The attack took place Monday just before noon at the Executive Inn, where the men died in a hail of bullets.
One body could be seen laying in the front doorway of the hotel, and another was further into the lobby.
Sgt. Jennifer Pound of the Integrated Homicide Investigation Team said the shooting was not a random attack but she couldn't say if it was gang-related.
"All I can say at this point is that it appears to be targeted, so a lot of those answers are going to come from investigating the scene today and we won't have a lot of those answers for you just yet," she told reporters.
Witnesses said there were more than a dozen shots and some shattered a lobby window.
"Miraculously, there was nobody else hurt in this shooting," Pound said. "It's brazen, it's cold and we have many, many investigators on scene looking into this."
Some reports said both victims were known gang associates.
The incident is the latest in a string of fatal shootings across Metro Vancouver since January.
Several suspected gang associates have been gunned down, including one in Surrey, where the victim was shot in front of his wife and son. (News1130)