Disney Expands Resort Business to Oahu

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. October 14, 2008

OAHU, HI, October 4, 2007. Walt Disney Parks & Resorts announced today that the company has finalized plans to purchase 21 acres of oceanfront property on Hawaii's island of Oahu.

The property, located on the island's western side in the picturesque Ko Olina Resort & Marina, Honolulu's premier resort destination, will be home to Disney's first mixed-use family resort outside of its theme park developments. The expansive resort, scheduled to open in 2011, will have more than 800 units including hotel rooms and villas for Disney Vacation Club, which is Disney's rapidly growing timeshare business.

"This resort hotel will give our guests another way to visit an exciting part of the world with a brand they trust," said Jay Rasulo, Chairman of Walt Disney Parks & Resorts. "In fact, Hawaii has been among our most requested Disney Vacation Club getaway locations beyond our theme parks. We are looking forward to building a special family resort that honors the cultural diversity of Hawaii and reflects the spirit of aloha that makes this location so unique."

Consistently ranked as one of the top family destinations in the world, Hawaii's natural beauty and extensive offering of family activities make it an ideal location for a Disney resort.

"Disney and Hawaii have something special in common, and that is the recognition of the importance of 'ohana,'" said Hawaii Governor Linda Lingle. "We are pleased that a company known for providing families with a way to spend quality time together is investing in Hawaii. This is a wonderful opportunity for our residents who will develop careers at the new resort as well as people from around the world, who will visit our state to stay at this exciting new destination. Disney's presence in Hawaii opens new opportunities for innovative partnerships in non-tourism-related sectors, including new media and digital technology."

Upon completion, the resort hotel is anticipated to create more than 1,000 new jobs on Oahu and opportunities to develop long-term professional careers. Disney was recently named one of the top places to launch a career by Business Week magazine and is a competitive employer.

Honolulu Mayor Mufi Hannemann said, "As a mayor who works out of Kapolei on a

regular basis and who has launched numerous economic development initiatives there, I know people in West Oahu will be excited that Disney has decided to build its new resort in Ko Olina. My family and I have visited most of the Disney parks and resorts around the world, and are huge Disney fans. I believe that Disney can help our city build a livable community in Kapolei where people can live, work and raise their families. We look forward to welcoming Disney to Honolulu as our new corporate neighbor."

Ko Olina

The new resort hotel will be the latest addition to the Ko Olina development, known for its sweeping ocean views, picture-postcard white sand beaches and tranquil crystal blue lagoons.

Jeff Stone, President of The Resort Group and master developer of Ko Olina, has been working closely with Disney on the land acquisition and project. "Ko Olina means 'place of joy,' and I can't imagine a more perfect fit here than a Disney resort that will bring joy to people from around the world," Stone said. "For many years, it has been our vision to continue to expand Ko Olina as a premier vacation destination for families and business travelers, and this new Disney resort hotel is making that vision a wonderful reality."

Senate President Colleen Hanabusa said, "Disney is known for making dreams come true, and the choice of Disney to build its new resort on the leeward side of Oahu sends a positive message to our youth. This will be a place that residents will be proud to see built, and having Disney as a neighbor has the potential to inspire our youth to dream about the possibilities for the future right here in our own community."