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Hotelier acquired Florida site three years ago
Four Seasons Hotels said it will start work late this year on a 444-room luxury resort at the Walt Disney World complex in Orlando, Fla., now that the project’s backers have secured $190 million in construction financing. Toronto-based Four Seasons acquired the land from Disney in August 2008, and will retain a 30 percent ownership interest in the project, in addition to operating the resort.
The project is a joint venture involving Four Seasons, Silverstein Properties and Dune Real Estate Partners. Those parties recently secured construction financing for the planned resort from Mexico City-based Grupo Financiero Inbursa.
“Despite the difficult financing environment brought on by the global economic downturn in the last few years, the development concept we created with our partners for this unique site attracted debt and equity sponsorship, and is now moving forward,” says Scott Woroch, Four Seasons’ executive vice president, worldwide development.
The resort is slated to open in 2014. In addition to a 444-room Four Seasons resort, plans for the complex include 40 branded residence club units and up to 90 branded private residences. The destination will also feature several dining venues, including a rooftop restaurant with Magic Kingdom views; along with a 14,000-sq.-ft. spa with 18 treatment rooms.
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