The Orlando Sentinel is reporting that Disney has canceled plans to build a Disney-branded hotel near Washington, DC at the National Harbor development. Disney acquired the fifteen acre property in May 2009 with the intention of developing another standalone resort in a market outside its theme park locations. Currently, Disney Vacation Club operates timeshare resorts in Vero Beach, FL- Hilton Head, SC- and just opened the new Aulani Resort in Hawaii.
Disney has been under pressure from investors to reduce spending following a wave of construction projects that include a $950 million cruise ship, $850 million constructing Aulani, a $1.1 billion makeoverat Disney California Adventure, $4.4 billion in construction planned for the Shanghai theme park, and another billion in infrastructure and improvement at Walt Disney World in Florida. Walt Disney Company Chief Financial Officer Jay Rasulo has promised investors that Disney's future spending will be much lower.
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