The iconic Orlando, Fla., resort was purchased by Xenia Hotels & Resorts from Hyatt Equities, though it will continue to be managed by Hyatt. The new owner plans to renovate guest rooms and meeting space, while building a new ballroom.
The Hyatt Regency Grand Cypress property, an most iconic resort in Orlando, Fla., has changed hands for $205.5 million, the Orlando Sentinel reported.
The property has been owned by an affiliate of Chicago-based Hyatt Equities. The buyer is the publicly-traded, Orlando-based real estate investment trust, Xenia Hotels & Resorts, Inc., which plans to renovate guest rooms and meeting space, and build a new ballroom, the Sentinel reported.
The resort is situated on a 30-acre site and has been eyed for expansions or additional development for years. Marcel Verbaas, president and CEO of Xenia, said buying into Hyatt Regency Grand Cypress is part of an expansion in the Orlando market. Xenia knows the area “extremely well,” Verbaas said, and is confident Orlando will be growing, the Sentinel reported.
The hotel will continue to be managed by Hyatt, which has managed the property since its opening. Opened in 1984 and renovated completely for more than $30 million in 2013, the resort features outdoor gardens, 12 tennis courts and 45 holes of Jack Nicklaus-designed golf. The hotel has 815 guestrooms, restaurants and more than 65,000 sq. ft. of meeting, wedding and event space, the Sentinel reported.
Xenia was formed to invest in upscale urban hotels. It was spun off in 2015 from Inland American Real Estate Trust Inc., the Sentinel reported.
The property has changed hands a number of times, most recently in the top hotel deal of the year in 2014, for $190 million, the Sentinel reported.