Orlando Hotel Commands $206M
ByXenia Hotels & Resorts Inc. snagged the valuable asset in the heart of the top destination for U.S. tourism and job growth.
Xenia Hotels & Resorts, Inc. acquired the Hyatt Regency Grand Cypress, an 815-key hotel in Orlando, Fla., from an affiliate of Hyatt Hotels Corporation for $205.5 million.
“The acquisition represents a unique opportunity to increase our presence in the Orlando market, a market we know extremely well and believe to be poised for long-term growth due to a favorable supply and demand outlook,” Marcel Verbaas, Xenia’s president & CEO, said in a prepared release. “We are excited that we have been able to recycle a portion of the proceeds of our recent sales of lower quality assets into an outstanding and well-performing hotel at a price that is well below replacement cost.”
The luxury convention resort features more than 65,000 square feet of high-end indoor and outdoor meeting and event space, six food and beverage outlets, a full-service spa, and preferred access to 45-holes of Jack Nicklaus signature-designed golf courses…
