RIDA Development Corporation and Ares Management completed the acqusiition of Hyatt Regency Orlando from Hyatt Hotels Corporation for $1.07bn.

RIDA Development Corporation, a real estate company, and Ares Management, a global alternative investment manager operating in the credit, private equity and real estate markets, completed the acqusiition of Hyatt Regency Orlando, a Hyatt hotel, from Hyatt Hotels Corporation, a global hospitality company, for $1.07bn. “The sale of Hyatt Regency Orlando represents the largest single-asset sale in Hyatt history. We are thrilled to be working with RIDA and Ares on this transaction, and in collaboration with these world-class developers, we will continue driving the success of Hyatt Regency Orlando and thoughtfully expand our brand footprint in the most-visited destination in the U.S. with a new Grand Hyatt hotel,” Mark S. Hoplamazian, Hyatt President and CEO.