Hyatt Hotels Corporation announced today that it plans to acquire the Peabody Orlando
, a major meetings hotel attached to Orlando’s Orange County Convention Center, for $717 million.
The Peabody will be rebranded the Hyatt Regency Orlando Convention Center when the purchase is finalized on Oct. 1. The hotel, known for its proximity to the convention center, is also known for the parade of ducks that lounge by the hotel’s central lobby fountain.
"This transaction brings us a very high-quality hotel in one of the most popular cities in the world and enhances the Hyatt Regency brand -- already a leader in meetings and conventions -- with a presence adjacent to one of the largest convention facilities in the U.S.," said Stephen Haggerty, global head, real estate and capital strategy for Hyatt, in a statement. "We are confident that we will be able to build on the strong performance of this property through the depth and breadth of our relationships with meeting planners and corporate travel managers and the global strength of our brand."