Hyatt Hotels Corp. has sold the Hyatt Regency Orlando for $1.07 billion in what is the largest single-asset sale in the company's history, says CEO Mark Hoplamazian.
As part of the deal with buyers RIDA Development Corp. and Ares Management Real Estate, a Grand Hyatt hotel will be constructed on 45 acres of adjacent land. That hotel would have 2,500 guestrooms and development would occur in multiple phases, Hyatt said. There is no start date for construction of the Grand Hyatt.
The Hyatt Regency, which will continue to remain in the Hyatt portfolio, is the fourth-largest Hyatt hotel by room count with 1,641 guestrooms. It is connected to the Orange County Convention Center.
Hyatt said RIDA and Ares intend to invest in a renovation of the Hyatt Regency.