ORLANDO
Hyatt Hotels Corporation has announced plans to purchase the 1,641-room Peabody Orlando hotel for $717 million from UST Hotel Joint Venture, Ltd.—comprised of affiliates of Belz Enterprises and Estein & Associates USA, Ltd.
The transaction is expected to close on Oct. 1, 2013, and the hotel will be rebranded as Hyatt Regency Orlando Convention Center upon closing.
Hyatt Regency Orlando Convention Center will be the sixth Hyatt-branded hotel in Orlando, but the first large convention hotel presence for Hyatt in the market. With more than 200,000 square feet of meeting space—and with over two million square feet of space in the Orange County Convention Center to which the hotel is attached—the hotel will offer the most meeting space of any Hyatt Regency hotel in the U.S.
Because the hotel recently completed a nearly $440 million multi-year expansion and renovation, Hyatt does not plan to invest significant capital in the near future.
