Not sure it would work.
It's been awhile since I read the SEC filing that is generally considered to be the best source of information on the contents of the actual final licensing agreement, But I recall there being some stipulations that could torpedo that idea.
SPECIFICALLY.... When the deal was signed, Marvel was in the process of considering opening up a potential DisneyQuest/Dave&Busters/etc style entertainment/shopping chain of Marvel themed locations. The SEC filing specifically created an exemption within the Exclusive Theme Park rights for these mini-entertainment locations. The Idea being that Universal would have exclusive rights in a major themepark, But a Restaurant/Arcade in NYC or Charlotte, NC wasn't going to create a direct conflict with the Theme Park attractions in Orlando, and wouldn't be competing for the same public spending.
HOWEVER.... It was understood that placing one of these Restaurant/Arcade attractions in the Orlando area would directly compete with the Universal attractions for those looking for a Marvel experience. Therefore, there is language that states that if Marvel does create their own mini-Marvel entertainment chain, That Within a certain radius of Orlando they could not do anything more than open a store selling Marvel goods (Think "World of Disney", only with Marvel stuff exclusively inside) and could not include any sort of entertainment or character meet options which could be seen as competing with the items offered under the exclusive theme park rights of the Universal parks. Again.... I don't remember the exact details, but I almost want to say that the radius included all of Florida, and maybe even all the way up to the Atlanta, GA area. [Since Orlando is close enough to Atlanta, Ga to be considered a primary vacation destination for those who live in the area.]
I'm pretty sure that a Marvel Resort, and DEFINATELY Character meals, would be covered by those clauses.....assuming it was even a grey enough area to be able to get out from under the primary Theme park Exclusivity agreements.
Here is the relevant section on the contract:
To the extent and in the territories that MCA has exclusive theme park rights, such shall not prohibit (except for the limitations described below) Marvel from itself developing or licensing its planned Retail concept which may include interactive elements as a major or minor element (presently intended to be called The Marvel Action Universe and referred to as such herein, but which may also be called The Marvel Universe or another name chosen by Marvel). The Marvel Action Universe will consist, inter alia, of the sale of comic books, trading cards, software, licensed or Marvel produced merchandise, the use of electronic games and/or pinballs or other coin operated games, and may include one or more virtual reality and/or simulator ride using Marvel characters or other themes. The following restrictions shall apply to The Marvel Action Universe (or elements thereof whether owned or licensed by Marvel).
a. Restrictions as to the geographic location of The Marvel Action Universe in areas where MCA has exclusive rights hereunder.
i. The Marvel Action Universe will not be within 60 miles of any Universal Theme Park with a THE MARVEL UNIVERSE
ii. Mini-theme parks, recreation centers, game centers and the like designated with the Marvel name or the name of any Marvel characters or any major entertainment component of a Marvel Action Universe such as a motion based film ride shall not be within 60 miles of any Universal Theme Park with a THE MARVEL UNIVERSE.
iii. Within the ADI market of the city containing a Universal Theme Park (even to the extent such ADI exceeds a 60 mile radius) there shall not be a Marvel themed simulator ride.
b. Restrictions as to elements of The Marvel Action Universe in areas where MCA has exclusive rights hereunder.
i. Within 300 miles of any Universal Theme Park with a THE MARVEL UNIVERSE, no The Marvel Action Universe shall contain more than one simulator, nor shall such simulator hold more than 20 people. Motion based or virtual reality attractions which are coin operated and hold no more than 4 people shall not be deemed a simulator subject to the above restriction. Any such rides which are interconnected so as to create a simultaneous experience among multiple units exceeding an aggregate of 4 people shall be deemed simulator rides and the number of people in such interconnected rides shall be counted toward the 20 person limit above.
c. Restrictions as to affiliations or marketing of The Marvel Action Universe or elements thereof, in areas where MCA has exclusive rights hereunder.
i. The Marvel Action Universe will not be within any theme park, nor marketed in conjunction with any theme park. For purposes of these restrictions, an area of 10 acres or less will not be deemed a theme park. An area in excess of 10 acres may or may not be deemed a theme park based on its overall characteristics.
ii. No The Marvel Action Universe will be marketed so as to infer or imply that such THE MARVEL ACTION UNIVERSE or one of its components (x) constitutes a theme park or (y) is a component of a theme park.
iii. No The Marvel Action Universe shall be in or marketed in conjunction with any themed entertainment areas owned, operated or marketed by Disney, Time-Warner, Six Flags, Sony, Paramount or Busch. As used herein, theme park and themed entertainment areas shall not include, inter alia, facilities or complexes where at least 70% of the revenues generated on the premises are derived from retail sales or whose primary source of revenue is lodging (which may include food, beverage and gaming revenues).