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.
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