Euro Disney studies 1.0 bln euro village site PARIS, May 19 (Reuters) - Euro Disney and holiday village firm Pierre & Vacances are studying the feasibility of developing four nature villages at the theme park operator's Paris site at an estimated cost of 1.0 billion euros ($1.16 billion). Announcing the formation of a 50-50 joint venture at a news conference on Monday, the two firms said the development would be located to the south of Euro Disney's current Disneyland Paris complex east of Paris. The companies, which signed a partnership agreement on Friday, have agreed to investigate the feasibility of the project over two years, aiming to open the villages -- which will include an extension of the existing Davy Crockett ranch -- to the public in 2008. Pierre & Vacances Chairman Gerard Bremond told reporters it was premature to discuss the amount each side would invest in the one-billion-euro project. However the complex will have a total capacity of 5,000 appartments -- some 25,000 beds in all, spread across hotel rooms and tourist residences. That almost doubles hotel capacity at Disneyland Paris, which expects to have 30,000 beds available, in 8,200 rooms, by the end of 2004, a Euro Disney spokesman said. The theme park operator says its growth has been hampered by a lack of hotel capacity now its second theme park, the Walt Disney Studios, has come on stream. Dominique Cocquet, Euro Disney's deputy managing director in charge of development, said the challenge for the operator was to encourage visitors to prolong their stay at the site to a week rather than their current 2-3 days. The companies said the new complex should create 4,000 directly related jobs and 10,000 indirectly related ones. They plan to develop no more than 10 percent of the 560 hectare site, the rest of which will be a green space dedicated to the villages' four themes: forest, sports, water and earth.