05:00 PM EDT, 08/16/2024 (MT Newswires) -- Hyatt Hotels ( H ) said Friday it completed the $1.07 billion sale of 1,641-room Hyatt Regency Orlando and adjacent 45 acres of land to affiliates of RIDA Development and an Ares Management (ARES) Real Estate fund.

Hyatt retained a long-term management agreement along with $265 million of non-controlling preferred equity, the company said.

Hyatt said it provided an additional $50 million seller financing for the adjacent 45-acre parcel.