Construction will begin in 2011 on two $242m luxury hotels located next to the GardenWalk outdoor mall near Disneyland, California, USA.
The hotel developers were granted permission by the state to begin construction of the hotels, which will add 866 rooms, and to delay 500 timeshare units until 2019.
The GardenWalk outdoor mall was set to be auctioned as soon as equity partners Anaheim, who financed the mall, defaulted on a $210m loan, according to ocresort.freedomblogging.com.
Construction of the four-star hotel will benefit the developers who will receive about $40m in tax incentives from the city.
The timeshare units were approved by the city to be built above the current parking structure, and were expected to be completed in 2008.