Hyatt Hotels to Purchase 1,641-Room Peabody Orlando

Hyatt Hotels Corp. has announced that a wholly owned Hyatt subsidiary is purchasing the 1,641-room Peabody Orlando hotel for $717 million. The transaction is expected to close on Oct. 1, 2013, and the hotel will be rebranded as the Hyatt Regency Orlando Convention Center once the deal is finalized. The property, which is attached to the Orange County Convention Center, offers more than 200,000 square feet of meeting space itself, more than any Hyatt Regency in the country. No renovations are planned, as a multiyear, $440 million project recently was concluded at the property.