...SAN FRANCISCO (S&P Global Ratings) Aug. 21, 2024--S&P Global Ratings said today that Hyatt Hotels Corp.'s (###-/Stable/--) recent announcement regarding its sale of the 1,641-room Hyatt Regency Orlando and 45 acres of land adjacent to the hotel for approximately $1.07 billion to affiliates of RIDA Development Corp. (not rated) and Ares Management Real Estate (not rated) and the acquisition of Standard International are neutral for leverage. As a part of the Hyatt Regency Orlando sale, Hyatt retained $265 million of noncontrolling preferred equity and provided $50 million of seller financing for the 45-acre parcel of land. Hyatt will also retain a long-term management agreement concurrent with the Hyatt Regency Orlando hotel sale, and RIDA and Ares have entered into a development agreement with Hyatt to build a new 2,500 room Grand Hyatt hotel on the 45 acres of land adjacent to the Hyatt Regency Orlando, which is expected to be completed over the next several years. Subsequently, on Aug....
