Toronto-based Four Seasons Hotels and Resorts has entered into a joint venture with Silverstein Properties and Dune Real Estate Partners to develop a luxury resort at the Walt Disney World Resort in Orlando, Florida.
Construction of the 444-room resort — which will be the largest Four Seasons resort in the world — is set to begin this December, with a target opening date in 2014. The development also will include up to 40 Four Seasons Residence Club units, up to 90 Four Seasons Private Residences, a rooftop restaurant with Magic Kingdom views, a spa with 18 treatment rooms, three pools, a “lazy river” and the existing Osprey Ridge 18-hole golf course, which will be renovated and subsequently managed by Four Seasons.
Four Seasons acquired the land from Disney in August 2008 and will retain a 30% ownership interest in the project in addition to operating the resort. New York-based Silverstein Properties advanced the design and master plan for the new resort in consultation with Four Seasons and New York-based Dune Real Estate Partners is the majority investor. Mexico City-based Grupo Financiero Inbursa has agreed to provide US$190 million in construction financing for the project.
“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,” said Scott Woroch, executive vice president, worldwide development, for Four Seasons.