $146-million loan with KingSett Capital, and the deal reduces the outstanding debt on Highline Metrotown to approximately $100 million.

Image: Townline.com/Thind Properties