GEM Realty Capital Inc., with Merrill Lynch Global PrincipalInvestments and another private investment company, will partnerwith Bonnet Creek Venture Ltd. and Hilton Hotels Corp. to developand own the resort. Hilton will manage the two properties, whichare expected to be completed in late 2009.

"The hotels will be located in an area adjacent to Disney in anarea called Bonnet Creek that's undergoing a lot of developmentright now," Hilton Hotels Corp. CEO Americas & Global BrandsTom Keltner tells GlobeSt.com. "The properties are convenient toDisney, convenient to Interstate 4 and close to the airport."

Although there are three other hotels that operate under theWaldorf-Astoria Collection brand, this will be the first newlybuilt Waldorf-Astoria since the original in New York opened 76years ago, according to Keltner. It will feature some of the samefood and beverage outlets in the New York property, such as PeacockAlley, Bull & Bear, Sir Harry's Bar and Oscar's. The design ofthe hotel will include some of the Art Deco aspects of the New Yorkproperty.