The Peabody Orlando will become the Hyatt Regency Orlando.Hyatt Hotels agreed to buy the 1,641-room Peabody Orlando hotel from Belz Enterprises and Estein Associates USA Ltd. for $717 million and will rebrand the hotel as the Hyatt Regency Orlando Convention Center.

The hotel, which opened in 1985, recently underwent a $440 million renovation and expansion. The property, which has about 200,000 square feet of meetings space, will boost Hyatt's 2014 pretax earnings by about $55 million.

Hyatt has six hotels in the Orlando area, though just one, the Hyatt Regency Grand Cypress, under the Hyatt Regency brand.

Hyatt says the acquisition will be completed in October.

Follow Danny King on Twitter @dktravelweekly.

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