Ares JV near $1B deal for Hyatt Regency Orlando, Bloomberg reports

Hyatt Hotels (H) is nearing the sale of a sprawling property in Orlando, Florida, Bloomberg News’ Patrick Clark and Gillian Tan report, citing people familiar with the matter. The lodging company is selling the Hyatt Regency Orlando to a joint venture between Ares Management (ARES) and Rida Development, said the people. The deal values the hotel at more than $1B, one of the people said. The buyers are seeking to finance the transaction in the market for commercial mortgage-backed securities, another of the people said.