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Pritzker Pays Universal $52 Mil for 44 Hotel-Zoned Acres Next to Convention Center

ORLANDO-GlobeSt.com has learned from area hospitality brokers the Chicago investment family tentatively plans to break ground by yearend on what could become the largest Hyatt Hotel in its chain, a 1,500-room inn directly adjacent to the four million-sf Orange County Convention Center.

By Alex Finkelstein | Updated on February 28, 2001

ORLANDO-Toiling in secrecy as it usually does, the Pritzker family of Chicago has purchased 44 of the most sought-after hotel-zoned acres in Central Florida from Universal Orlando for $52 million or $1.18 million per acre ($27.13 per sf), according to Orange County real estate records.

Pritzker would not confirm the land-acquisition deal but is on record with plans to open what could become the largest Hyatt Hotel in its chain by 2004, a 1,500-room inn directly adjacent to the four million-sf Orange County Convention Center and the 891-room Peabody Orlando Hotel, one of the area’s earliest convention inns. Another 1,000-room addition is on the Hyatt drawing boards. GlobeSt.com reported that story Jan. 19.

GlobeSt.com learned today from area hospitality brokers that Pritzker plans to break ground by yearend. The estimated hard construction cost of the hotel is $30 million and will take two years to erect, construction industry estimators familiar with comparable projects tell GlobeSt.com. Pritzker would not confirm that number or the construction timeframe.

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