Sept. 13 (Bloomberg) -- Four Seasons Hotels Inc., the luxury chain founded in 1961, will develop a property at Walt Disney World Resort in Orlando, Florida, in a $360 million deal with Silverstein Properties Inc. and Dune Real Estate Partners.
The 444-room hotel is scheduled to open in 2014, Toronto- based Four Seasons said in a statement today. The hotelier, which purchased the land from Disney in August 2008, will have a 30 percent stake in the resort and will operate it. Grupo Financiero Inbursa, based in Mexico City, will provide $190 million in construction financing for the project.
“This is an irreplaceable asset,” Daniel Neidich, chief executive officer of New York-based Dune Real Estate Partners, said in the statement, “a rare opportunity in a remarkable location, with a prestigious brand that we believe will provide attractive returns to our investors for many years to come.”
In addition to the hotel, the property will include as many as 40 Four Seasons Residence Club units and as many as 90 private homes. The resort will feature several restaurants, including a rooftop venue with views of Disney’s Magic Kingdom, a spa with 18 treatment rooms, a fitness center, three pools and sports facilities including tennis courts, a basketball court and climbing wall.
Dune is the project’s majority investor, according to the statement. Silverstein Properties, based in New York and led by CEO Larry A. Silverstein, will oversee development and construction at the site.
The project will encompass the Tom Fazio-designed Osprey Ridge golf course, which will be renovated and managed by Four Seasons.
--Editors: Christine Maurus, Larry Edelman
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