Less than 3 months after getting the Shangri-La Vancouver, which is set to be rebranded by Hyatt, Canadian multinational investment company Brookfield is wanting to turn the retail element they obtained alongside the hotel, STOREYS has learned.The Shangri-La Vancouver is located at 1128 W Georgia Street– between W Georgia Street and Alberni Street, along Thurlow Street– and includes a 62-storey tower with 119 hotel suites on the very first 15 floors and 307 residences above. Nearby to the tower is a three-storey structure at 1121 Alberni Street that homes retail space.The mixed-use job was developed by Vancouver-based real estate designer Westbank and its long-time partner Peterson, with James KM Cheng Architects working as the architect. The hotel part and retail part are private legal parcels and both were gotten by Brookfield through a fund managed by Brookfield Asset Management in June. Transaction details were not divulged, however BC Evaluation values the hotel parcel at$65,629,000 and the retail parcel
at$39,247,000, for a total evaluated value, dated to July 1, 2024, of$104,876,000. Market sources told STOREYS that Brookfield obtained the two parts for an overall someplace in between$150 million and $200 million. The retail component of the Shangri-La Vancouver/ Park Hyatt and its surrounding sellers./ Marcus & Millichap On July 1, Hyatt revealed that the Shangri-La Vancouver was being rebranded as the Hyatt Vancouver Downtown Alberni while the hotel undergoes restorations to be rebranded under its high-end Park Hyatt brand name.”Our acquisition of the previous Shangri‑La in downtown Vancouver reflects Brookfield’s deep conviction in both the strength of the Vancouver market and the enduring appeal of luxury hospitality
,”stated Shai Zelering, Handling Partner, Brookfield Real Estate, in a statement provided to STOREYS.”We’re thrilled to start the next chapter as we transform this landmark into a world‑class Park Hyatt, delivering raised experiences that record the essence of among Canada’s most vibrant cities. “The Listing Just over 2 months after the rebranding statement, Brookfield is now seeking to sell the retail component, according to a sales brochure acquired by floor. The listing group is Mario Negris and Martin Moriarty of Marcus
& Millichap,
who explained the listing as” a landmark retail financial investment chance.”Address: 1121 Alberni Street, Vancouver (1101, 1121, and 1133 Alberni Street)Year Developed: 2008 Gross Leasable Location: 40,996 sq. feet Present Tenancy Rate: 100 %Rate: Unpriced Noted By: Marcus & Millichap( Mario Negris and Martin Moriarty) The retail part is totally rented to Burberry, Urban Fare, and The Keg, with a totally extended weighted typical lease regard to roughly 15.8 years that offers financiers steady cash flow. The sales brochure likewise keeps in mind that there is a chance” to drive considerable rental growth at Urban Fare and the Keg through a legal 2028 FMV rent reset or re-leasing project.”The residential or commercial property also includes 79 lorry parking areas.” Located within the city’s leading high-street retail passage, it provides prominent frontage along three significant thoroughfares and is surrounded by luxury hotels, high-end merchants, and acclaimed restaurants such as Din Tai Fung, Joe Fortes, and Black+Blue,”the sales pamphlet likewise keeps in mind.” The Residential or commercial property gain from
strong, year-round foot traffic produced by high-end leisure travelers, neighboring business offices, and locals. Foot traffic is anticipated to grow even more with the anticipated opening of the Park Hyatt Vancouver in 2026.”” This offering represents an unusual chance to get a never-before-marketed, prize retail possession in among Vancouver’s many prominent shopping and dining locations.”