Hyatt Set to Buy Peabody Orlando Hotel for $717 Million

Hyatt Set to Buy Peabody Orlando Hotel for $717 Million

Hyatt Hotels Corporation said it will acquire the upscale Peabody Orlando Hotel, rebranding it as a Hyatt Regency and renaming it the Hyatt Regency Orlando Convention Center. While it will be the sixth Hyatt in Orlando, the property will be the first formidable convention hotel for Hyatt in Orlando – a niche for which Hyatt Regency has some renown.

The Orlando Peabody, considered the top luxury hotel in the Orlando area, was built in 1986 as an effort to expand The Peabody in Memphis, famed for its ducks and Mississippi views, as an upscale brand, though no other Peabody properties were constructed. Hyatt is purchasing the hotel from UST Hotel Joint Venture, Ltd., whose affiliates include real estate firms Belz Enterprises and Estein & Associates USA. The purchase price is $717 million. The deal is expected to close on Oct. 1. Hyatt will not give the hotel a facelift, as it was recently renovated for approximately $440 million

 "This transaction brings us a very high-quality hotel in one of the most popular cities in the world and enhances the Hyatt Regency brand – already a leader in meetings and conventions – with a presence adjacent to one of the largest convention facilities in the U.S.," said Stephen Haggerty, global head, real estate and capital strategy for Hyatt, in a statement. "We are confident that we will be able to build on the strong performance of this property through the depth and breadth of our relationships with meeting planners and corporate travel managers and the global strength of our brand. Orlando, the second largest hotel market in the United States, continues to benefit from strong demand from a variety of different types of guests."

All tolled, the property features more than 200,000 square feet of meeting space with another two million square feet of space coming from the attached Orange County Convention Center. Hyatt said the hotel features more meeting space than any other Hyatt Regency hotel in the U.S. 

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