How technical do we want to get?
When the CBR opened in 1988, it was billed as "affordable", since it was the first non-deluxe. Even when PO and DxL opened in '91 and '92, they weren't yet called "moderates". So the first to open under the label "moderate" would have been Coronado Springs.
Can you tell I enjoy trick questions?
(No new question offered, since I didn't really answer an old one, and there are a couple out there still awaiting answers.)