Disney Vacation Club Announces Plans for Largest Ownership Resort to Date At Walt Disney World Resort

LAKE BUENA VISTA, Fla.--(BUSINESS WIRE)--July 23, 2001--Disney Vacation Development, Inc., operators of Disney Vacation Club (DVC) -- Disney's innovative vacation ownership program -- announced today that it will expand its timeshare resort presence at the Walt Disney World Resort in Florida (subject to obtaining necessary approvals) by building a seventh DVC property. This latest development for the growing Disney Vacation Club product marks the Company's largest ownership resort project to date.

The announcement heralds a time of exciting growth for Disney Vacation Club, which now boasts a membership of nearly 60,000 member families from over 60 countries.

The proposed 600-unit ownership development is slated to occupy a 61-acre site along the award-winning Disney's Eagle Pines Golf Course at Walt Disney World Resort. All rooms will feature either a pool, golf course or forest view. Initial plans call for the construction of a main Inn building encompassing a check-in area; accommodations; restaurant/lounge; theme pool with feature slide; retail space; arcade; common living room area and a health club, as well as Villa buildings containing vacation home accommodations. Development will begin this fall with an estimated opening in Spring/Summer 2004.

"We are very excited to expand the Disney Vacation Club concept to an entirely new resort area here at Walt Disney World Resort," said George Aguel, Senior Vice President and General Manager of Disney Vacation Development, Inc. "I am confident that this new offering will be a successful addition to the dynamic vacation options we provide."

The theme of the proposed DVC resort will complement and enhance the beautiful setting found at Disney's Eagle Pines Golf Course. The new resort will be inspired by the architecture of Addison Mizner, a celebrated early 20th century architect who led the renaissance of Florida resort design. The property's design will reflect a variety of motifs found in indigenous Florida buildings of this era, including Spanish, Moorish, Romanesque and Gothic forms. The atmosphere and elegance found in the coastal communities of southeast Florida (including West Palm Beach and Boca Raton) will be found in the resort's architecture, ranging from tile roofs to fountains to lush, tropical landscaping.

Commissioned to design the resort was renowned architect Graham Gund, who created the architectural look for such Disney projects as Disney's Coronado Springs Resort and Disney's Vero Beach Resort -- another Disney Vacation Club property. Gund designed the resort to take advantage of the pristine setting found at Disney's Eagle Pines Golf Course while maintaining the integrity of the existing golf course. Guests at the resort will have views to Disney's Eagle Pines Golf Course but golfers' view of the property will be buffered, with resort buildings "stepping down" in height as they near the golf holes.

The new resort is scheduled to open in phases, with the first phase consisting of the Inn building and five Villa buildings for a total of 360 units. The Inn and one Villa building are currently expected to open in Spring/Summer 2004, with the four additional Villa buildings opening throughout the remainder of that year. The final phase of five additional Villa buildings containing 240 units are currently anticipated to open by Spring/Summer 2005.

As Disney Vacation Club approaches its decade mark on October 1, 2001, the Company is celebrating a number of achievements, including the expansion of its resort collection through the proposed addition of the new resort at Disney's Eagle Pines Golf Course and the completion of Disney's Beach Club Villas, which is currently under construction at Walt Disney World Resort next to the popular Disney's Beach Club Resort (expected opening in September 2002).

"These latest expansions of our successful vacation ownership program will allow us to provide still more magical experiences for our guest and member families," added Aguel.

The current collection of Disney Vacation Club Resorts includes Disney's Old Key West Resort; Disney's BoardWalk Villas and The Villas at Disney's Wilderness Lodge -- all located at the Walt Disney World Resort -- as well as Disney's first resorts beyond the Disney theme park locations; Disney's Vero Beach Resort on Florida's Atlantic Coast and Disney's Hilton Head Island Resort in South Carolina.