Fairfield Buying 46 Prime Acres in Timeshare Clash With Disney

ORLANDO-After a sluggish start this year, the hospitality development pace in metro Orlando is picking up as Fairfield Resorts Inc. contracts with foreign-owned Bonnett Creek Venture Ltd. to buy 46 prime acres at Bonnet Creek Resort, almost in Walt Disney World’s backyard.

Fairfield plans to develop 744 timeshare units by 2004. Construction is slated to start in 2003. Another 350 units are on the drawing board on a second adjoining 12-acre parcel on which Fairfield holds a purchase option.

The parties didn’t disclose the contract price in a prepared statement. But area land brokers intimate with the Disney submarket in Lake Buena Vista, FL tell GlobeSt.com on condition of anonymity Fairfield is expected to pay at least $300,000 per acre ($6.89 per sf) or $13.8 million for the 46 acres.