Hyatt to buy Peabody Orlando hotel for $717M


Hyatt Hotels (H) says it plans to buy the Peabody Orlando hotel for $717M, a deal that gives Hyatt its first large convention-center presence in the nation's second-largest hotel market.

Hyatt expects the hotel to generate ~$10M in EBITDA in Q4 and ~$55M in 2014; after Peabody’s recent $440M expansion and renovation, Hyatt says it does not need to invest significant capital in the near future.

Hyatt’s global head of real estate and capital strategy says Orlando "continues to benefit from strong demand from a variety of different types of guests."

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