Morris Moinian, owner of the Dylan Hotel in New York and the Wyndham Sugar Bay resort in St. Thomas, has contracted to buy the six-building complex for an estimated $10 million, or about $10,881 per room, hotel brokers familiar with the history of the property tell GlobeSt.com. New hotels, in the 900-room category, can't be built for less than $100,000 per room today, area construction industry estimators tell GlobeSt.com.

Moinian couldn't be reached at GlobeSt.com's publication deadline. But Orlando area real estate lawyers who have been following the Orlando Hyatt's two-year-old bankruptcy proceedings, tell GlobeSt.com Moinian and his associates plan to invest "at least another couple million" into renovations and retroffitings at the property which is located off Interstate 4 and US 192 near Walt Disney World. Area brokers had speculated a new owner would demolish the two-story structures and develop a single, high-rise resort property.

The hotel property's owner, Orlando Hyatt Hotel Associates LP of Rockville, MD, has been under Chapter 11 protection since May 1, 2002. The owner filed for US Bankruptcy Court protection after contesting a $29.5-million loan debt to Chicago-based LaSalle Bank. Unable to find interim financing until it could sell its assets, Orlando Hyatt Hotel Associates closed both the Hyatt Orlando and the 281-room, 40-year-old Downtown Four Points Sheraton hotel.