It’s Thursday, Orlando. Expect partly cloudy skies this morning with scattered storms rolling in this afternoon. It’ll remain hot, with highs of 95° and lows of 77°. Here’s what’s on deck:

• Seminole County Integrating AI to Manage Traffic

• Hyatt to Sell Orlando Property for $1 Billion+

Let’s dive in.

TECHNOLOGY

Seminole County Integrating AI to Manage Traffic

What’s happening: California AI company GridMatrix and Nebraska-based HDR are teaming up with MetroPlan Orlando and Seminole County to integrate AI for traffic management and improved safety.

The details:

• Pilot project: In Seminole County, the initiative will use AI and machine learning to analyze feeds from existing traffic cameras, aiming to monitor signal performance, congestion, and accidents in real-time.

• Safety focus: HDR will leverage the data to track near-miss collisions, contributing to efforts to enhance road safety and commuter experience.

• Vision Zero: Insights from AI will help Seminole County support the Vision Zero Central Florida initiative, aiming to eliminate traffic fatalities and severe injuries.

Why it matters: Metro Orlando ranks as the 18th most dangerous place for pedestrian fatalities according to Smart Growth America's latest Dangerous By Design report. This ranking is an improvement from 2020, but it highlights a broader trend of increasing pedestrian danger in large metro areas.

Context: In 2009, only eight large metro areas in the U.S. had pedestrian fatality rates exceeding 2 per 100,000 people. This number rose to 47 in the most recent report. Orlando's current rate of 2.86 fatalities per 100,000 people, which was once the highest in the nation, would not even place it in the top 20 today.

The bottom line: By integrating AI and engineering expertise, the partnership aims to revolutionize traffic management in Metro Orlando, with the hopes of further improving road safety and reducing accidents.

Read more here (Orlando Business Journal)

REAL ESTATE

Hyatt to Sell Orlando Property for $1 Billion+

What's happening: Hyatt Hotels Corp. is on the brink of selling its Hyatt Regency Orlando property for over $1 billion. The potential buyers are a joint venture between Ares Management Corp. and Rida Development Corp.

Why it matters: The transaction marks a significant step in Hyatt’s strategy to become an asset-light business. The company aims to offload $2 billion worth of real estate, with this sale potentially wrapping up by the end of August.

Details:

• The Hyatt Regency Orlando boasts 1,641 rooms, 315,000 square feet of meeting space, and proximity to major attractions like Disney and Universal.

• Financing for the deal is expected to come from commercial-mortgage backed securities.

The big picture: Under CEO Mark Hoplamazian, Hyatt is shedding properties while expanding its brand portfolio. Recent sales include the Park Hyatt Zurich and Hyatt Regency Aruba Resort Spa and Casino.

Read more here (Bloomberg)

QUICK HITS

In Other News…

1. Central Florida’s Monae’ Nichols will compete today in the long jump finals at the Paris Olympics. The event is scheduled to begin at 2 PM.

2. Orlando’s East West Records, Florida’s oldest record store, is closing permanently. The shop is running a 50% off everything sale this weekend, Friday through Sunday.

3. The City of Orlando was granted over $3 million from the US Department of Transportation to spend on pedestrian safety.

4. Last month, we covered One Fat Frog, an Orlando-based food truck manufacturer that left customers hanging. Now, the bankruptcy trustee ordered to take over the company says there’s reason to believe $12 million associated with the business might be somewhere in the Middle East.

5. Popcorn Flicks in the Park returns tonight in Winter Park. This month’s movie pick is The Avengers, with the free event starting at 8 PM in Central Park.

Thanks for tuning in to today’s edition of the newsletter. See you back here tomorrow.

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