Phase one -- converting 109 hotel units to time shares at the Animal Kingdom Lodge was completed in January. The second phase is to build a 340-unit "Kidani Village" annex that will include a 120-seat restaurant and recreation facilities, such as tennis courts and a 4,700 square foot swimming pool.

The project should be completed in the spring of 2009, the Orlando Sentinel reported.

The Animal Kingdom Villas are the company's eighth time share, the sixth at Disney World. With time shares under construction in Southern California, the company also announced its intention to construct a hotel and resort in Hawaii, the report said.