ORLANDO—Hyatt Hotels Corporation is grabbing the 1,641-room Peabody Orlando hotel for $717 million from UST Hotel Joint Venture, Ltd. The transaction is expected to close on Oct. 1, 2013, and the hotel will be rebranded as Hyatt Regency Orlando Convention Center.

“This transaction brings us a very high-quality hotel in one of the most popular cities in the world and enhances the Hyatt Regency brand already a leader in meetings and conventions with a presence adjacent to one of the largest convention facilities in the U.S.,” says Stephen Haggerty, global head, real estate and capital strategy for Hyatt. “We are confident that we 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 and the global strength of our brand.”

Hyatt Regency Orlando Convention Center will be the sixth Hyatt-branded hotel in Orlando, but the first large convention hotel presence for Hyatt in the market. The property will be a significant addition to the Hyatt Regency brand, which is well known for extensive meetings facilities around the world.