Disney paid $144 million to acquire a plot near Ko Olina's Lagoon 1, where it plans to develop an expansive resort that will open in 2011, creating more than 1,000 jobs. The mixed-use resort will have more than 800 units, including hotel rooms and villas for the Disney Vacation Club, which is Disney's time-share brand. Total development costs are still undetermined.

The company plans a project that "honors the cultural diversity of Hawaii and reflects the spirit of aloha that makes this location so unique."

Having a hotel project in Hawaii could create synergy with Disney Cruise Line, which will add two ships to its current two-ship fleet in 2010 and 2011. At least one ship could be based in California, creating the potential for voyages to Hawaii.