A Hyatt Hotels Corp. subsidiary is buying the 1,641-room Peabody Orlando hotel for $717 million,

giving Hyatt its first large convention hotel in the Orlando market. Hyatt expects the deal to close on Oct. 1, at which point the hotel will be rebranded as the Hyatt Regency Orlando Convention Center. The Peabody Orlando has more than 200,000 square feet of meeting space and is attached to the Orange County Convention Center. Hyatt global head of real estate and capital strategy Stephen Haggerty noted the company "will be able to build on the strong performance of this property through the depth and breadth of our relationships with meeting planners and corporate travel managers." Memphis-based Belz Enterprises, part of the joint venture that is selling the Peabody Orlando, will continue to own and manage the 464-room Peabody Memphis.