Ski season is just around the corner, and the Ikon Pass is making it even easier to ski across the country by adding a new California mountain to the mix.
20.08.2024 - 18:54 / travelpulse.com / Donald Wood
Hyatt Hotels Corporation announced that a company affiliate has completed the sale of the 1,641-room Hyatt Regency Orlando and adjacent 45 acres of land to affiliates for approximately $1.07 billion.
Hyatt will retain a long-term management agreement under the Hyatt Regency brand, keep $265 million of non-controlling preferred equity, and provide an additional $50 million of seller financing for the adjacent 45-acre parcel.
The sale of Hyatt Regency Orlando is part of Hyatt’s capital allocation strategy to sell owned hotels and reinvest proceeds in asset-light platforms that accelerate growth. The deal exceeds the company’s expanded $2 billion asset-disposition commitment announced in 2021.
Over the last three years, Hyatt has realized $2.6 billion of gross proceeds.
“The sale of Hyatt Regency Orlando represents the largest single-asset sale in Hyatt history,” Hyatt President and Chief Executive Officer Mark S. Hoplamazian said.
“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,” Hoplamazian continued.
Hyatt Regency Orlando, the fourth largest Hyatt hotel globally by room count, has 1,641 rooms with 315,000 square feet of flexible event space. The property welcomes more than one million guests and attendees annually.
In addition, RIDA and Ares have entered into a development agreement with Hyatt for a new Grand Hyatt hotel on the 45 acres of land adjacent to Hyatt Regency Orlando. Upon the satisfaction of conditions, Hyatt and an affiliate of RIDA and Ares will enter into a long-term management agreement for the hotel.
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