Xenia Hotels & Resorts announced its acquisition of the 815-room Hyatt Regency Grand Cypress in Orlando from an affiliate of Hyatt Hotels Corporation for a purchase price of $205.5 million.
"The acquisition of Hyatt Regency Grand Cypress represents a unique opportunity to increase our presence in the Orlando market, a market we know extremely well and believe to be poised for long-term growth due to a favorable supply and demand outlook," said Xenia President and CEO Marcel Verbaas.
The convention resort offers six food and beverage outlets, over 65,000 square feet of indoor and outdoor meeting and event space, a full-service spa and access to 45-holes of signature-designed, Jack Nicklaus golf courses. The Hyatt Regency Grand Cypress is located near Walt Disney World theme parks, Disney Springs, an outdoor shopping, dining and entertainment district, the Wide World of Sports and public golf courses.
In addition, the hotel benefits from its proximity to Universal Orlando Resort, Sea World Orlando, the Orange County Convention Center and downtown Orlando.
Backed by the Hyatt Regency brand that aims to connect guests to who and what matter most to them, the family-friendly hotel has received roughly $32 million in capital investment over the past five years, including major improvements to the public spaces, food and beverage outlets, as well as to the exterior and back-of house. Xenia plans to position the hotel to capture additional revenue and market share through a renovation of the guest rooms and existing meeting space, as well as the addition of a new ballroom.
There are also said to be long-term growth opportunities at the hotel within its 30-acre site.
The hotel will continue to be managed by Hyatt, which has managed the property since its opening in 1984. In addition to this hotel, Hyatt manages five other hotels owned by Xenia, including Hyatt Centric Key West Resort & Spa, Hyatt Regency Santa Clara, Andaz San Diego, Andaz Savannah and Andaz Napa.