ORLANDO, Fla. – Aug. 20, 2024 – Global law firm Greenberg Traurig, P.A. represented affiliates of RIDA Development Corporation and an Ares Management Real Estate fund in the approximately $1.07 billion purchase of the Hyatt Regency Orlando, one of the region’s largest convention hotels, and 45 adjacent acres. The deal represents the largest single-asset sale in Hyatt history, according to Hyatt Hotels Corporation.
Hyatt retained $265 million of non-controlling preferred equity in four tranches and provided an additional $50 million of seller financing for the adjacent parcel, according to the company’s press release. In connection with the transaction, RIDA and Ares intend to invest additional capital in a significant renovation plan that will focus on guestrooms and other amenities to further enhance the guest experience at the Hyatt Regency Orlando.
“We are excited to have been a part of this historic transaction. Not only does this deal underscore Orlando’s strong convention and tourism industry, but it also paves the way for continued hotel and meeting space investment in one of the most popular destinations in the U.S.,” said Orlando Shareholder and Co-Chair of the firm’s Hospitality GroupMichael J. Sullivan, who led the Greenberg Traurig team representing RIDA and Ares. “This deal combines two global real estate powerhouses with one of the most renowned names in hospitality, creating long-term value for Orlando's expanding market.”
The Greenberg Traurig Orlando team also included Hospitality Shareholder Forrest A. Ragsdale, Land Use Shareholder Julie P. Kendig-Schrader, Real Estate Shareholder Orlando L. Evora, and Real Estate Associate Jonathan R. Pickett. Additional team members included Miami Shareholder and Co-Chair of the firm’s Environmental PracticeKerri L. Barsh, Co-Chair of the firm's New York Real Estate Practice Kristen J. Lonergan, Fort LauderdaleTax Shareholder Marvin A. Kirsner, Boston Tax Shareholder Joseph J. Curran, and Miami Real Estate Associate Dylan J. Mencia.
Based in Houston, RIDA Development Corporation is an internationally recognized real estate organization that has invested in over $7 billion of successful investment and development projects over the past two decades. Los Angeles-based Ares Management Corporation is a leading global alternative investment manager with over $447 billion of assets under management as of June 30, 2024.
About Greenberg Traurig’s Hospitality Group: Greenberg Traurig’s Hospitality Group advises developers, owners and operators of hotel, resort and club properties, as well as governments, private government corporations, governmental and private financial institutions, and financial consultants on virtually all aspects of their involvement in the hospitality industry in the United States, the Americas, and overseas. Our multidisciplinary team brings corporate, real estate, tax, and environmental attorneys together with recognized industry leaders experienced in the development and financing of hotel and resort properties, as well as the design and implementation of club and resort membership programs.
About Greenberg Traurig:Greenberg Traurig, LLP has more than 2750 attorneys in 47 locations in the United States, Europe and the Middle East, Latin America, and Asia. The firm is a 2022 BTI “Highly Recommended Law Firm” for superior client service and is consistently among the top firms on the Am Law Global 100 and NLJ 500. Greenberg Traurig is Mansfield Rule 6.0 Certified Plus by The Diversity Lab. The firm is recognized for powering its U.S. offices with 100% renewable energy as certified by the Center for Resource Solutions Green-e® Energy program and is a member of the U.S. EPA’s Green Power Partnership Program. The firm is known for its philanthropic giving, innovation, diversity, and pro bono. Web: www.gtlaw.com.