Inside the deal: Mundi Hotel Enterprises acquires transformative Burnaby property

The 70,000+ square-foot hotel component was formerly planned as office space. The purchaser will complete and open the 159-key Hyatt Place Metrotown in 2025.

This project reflects an increasing trend in hospitality: repurposing real estate to meet changing market demands. 

Located at 6511 Sussex Avenue, Highline Metrotown is a 48-storey development that combines residential, retail, and hospitality elements. Robin McLuskie, managing director of hotels at Colliers Canada, highlights the importance of this acquisition for Mundi Hotel Enterprises.

“Colliers Hotels is pleased to have represented Mundi Hotel Enterprises Inc. in its acquisition in the heart of Metrotown, Burnaby, British Columbia,” McLuskie says. ​“This landmark acquisition aligns with Mundi Hotel Enterprises’ continued growth and expansion plans within the dynamic Metro Vancouver market.”

The hotel space is being transformed to meet the demand for modern, multi-use accommodations. Its location near Metrotown Station and Metropolis at Metrotown, one of Canada’s largest shopping centres, positions it to attract both business and leisure travellers.

Mark Kay, managing partner at CFO Capital, which facilitated the financing, emphasizes the innovative nature of the project. ​“CFO Capital is proud to support visionary projects like this, providing tailored financial solutions that drive innovation and growth in real estate development,” Kay states. ​“This project highlights the growing trend of repurposing mixed-use developments to meet evolving market demands, particularly in the hospitality sector.”

Highline Metrotown, completed in late 2023, exemplifies the evolution of urban real estate. The forthcoming Hyatt Place is expected to enhance Burnaby’s hospitality offerings, catering to the growing influx of domestic and international visitors.

For Mundi Hotel Enterprises, this acquisition continues its expansion in Western Canada. Led by president, Ron Mundi, the company is known for acquiring and revitalizing hotels in cities such as Kamloops, Kelowna, and Prince George.

“This transformative project,” McLuskie adds, ​“positions the property as a standout hotel destination, contributing to the dynamic urban fabric of Burnaby.”

As Metro Vancouver evolves, the adaptive reuse of properties like this underscores the hospitality sector’s ability to adapt to market needs. With its focus on modern amenities and prime locations, Mundi Hotel Enterprises’ latest venture reflects a forward-thinking approach to growth.