RIDA Development Corporation and Ares Management Real Estate Fund have teamed up to buy a major Florida property from Hyatt Hotels for roughly $1.07 billion.

Hyatt Regency Orlando consists of 1,641 rooms and 315,000 feet of square foot space. That marked the hospitality chain's fourth-largest hotel operated worldwide by room count. On average annually, the property hosts over a million guests.

Part of the deal includes Hyatt retaining $265 million of non-controlling preferred equity.

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