Adjacent to Walt Disney World Resort; The First Ground-up Waldorf=Astoria
Hotel to be Built Since the Original in New York
|ORLANDO, Fla. - May 31, 2006 -- Hilton Hotels Corporation (NYSE:HLT)
announced plans today to build a 1,000-room Hilton and a 500-room Waldorf=Astoria
at Bonnet Creek, a resort development adjacent to the Walt Disney World
Resort. Construction of the project is currently in the design phase and
is on schedule to break ground by the end of 2006 and to open in the summer
GEM Realty Capital, Inc., with Merrill Lynch Global Principal Investments and another private investment company, will partner with Bonnet Creek Venture, Ltd. and Hilton Hotels Corporation to develop and own the resort. Bonnet Creek Venture, Ltd., a joint venture between Brooksville Development Corporation and the estate of the original owner of the property, will oversee construction and ensure delivery of the project. The properties will be managed by Hilton Hotels Corporation.
In January 2006, The Waldorf=Astoria Collection(TM) of luxury hotels was announced to extend the cachet of New York's legendary Waldorf=Astoria hotel. As one of America's first 'grand hotels' that combines luxurious elegance with a myriad of amenities and services, the Waldorf=Astoria has been renowned for over a century. The Waldorf=Astoria Bonnet Creek will be the first ground-up Waldorf=Astoria hotel to be built since the original in New York, and will feature many of the signature food and beverage establishments that have made the Waldorf=Astoria popular, including Peacock Alley, the Bull & Bear, Sir Harry's Bar, and Oscar's. The newly developed hotel's decor will include Art Deco design and original art work.
The Hilton and Waldorf-Astoria Hotels will include a Rees Jones designed golf course, expansive swimming pools that overlook the golf course, and a state-of-the-art spa and fitness center. Each hotel will also feature upscale and specialty restaurants, a pool bar and outdoor grill, a lobby lounge and a sports bar.
"Hilton Hotels Corporation is thrilled to announce that two elite new hotels, including the first newly built Waldorf=Astoria since the original in New York, are being planned for the Bonnet Creek development next to Walt Disney World Resort," said Matthew J. Hart, president and chief operating officer, Hilton Hotels Corporation. "With this outstanding location, we have an unbeatable opportunity to increase our share of this coveted market with two distinctive upscale hotels -- one under the renowned Hilton name and one an ultra-luxury Waldorf=Astoria."
"We are excited to invest in this unique opportunity and partner with talented and experienced industry leaders that include Hilton, Merrill Lynch, and BCV," said Norman S. Geller, senior managing partner of GEM Realty Capital. "Our private/public investment platform served as the foundation to complete this complex transaction."
The two hotels announced today will have a combined total of 145,000
square feet of meeting space, of which 115,000 square feet will be located
in a conference facility. The largest ballroom will be 36,000 square feet.
Each hotel will have its own meeting space: 25,000 square feet in the Hilton
and 11,000 square feet in the Waldorf=Astoria. Each hotel will feature
multiple food and beverage facilities. The hotels will share a 25,000 square
foot spa and fitness center and 5,000 square feet of specialty retail.
The Rees Jones designed golf course will be completed prior to the opening
of the project.
ABOUT BONNET CREEK VENTURE, LTD.
ABOUT HILTON HOTELS CORPORATION
GEM Realty Capital, Inc.
|Also See:||Opening of $450 million Gaylord Palms a Monumental Occasion for Gaylord Entertainment / Jan 2002|
|Fairfield Resorts, Inc. Developing a 744-unit Timeshare Resort at the Bonnet Creek Resort Development in Orlando / June 2002|
|Disney World opens the 2,880 room Pop Century Resort; Disney Orlando Hotel Portfolio Grows 10% to More than 25,000 rooms / December 2003|