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Hyatt Hotel Corp.’s high-profile sale of its 1,641-key Hyatt Regency Orlando includes the development of a 2,500-key Grand Hyatt that will be built on an adjacent parcel.

On Friday, Hyatt officially announced the $1.07 billion sale of the hotel to Los Angeles-based Ares Management and Houston-based Rida Development (after Hotel Investment Today initially announced the sale early last week). It’s the largest single-asset hotel transaction in 2024.