Palm Beach resort hotels, which have become a popular source of revenue for Disney and other large hotel chains, have been plagued with problems for years.
Last year, Disney announced that the resort hotel industry had lost $4.2 billion since 2006, and it’s unclear if the hotel industry will survive this downturn.
According to a recent study, the average hotel in the United States is now worth about $1.4 billion.
To put that into perspective, the resort hotels of 2006 were worth about a third of the entire American economy at the time.
It’s no wonder that Disney has started looking to the resort industry to fill its coffers.
And what better way to do that than with an iconic hotel that has been in business for nearly a century?
According to the Palm Beaches Resort Association, Disney has purchased six hotel chains: Disney Springs, Disney World Resort, Disney California Adventure Resort, Walt Disney World Resorts, and Palm Beach National Aquarium Resort.
Disney’s Palm Beach property, which includes a number of hotels including The Jungle Book Resort, was purchased for $1 billion by The Walt Disney Company in 2003.
The resort hotel company has a long history of making acquisitions that are aimed at helping it survive.
In addition to Disney, Disney owns the Florida Everglades Aquarium, Disney’s Hollywood Studios, the Grand Floridian Hotel and Resorts in Palm Beach and the Grand Hyatt in Miami Beach.
In 2018, the company purchased a portion of the Grand Central Terminal in New York City.
As part of its effort to grow the company, Disney purchased the Grand National Hotel in Nashville, Tennessee in 2021.
Since purchasing Disney, the Walt Disney Co. has acquired more than 20 other properties including the Walt Hollywood Studios and the Disney Cruise Line.