Walt Disney Parks & Resorts unveiled yesterday details of its first stand-alone hotel and time-share resort at Ko Olina Resort & Marina, estimated to cost at least $800 million.

The expansive resort, projected to open in 2011, will include 350 hotel rooms and 480 time-share villas as part of the Disney Vacation Club, as well as an 8,000-square-foot conference center and 18,000-square-foot spa, and is expected to bring 1,000 jobs to Oahu's Leeward Coast.

The development furthermore is seen as a catalyst to help long-struggling Ko Olina achieve critical mass and push Kapolei further to attaining Oahu's second-city status.

  “;Disney is committed to being a good corporate citizen and will help develop a stronger community by creating new jobs and offering promising career paths to many local residents,”; said Honolulu Mayor Mufi Hannemann, who announced the plans with Disney executives at his offices in Kapolei.

While Disney Parks & Resorts Chairman Jay Rasulo declined to disclose project costs, a source familiar with the deal who asked not to be identified said Disney will spend at least $800 million on the mixed-use resort.

Disney, which paid $144 million last year for 21 acres of oceanfront property adjacent to JW Marriott Ihilani Resort & Spa near Ko Olina Lagoon 1, selected Hawaii as its first stand-alone hotel destination outside of its famed theme parks because time-share members showed strong demand for the islands.

Disney's worldwide time-share operation has more than 350,000 members from more than 100 countries, though it is not yet registered with the state to sell vacation club memberships here.

The company said it plans to complete the necessary paperwork and begin selling time-share memberships before its 2011 opening, though a date has not been determined.

    Disney Plans New Mega Resort On Oahu's Leeward Coast  

 

 

Disney executives announced plans for a huge resort at Ko Olina with 480 new time share units and 350 traditional hotel rooms.

 

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  In addition, Disney said it has not applied for state tax credits for the project.

Despite a severe downturn in Hawaii's tourism industry, the company is forging ahead with the project - which is expected to infuse millions of dollars into the local economy - because it is confident in the long-term prospects in the islands.

“;You've got to know they have confidence that Hawaii is going to be strong despite a down economy,”; Hannemann said.

During the past year, Disney executives have met with local architects and cultural experts to incorporate the Hawaiian culture into the resort's design process.

Its latest project is befitting for Ko Olina, which means “;place of joy”; in Hawaiian, since Disney's interest in the islands dates back to the company's infancy, when founder Walt Disney created the animated short “;Hawaiian Holiday”; in 1937.

Disney has vacation club properties at the Walt Disney World Resort, as well as stand-alone time-share properties in Vero Beach, Fla., and Hilton Head, S.C.