Hyatt Hotels Corporation plans to purchase the 1,641-room Peabody Orlando hotel for $717 million from UST Hotel Joint Venture. The Orlando, Florida, property will be rebranded as the Hyatt Regency Orlando Convention Center upon closing.

“This transaction brings us a very high-quality hotel in one of the most popular cities in the world and enhances the Hyatt Regency brand—already a leader in meetings and conventions—with a presence adjacent to one of the largest convention facilities in the U.S.,” said Stephen Haggerty, global head, real estate and capital strategy for Hyatt, in a statement.

The deal is expected to close October 1. Because the hotel recently completed a nearly $440 million multi-year expansion and renovation, Hyatt does not plan to invest significant capital in the near future, according to the statement. Additionally, the Peabody Orlando offers 200,000 square feet of meeting space, and more than 2 million square feet of event space is available at the Orange County Convention Center, which is attached to the property.