[B]Four Seasons finalizes deal for $360 million hotel at Disney World[/B]
Four Seasons Hotels and Resorts said Tuesday it has secured financing for a $360 million luxury resort at Walt Disney World and will begin construction of the long-planned project in December.
The 444-room hotel, which will include a rooftop restaurant with views of the Magic Kingdom and a “lazy river” water feature, among other amenities, is expected to open in mid- or late 2014. The project will also include as many as 40 Four Seasons time-share units and up to 90 Four Seasons private residences.
Four Seasons will hold a 30 percent stake in the project, with the remaining equity split between Silverstein Properties, a New York real-estate developer, and Dune Real Estate Partners, a New York private-equity fund. Grupo Financiero Inbursa, a Mexico City-based bank, will provide $190 million in debt financing.
“This is something that we’ve been very excited about for a long time, so this is exciting for us to get to this milestone,” said Scott Woroch, Four Seasons’ executive vice president of worldwide development. “And we’re very enthusiastic about being on the cusp of getting shovels into the ground.”