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The Hyatt Regency Orlando was recently sold for $1.07 billion to Los Angeles-based Ares Management and Houston-based Rida Development. The developers plan to build a 2,500-room hotel on the lot adjacent to the existing hotel near Orlando’s Orange County Convention Center.
The 1,641-room Hyatt Regency Orlando and adjacent 45 acres of land were sold together in what accounts for the largest single-asset sale in Hyatt’s history. This hotel is the fourth largest Hyatt globally by room count and has 315,000 square feet of flexible event space. The new owners are planning a massive expansion in the form of a new Grand Hyatt hotel.
Ira Mitzner, President & CEO of RIDA Development Corporation, said:
We are extremely pleased to be partnering again with Ares in this historic transaction. We are excited to work with Hyatt to grow and enhance the Orange County Convention Center (OCCC) district and create a guest experience unparalleled for both group and leisure customers. We look forward to collaborating on a visionary public-private partnership with the State of Florida, Orange County, the OCCC, and all community stakeholders.”
The combined hotels will offer over 4,000 rooms and easy access to the convention center. I have stayed at the Hyatt Regency before (review here) and found it to be a nice convention center hotel.
Mark S. Hoplamazian, President and Chief Executive Officer at Hyatt, said:
The sale of Hyatt Regency Orlando represents the largest single-asset sale in Hyatt history. We are thrilled to be working with RIDA and Ares on this transaction, and in collaboration with these world-class developers, we will continue driving the success of Hyatt Regency Orlando and thoughtfully expand our brand footprint in the most-visited destination in the U.S. with a new Grand Hyatt hotel.”
Anthony’s Take: This Hyatt Regency is already huge. With the addition of the Grand Hyatt, there will be plenty of rooms for convention goers in Orlando.
(Featured Image Credit: Hyatt Hotels.)
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Advertiser & Editorial Disclosure: The Bulkhead Seat earns an affiliate commission for anyone approved through the links above This compensation may impact how and where links appear on this site. We work to provide the best publicly available offers to our readers. We frequently update them, but this site does not include all available offers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed, or approved by any of these entities.
