It's Official - Contemporary DVC (The Kingdom Tower)

[crazy4wdw]

From the Orlando Sentinel:

Walt Disney Co. to sell time shares in 15-story tower next to Contemporary Resort

High-rise will ultimately contain 281 units, but there's no rush to sell.
Jason Garcia | Sentinel Staff Writer
February 26, 2008

The Walt Disney Co. has won approval to begin selling time shares in a 15-story tower the company is erecting next to its famed Contemporary Resort, a $110 million addition that Disney has named "The Kingdom Tower."

Disney has for months refused to divulge its plans for the hard-to-miss, half-built tower that is rising just outside the gates of the Magic Kingdom -- despite rampant speculation among Disney fans that it is destined for time shares.

A spokeswoman for the company's time-share division, Disney Vacation Club, would not discuss the project in detail again Monday.

"We don't have anything to announce today," spokeswoman Diane Hancock said.

But in new filings with the Florida Department of Business and Professional Regulation, Disney formally states that the Disney Vacation Club will "add a ninth component site to be known as Kingdom Tower at Disney's Contemporary Resort."

Disney says in the documents that it will sell the time shares in phases, beginning with an initial 75 units. The Kingdom Tower, which will connect to the existing Contemporary via a fifth-floor pedestrian bridge, will ultimately contain 281 units, according to the filings.

A spokesman for the Department of Business and Professional Regulation, which awarded a time-share license to the Kingdom Tower project earlier this month, said Disney has now been cleared to start selling units at any time.

"They can begin," department spokesman Sam Farkas said.

Disney appears in no rush. The company says in the documents it doesn't expect to finish the Kingdom Tower until the fall of 2009.

Analysts say the company can afford to be patient. The Kingdom Tower, they say, is likely to prove a huge seller, given that it will be the closest time shares Disney has built to the Magic Kingdom -- the busiest theme park in the world -- and the first built directly alongside Disney's monorail.

"I'd have to imagine that's going to be an extremely popular product," said Jeremy Glaser, a lodging-industry analyst with Morningstar.

Some analysts think Disney is withholding a formal Contemporary announcement because it does not want to undermine time-share sales at Disney's Animal Kingdom Villas or Disney's Saratoga Springs Resort & Spa, both of which are still selling units. The company's four other time-share resorts at Walt Disney World -- as well as one each in Vero Beach and Hilton Head, S.C. -- are sold out.

Glaser, however, said Disney's silence "could just be some trademark Disney secrecy."

Disney's filings with the state also offer more detail about the Kingdom Tower's amenities.

A new swimming pool, for instance, will be large enough for 180 people; go as deep as 4 feet, 11 inches; and feature two hot tubs and a 104-foot-long water slide. There will be two tennis courts, two shuffleboard courts and two boccie ball courts. A barbecue pavilion will have about 490 square feet of covered area and a pair of picnic tables.

Glaser predicted that Disney will choose to market the Contemporary time shares "as more of an upscale product." An early point-chart submitted by Disney to the state -- Disney Vacation Club owners buy points from the company, which they then redeem for rooms, though they must buy through a "home resort" -- shows guests will have to spend more points to rent one- and two-bedroom units at the Kingdom Tower than any of Disney's other existing time shares.

In a further step toward cementing the new tower's status as a time-share resort, Disney has created a new condominium association that would manage the resort once units are sold off to individual owners. State records show that the "Kingdom Tower at Disney's Contemporary Resort Condominium Association" was formally incorporated Jan. 9.

The Kingdom Tower continues a wave of construction for Disney's fast-growing Vacation Club. The company is in the midst of building its first time shares at Disneyland in Anaheim, Calif., and has announced plans to build an 800-room resort in Hawaii in which at least half of the units will be time shares.

Disney also recently obtained approval to rebuild its little-known Treehouse Villas, a 60-unit community in a heavily forested area of Disney World.

The move has prompted speculation that those units, too, could be converted to time shares.

The widespread building boom comes even as the U.S. economy teeters on the brink of a possible recession.

But Tammie Kaufman, a professor at the University of Central Florida who teaches courses on time shares, said time shares could remain popular even during an economic slump because consumers will want to stretch their vacation money further.

"People are looking for a bargain," Kaufman said.

Scott Powers of the Sentinel staff contributed to this report. Jason Garcia can be reached at jrgarcia@orlandosentinel.com or 407-420-54

 

[LIFERBABE]

Very Interesting thanks for posting.

So the highest point chart of all DVC's.

 

[spiceycat]

but only 75 units - means that it will definitely be sharing with CR.
oh could cares!!!

like it Kingdom Towers instead of CRV. This is the first time DVC has changed the name of it DVC part of a resort.

 

[dcfromva]

I'm wondering if someone will have a link to the filing (so we can see what the point values are going to be. )

-DC

 

[lovinthemouse]

Watching and Waiting!!!!!

 

[liznboys]

Thanks for posting the article, crazy4wdw! How exciting!!

 

[zulaya]

Didn't it say only 75 units initially? But 281 total?

 

[spiceycat]

Didn't it say only 75 units initially? But 281 total?

yes
but when BCV and VWL went for the sale - the entire resort was for sale. So this kinda of makes me nervous.

 

[akghutton]

Very exciting news!!!! I can't wait to stay there I love DVC!!

 

[JLitfin]

Exciting news, now we have to wait for the announcement from Disney, when will that be, would anyone like to guess.

 

[DBorges]

I hope you CRV people get your wish but till DISNEEY makes it officail it still may not happen remmeber Eagle Pines?????

 

[groverdog]

I woke up feeling kinda blue but now I am feeling much better! This is a dream come true for me, I've been so excited since I first heard the rumors and now it looks like reality. Can you imagine being able to stay in your own villa and strolling over to the MK in the evening, no rush, no busses, no lines to get to TTA. Heavenly. And then hopping on a boat for a wonderful ride, cruising to the other hotels ( making a transfer at MK?) having cocktails at the Poly, not having to worry about time. I'm in heaven! I've always loved the Contemporary, we were fortunate enough to have stayed there a couple of times with a MK view. Don't know how that happened and it was wonderful. I just can't imagine now maybe being able to actually own a piece of that particular magic, I'm so happy!!

 

[Pocahantas]

Ohhh, I can hardly wait!!!

 

[nunzia]

but only 75 units - means that it will definitely be sharing with CR.
oh could cares!!!

like it Kingdom Towers instead of CRV. This is the first time DVC has changed the name of it DVC part of a resort.

whoops..should have read ahead and not repeated all the other initial 75, but 281 total positngs...

 

[isyt]

I saw this article and I came here to post but I was late as usual!! I am going to be waiting right beside the rest of you!!!!

 

[WoodysRoundup]

Could it FINALLY be!!!???? LOVE the "Kingdom Tower" name. I can barely contain my excitement!! Come on Disney, make that anouncement!!!!!!!!!!!!!!!!!!!!

 

[TheDISneyFamily]

The Kingdom Tower I can't wait!

 

[disney dumbo]

 

[Caskbill]

In a further step toward cementing the new tower's status as a time-share resort, Disney has created a new condominium association that would manage the resort once units are sold off to individual owners. State records show that the "Kingdom Tower at Disney's Contemporary Resort Condominium Association" was formally incorporated Jan. 9.

I wonder if this could mean it's going to be DVC II, totally separate from the current DVC resorts. The higher point chart may be another clue.

 

[Starr W.]

Kingdom Tower, I love the name!!

Can't wait, I actually am hoping for DVC II type resorts like Caskbill mentioned!!