Metro Vancouver Hotel & Short Term Rental Market Discussion

[whatnext]

Originally Posted by teriyaki

The Vancouver Shangri-la (and the one in Toronto I believe) was always a weird one.
Not sure if it's an isolated case, but I believe this location fell under a different ownership structure, likely a franchisee/naming.

It wasn't treated like a regular Shangri-la, and was always allowed to be excluded from points and other promotions available at every other location.

Staying here, there was always an Asterix that your loyalty status and other benefits would not be recognized etc.

I wonder if this new re-flagging exercise would be a full Hyatt property or will it continue those same sort of exceptions.

Did Westbank build the Toronto building as well?

[officedweller]

Originally Posted by whatnext

Did Westbank build the Toronto building as well?

Yes.
It opened later than the Vancouver one.
Google AI says:

The Shangri-La Hotel in Toronto officially opened on October 2012, according to Wikipedia.

So if the change is tied to lease expiry, the Toronto one may change in future (2027?) as well.

[djmk]

not an expert on these sort of things, however...

park hyatt sounds boring AF

[jollyburger]

Originally Posted by officedweller

Yes.
It opened later than the Vancouver one.
Google AI says:

So if the change is tied to lease expiry, the Toronto one may change in future (2027?) as well.

Wasn't it a management contract with Westbank? This says it was 15 years + 5 renewable

https://www.leisuremanagement.co.uk/detail.cfm?pagetype=detail&subject=news&codeID=8183

Maybe Westbank is selling their hotel component ownership?

[csbvan]

I feel that Park Hyatt speaks better of the city's reputation than Shangri-la.

[officedweller]

Originally Posted by jollyburger

Wasn't it a management contract with Westbank? This says it was 15 years + 5 renewable

https://www.leisuremanagement.co.uk/detail.cfm?pagetype=detail&subject=news&codeID=8183

Maybe Westbank is selling their hotel component ownership?

Interesting.
So I guess the question is who initiated the change?

Did Shangri-La just want "out" at the end of the current management contract term (for its own business reasons or reasons connected to Westbank's finances)?

Did Westbank sell its interest in the hotel and Shangri-La exercised a change in control provision because it didn't like the new owner, or did the new owner exercise a right of termination or non-renewal?

Did Westbank terminate because the management costs were too high? (but if that were true, it wouldn't be a luxury brand as replacement?)

[whatnext]

Originally Posted by djmk

not an expert on these sort of things, however...

park hyatt sounds boring AF

The Park Hyatt in Vienna is stunning.

[IMG]parkhyatt by bcborn, on Flickr[/IMG]
Credit: Tripadvisor

[IMG]park-hyatt-vienna-The-Bank by bcborn, on Flickr[/IMG]
Credit: Forbes

[officedweller]

PS - note that Toronto already has a Park Hyatt - the former Park Plaza at Avenue Rd & Bloor, so if its Shangri-La is changing, it probably won't be to a Park Hyatt.

[jollyburger]

Originally Posted by officedweller

Interesting.
So I guess the question is who initiated the change?

Did Shangri-La just want "out" at the end of the current management contract term (for its own business reasons or reasons connected to Westbank's finances)?

Did Westbank sell its interest in the hotel and Shangri-La exercised a change in control provision because it didn't like the new owner, or did the new owner exercise a right of termination or non-renewal?

Did Westbank terminate because the management costs were too high? (but if that were true, it wouldn't be a luxury brand as replacement?)

I'm guessing Westbank was raising more cash and maybe Shangri-la didn't want to own it/at the price the new ownership group paid for it.

Some other forum said it will undergo renovations next year and officially change names to Park Hyatt in Q1 2026.

https://www.flyertalk.com/forum/hyatt-wo...erni-future-ph-reivew-master-thread.html

Also RE: the Shangri-La in Toronto ("partner" Peterson Group)

Shangri-La has a long-term contract to manage the hotel, which will be owned by Mr. Gillespie and his partner. That link to an international luxury brand and the services offered by the hotel in turn makes the condo units more desirable, he says.

And this tidbit

None of these projects would be happening without the condominium units that they include. Each Shangri-La room will cost about $750,000 to build, Mr. Gillespie estimates. There is no way the Toronto market could command the kinds of nightly rates required to justify those costs, he says.

https://www.theglobeandmail.com/report-o...levard-of-golden-dreams/article17990800/

[officedweller]

Originally Posted by jollyburger

Some other forum said it will undergo renovations next year and officially change names to Park Hyatt in Q1 2026.

That makes sense, as it's not branded as a Park Hyatt on the Hyatt website:
https://www.hyatt.com/hyatt-hotels/en-US/yvrph-hyatt-vancouver-downtown-alberni

[jollyburger]

Hyatt also seems to not be interested in hotel ownership so maybe someother third party took ownership of the real estate if Westbank/Peterson dumped it.

Hyatt has taken decisive actions to position the Company as high-growth, asset-light, and free-cash flow generative. Hyatt has launched and scaled several new brands and acquired asset-light, high-growth platforms, while monetizing a significant portion of its owned and leased assets. Since the Company’s IPO in 2009, Hyatt has tripled its number of hotels, nearly tripled the number of hotel rooms and quadrupled the number of pipeline rooms. Over the same period, Hyatt has grown annual free cash flow to $473 million in 2022 from $60 million in 2009 and increased the percentage of asset-light earnings mix to 75% from 37%. Through continued disciplined execution of this strategy, Hyatt illustrates a path to $750M in free cash flow and more than 80% asset-light earnings mix by 2025. The Company’s asset-light, fee-driven model increases earnings strength and predictability while significantly reducing capital expenditures, which the Company expects will be reduced to a run-rate of approximately $100 million by 2025.

https://investors.hyatt.com/news/investo...0expenditures%2C%20which%20the%20Company

[bb1510]

Park Hyatt's have always been viewed as some of the highest end properties (in the mainstream luxury category and not going into ultra luxury like Aman) around the world with an understated luxury approach.

While Shangri La and Park Hyatt are typically comparable in terms of service and in terms of prestige in the high end hospitality category, Park Hyatt is still a tier above and competes with Ritz Carlton, Mandarin Oriental, Peninsula, St Regis, Waldorf Astoria etc. Shangri La is generally more comparable to Conrad, JW Marriott, Fairmont, etc. Also, Park Hyatt's are much more consistent in the hard product in that nearly all are up to date and well appointed that are inline with a flagship product and identifiable brand identity. There are numerous Shangri La properties around the world that desperately need a refresh in order to be "competitive" and those properties mainly rely on more so on the brand and service. Same goes with Mandarin Orientals, Peninsulas, Waldorf Astorias, Ritz Carltons, etc. Park Hyatt is probably the only brand where most of its properties actually maintain a standard consistent with high end hospitality across the board. Also, Park Hyatt's general cater to a larger and less niche audience in the high end segment.

One57 in NY, the first of the Billionaire's Row towers contains a Park Hyatt. Overall, I see this as an upgrade, or maybe I'm biased, but I generally prefer Park Hyatt properties myself.

It's also interesting why they didn't flag it as a Mandarin Oriental instead since there would be less capex required for the reno, but it also makes sense to leverage off of Hyatt's booking platform and reach even though Hyatt has the lowest market share compared to Marriott, Hilton, IHG

[bb1510]

Also, Westbank will sell/have sold their interests in both the Shangri La and the Pac Rim. I do not have additional details as to who the buyer is and when it will close, but it is in advance stages. Given this announcement, it's probably a done deal.

[jollyburger]

Originally Posted by bb1510

Also, Westbank will sell/have sold their interests in both the Shangri La and the Pac Rim. I do not have additional details as to who the buyer is and when it will close, but it is in advance stages. Given this announcement, it's probably a done deal.

Interesting thanks as always for the scoops.

Kind of weird they launched that Douglas Coupland suite at Pac Rim if they were in the process of selling it. I wonder how long that project lasts.

Shangri-La Vancouver lists as divested (it was previously a Past Project on Peterson's website as recently as March 2025) Pac Rim is still "Past Project"

https://petersonbc.com/properties/shangri-la-vancouver/

[scryer]

Hopefully they'll be able to maintain their 5 Diamond AAA rating under the new re-brand.

[bb1510]

https://newsroom.hyatt.com/hyattvancouver

Also, all the staff will be remaining and I also wonder how the franchise agreement will work for the residences since they're already built.

[bb1510]

Originally Posted by jollyburger

Interesting thanks as always for the scoops.

Kind of weird they launched that Douglas Coupland suite at Pac Rim if they were in the process of selling it. I wonder how long that project lasts.

Shangri-La Vancouver lists as divested (it was previously a Past Project on Peterson's website as recently as March 2025) Pac Rim is still "Past Project"

https://petersonbc.com/properties/shangri-la-vancouver/

Pac Rim I assume hasn't closed yet or Peterson is keeping their interests in the property, but Westbank was in the process of disposing their interests in both properties.

[whatnext]

Originally Posted by bb1510

Pac Rim I assume hasn't closed yet or Peterson is keeping their interests in the property, but Westbank was in the process of disposing their interests in both properties.

Sounds like Westbank continues to burn the furniture to keep the heat on. Karma.

[bb1510]

LOTR still showing the same corporate directors for the Shangri La and Pac Rim, will probably have to wait until next year when the holding company updates the filing details or if anyone can do a corporate registry search to figure out the new owners and spill the beans that would be great

[NewfBC]

It will operate as Hyatt Vancouver Downtown Alberni until upgrades are completed sometime in 2026 when it will convert to Park Hyatt...

Park Hyatt Set to Debut in Vancouver in 2026

Former Shangri-La Vancouver joins Hyatt portfolio, with plans to become a Park Hyatt hotel following a multi-million-dollar transformation

CHICAGO (July 1, 2025) – Hyatt Hotels Corporation (NYSE: H) has announced plans for a luxury Park Hyatt hotel in the heart of downtown Vancouver, slated for 2026. The hotel, formerly Shangri-La Vancouver, is now operating as Hyatt Vancouver Downtown Alberni until a multi-million-dollar redesign enhances and elevates the hotel’s guestrooms, residential style lobby, public spaces and spa, and the hotel joins the Park Hyatt brand.

“Reimagining this iconic luxury hotel will enable Hyatt to thoughtfully expand our luxury portfolio in Canada,” said Scott Richer, vice president of development and owner relations, Canada, Hyatt. “We’re excited for our plan to introduce the Park Hyatt brand to Vancouver in 2026, once we further elevate the hotel with refined design and signature experiences for our guests and World of Hyatt members. Together with Park Hyatt Toronto, the future Park Hyatt Vancouver will strengthen Hyatt’s luxury brand presence in Canada’s top urban markets and will offer the most discerning travelers a personalized experience in an intimate and enriching setting.”

The 119-room Hyatt Vancouver Downtown Alberni is now bookable across all Hyatt reservation channels. The hotel is perfectly situated in the heart of downtown Vancouver, where the vibrant energy of the city meets the dramatic beauty of the Pacific Northwest.

Rising high above the skyline in the tallest building in Vancouver, the hotel offers sweeping views of the harbor, coastal mountains, and vibrant cityscape. Featuring a sophisticated, the hotel’s design reflects contemporary design with beautifully outfitted guestrooms, serene wellness amenities, and a dining experience that redefines elevated hospitality in one of Canada’s most captivating destinations. Just steps away, guests can immerse themselves in the city’s premier experiences, from luxury shopping along Alberni Street to world-class dining, arts, and cultural attractions.
The hotel’s Michelin-recommended and recently renovated restaurant Carlino celebrates cuisine of northern Italy, with pasta made fresh in-house daily, and a menu dictated by the seasons and ingredients sourced from our backyard suppliers, allowing the true nature of the ingredients to speak.

Hyatt Vancouver Downtown Alberni is located at 1128 West Georgia Street. Following its rebranding to Park Hyatt, it will become the first Park Hyatt hotel in Vancouver and the fifth Hyatt hotel in British Columbia, paving the way for brand growth in one of Canada’s key leisure and group markets.

Hyatt Vancouver Downtown Alberni is now part of the World of Hyatt program, allowing members to earn and redeem points for eligible stays in Vancouver.


Ron.