Greenberg Traurig Represents RIDA Development and Ares Management Joint Venture in Largest Hotel Deal of 2024

ORLANDO, Fla. - Aug. 20, 2024 - Global law firm Greenberg Traurig, P.A. represented affiliates of RIDA Development Corporation and Ares Management Corporation in the $1.07 billion purchase of the Hyatt Regency Orlando, one of the region's largest convention hotels, and 45 adjacent acres. The deal set a hospitality industry record nationally for 2024 to date.

As part of the transaction, RIDA and Ares also entered into a development agreement for a new Grand Hyatt hotel on the 45 acres of land adjacent to Hyatt Regency Orlando. Hyatt retained $265 million of non-controlling preferred equity in four tranches and provided an additional $50 million of seller financing for the adjacent parcel, according to the company's press release.

The planned Grand Hyatt Orlando is expected to have approximately 2,500 rooms developed in multiple phases. Combined with the existing Hyatt Regency Orlando, already the fourth largest Hyatt hotel globally with 1,641 rooms, the finished development will include more than 4,000 rooms in its prime location across from the Orange County Convention Center. In connection with this deal, RIDA and Ares plan to invest additional capital in significant renovations.

"We are excited to have been a part of this historic transaction. Not only does this deal underscore Orlando's strong convention and tourism industry, but it also paves the way for continued hotel and meeting space development in one of the most popular destinations in the U.S.," said Orlando Shareholder and Co-Chair of the firm's Hospitality GroupMichael J. Sullivan, who led the Greenberg Traurig team representing the RIDA and Ares joint venture.

The Greenberg Traurig Orlando team also included Hospitality Shareholder Forrest A. Ragsdale, Land Use Shareholder Julie P. Kendig-Schrader, Real Estate Shareholder Orlando L. Evora, and Real Estate Associate Jonathan R. Pickett. Additional team members included Miami Shareholder and Co-Chair of the firm's Environmental PracticeKerri L. Barsh, Co-Chair of the firm's New York Real Estate Practice Kristen J. Lonergan, Fort LauderdaleTax Shareholder Marvin A. Kirsner, Boston Tax Shareholder Joseph J. Curran, and Miami Real Estate Associate Dylan J. Mencia.

Based in Houston, RIDA Development Corporation is an internationally recognized real estate organization that has invested in over $7 billion of successful investment and development projects over the past two decades. Los Angeles-based Ares Management Corporation is a leading global alternative investment manager with over $447 billion of assets under management as of June 30, 2024.

About Greenberg Traurig's Hospitality Group: Greenberg Traurig's Hospitality Group advises developers, owners and operators of hotel, resort and club properties, as well as governments, private government corporations, governmental and private financial institutions, and financial consultants on virtually all aspects of their involvement in the hospitality industry in the United States, the Americas, and overseas. Our multidisciplinary team brings corporate, real estate, tax, and environmental attorneys together with recognized industry leaders experienced in the development and financing of hotel and resort properties, as well as the design and implementation of club and resort membership programs.

About Greenberg Traurig: Greenberg Traurig, LLP has more than 2750 attorneys in 47 locations in the United States, Europe and the Middle East, Latin America, and Asia. The firm is a 2022 BTI "Highly Recommended Law Firm" for superior client service and is consistently among the top firms on the Am Law Global 100 and NLJ 500. Greenberg Traurig is Mansfield Rule 6.0 Certified Plus by The Diversity Lab. The firm is recognized for powering its U.S. offices with 100% renewable energy as certified by the Center for Resource Solutions Green-e® Energy program and is a member of the U.S. EPA's Green Power Partnership Program. The firm is known for its philanthropic giving, innovation, diversity, and pro bono. Web: www.gtlaw.com.