Xenia Hotels & Resorts Inc. bought the 815-room Hyatt Regency-Grand Cypress in Orlando, Fla., from an affiliate of Hyatt Hotels Corp. for $205.5 million.
The company said it plans to renovate the hotel's guestrooms and meeting space and add a new ballroom as part of its push for additional revenue and market share.
Xenia Hotels also pointed out the hotel's long-term growth opportunities as the property sits on a 30-acre site.
The convention resort in Orlando's Lake Buena Vista submarket features more than 65,000 square feet of high-end indoor and outdoor meeting and event space, among other amenities.
The property will continue to be run by Hyatt, which has managed it since its launch in 1984. The asset has seen roughly $32 million worth of capital investment over the past five years.
Xenia Hotels said it funded the acquisition through available cash on its balance sheet and through its senior unsecured credit facility.