Vancouver Condo Tower to Be Converted into 90-Room Hyatt Centric
RBI Group has purchased the stalled Duet condominium project in Vancouver out of creditor protection and plans to turn it into a 90-room Hyatt Centric through its PHI Hotel Group division. The 10-storey building at 2511 Spruce St. was roughly 75% complete and had originally been planned for 38 residential units, commercial space, and offices. National Bank had provided $37.9 million in credit before the project entered CCAA proceedings, and the court-approved sale followed sealed bids; the hotel conversion will include a restaurant, rooftop terrace, fitness and business centres.
RBI Group acquired the stalled Duet tower at 2511 Spruce St. out of creditor protection. Its PHI Hotel Group plans a 90-room Hyatt Centric. The 10-storey building was about 75% finished, with concrete largely complete and framing for nine floors. It had been planned for 38 residences, three commercial units and offices.
National Bank had provided $37.9 million in credit before CCAA proceedings began in September 2025. Cushman & Wakefield marketed the property for $35 million; the court-approved sale followed sealed bids. The conversion is to include a 4,200-square-foot restaurant and lounge, rooftop terrace, fitness and business centres, and 2,500 square feet of amenities. CFO Capital arranged financing. An opening timeline remains unannounced.
The shift from condos to a hotel may alter housing supply expectations for the area, though 38 units is modest. Neighbours could see new restaurant, rooftop, fitness and business amenities, while hotel guests and staff may bring added foot traffic. Lenders and contractors may view the court-approved sale as a sign that stalled projects can be repositioned, potentially encouraging similar conversions.