Walt Disney Co. Plans to Buy Anaheim Hotel: The Burbank-based company has signed a letter of intent to purchase the 502-room Pan Pacific Hotel near Disneyland from Tokyu Corp., a Japanese conglomerate, according to Pan Pacific executives. Executives at Disney had no comment on the deal. In 1991, Disney attempted to acquire the 15-story hotel as part of an ambitious plan to expand the theme park and build hotels and parking garages, but the two sides were unable to agree on a purchase price. Since then, Disney has scaled back its expansion plans considerably. The Pan Pacific is next door to the Disneyland Hotel on West Street in Anaheim. Tokyu and other Japanese investors have been selling some of their holdings after seeing property values plummet in the United States. Earlier this year, Tokyu sold its Emerald Shapery Center, now called the Emerald Center, a 30-story office and hotel complex in downtown San Diego.
Times Staff and Wire Reports
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