Hyatt Regency Orlando sells for $1.02B to joint venture

ORLANDO, Fla. — Editor’s note: This story is available as a result of a content partnership between WFTV and the Orlando Business Journal.

Hyatt Regency Orlando, one of the region’s largest convention hotels, has been sold for $1.02 billion to Los Angeles-based Ares Management and Houston-based Rida Development — a record deal for 2024.

▶ WATCH CHANNEL 9 EYEWITNESS NEWS

The sale of the 1,641-room hotel at 9801 International Drive shakes out to about $622,000 per guest room — likely the second-highest rate paid per room in recent times, said Paul Sexton, managing director of hospitality real estate advisory firm HREC Orlando.

“The highest was the Four Seasons at about $1 million per room,” he said. “In prior years, the highly institutionalized investors didn’t really invest in Orlando. This is another example of such investors placing their bet on Orlando’s growth. It’s a huge vote of confidence.”

Read: Would you convict Susan Lorincz? Here’s what the jury is being told

Click here to read the full story on the Orlando Business Journal’s website.

Click here to download our free news, weather and smart TV apps. And click here to stream Channel 9 Eyewitness News live.

©2024 Cox Media Group