RIDA Development Corp., Ares Management Real Estate acquire Hyatt Regency Orlando for $1b

Affiliates of RIDA Development Corp. and an Ares Management Real Estate fund have acquired the 1,641-room Hyatt Regency Orlando and adjacent 45 acres of land for approximately $1.07 billion.

JLL represented the buyers to secure a floating-rate, five-year loan through Wells Fargo, Bank of America and Deutsche Bank on behalf of the borrowers. In connection with the transaction, Hyatt retained $265 million of non-controlling preferred equity and provided an additional $50 million of seller financing for the adjacent 45-acre parcel.

Hyatt Regency Orlando has 315,000 square feet of flexible event space and is near popular Orlando attractions and direct connection to the Orange County Convention Center. RIDA and Ares intend to invest additional capital in a significant renovation plan that will focus on guest rooms and other amenities to further enhance the guest experience.

In addition, with experience developing large-scale convention properties, RIDA and Ares have