In a prepared statement, Travelodge president/CEO Bob Foley calls the venture "the first of its kind in the nation." The statement did not disclose the construction cost but construction industry estimators familiar with comparable projects tell GlobeSt.com the undertaking will probably come in at about $20 million.

Foley's statement says Travelodge is contracting with Lake Buena Vista Suites of Lake Buena Vista, FL to develop the property on an unidentified site near Disney. Cost of the land and its size was also not disclosed. The project was first unveiled at the brand's annual conference last October with few development details.

Hospitality industry consultants in Orlando tell GlobeSt.com Travelodge will be competing with the area's existing 111,000-room inventory and the numerous newly planned resort projects, such as the 1,500-room Hyatt Hotel expected to break ground in December near the Orange County Convention Center. (See GlobeSt.com story above).