12:56 PM EDT, 08/07/2024 (MT Newswires) -- (Updated with Ares Management's ( ARES ) response to a request for comment.)

Hyatt Hotels ( H ) is nearing the sale of its Hyatt Regency Orlando in Florida to a joint venture between Ares Management ( ARES ) and Rida Development in a deal valuing the property at more than $1 billion, Bloomberg reported Wednesday, citing people with knowledge of the matter.

The buyers are looking to finance the deal in the market for commercial-mortgage backed securities, one of the people reportedly told Bloomberg.

The hotel has 1,641 rooms and is linked to the Orange County Convention Center, according to its website.

Ares declined to comment, while Hyatt and Rida did not immediately respond to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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