Published: Nov. 26, 2011 at 11:49 AM
WASHINGTON, Nov. 26 (UPI) -- The Walt Disney Co. said it is backing away from plans for a 500-room National Harbor hotel it expected to build outside Washington.
The project was expected to serve as a feather in the cap of an enormous development project at National Harbor in Prince George's County, Md., that has the potential to raise $100 million per year in additional tax revenues, The Washington Post reported Saturday.
"We are disappointed," Jon Peterson, senior vice president of developer Peterson Cos., said.
"There was always a little bit of uncertainty" over Disney's commitment to the project, Peterson acknowledged.
In 2009, Disney purchased an 11-acre plot in the 300-acre development district for $11 million, the Post said.
Milton Peterson, chairman of the firm, personally recruited Disney's participation over several years and once played host to Disney Chief Executive Officer Robert Iger, who came to view the project.
"We will take this in stride and move on to other opportunities. ? We have the flexibility to change uses overnight," the chairman said.
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