Orlando, FL, September 24, 2013 --(PR.com
)-- Hyatt Hotels Corporation announced that a wholly owned Hyatt subsidiary is purchasing the Peabody Orlando with over 1600 rooms for $717 million from UST Hotel Joint Venture, Ltd. Hyatt will be rebranding the property as the Hyatt Regency Orlando Convention Center and expects the transaction to close in October of 2013.
The hotel recently completed a nearly $440-million, expansion and renovation. As a result, Hyatt does not plan to invest significant capital in the near future.
Hyatt Regency Orlando Convention Center will be the sixth Hyatt-branded hotel in Orlando, and the first major convention hotel presence for Hyatt in the market. With more than 200,000 sq. ft. of meeting space and 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 United States, according to the company.
Rick Tobin of Premier Hotel Realty, based in Fort Lauderdale said, "This purchase represents a major commitment by Hyatt to expand its presence in the Florida market and we expect the property to perform well under Hyatt's flag. We see the Florida hotel market gaining momentum and foresee continued interest by purchasers of large properties through the end of 2013 and into 2014."
Premier Hotel Realty, lead by broker Rick Tobin, is based in Fort Lauderdale, Florida and globally markets a wide variety of commercial properties. For more information contact Premier at info@PremierHotelRealty.com or call 954-892-5580.