Disney, developer to get $550M tax break on luxury hotels

• Walt Disney (NYSE:DIS) and Wincome Group will get a combined $550M tax benefit for building three luxury hotels at the Disneyland park.
• That follows a 3-1 city council vote to approve the four-diamond hotels, which will bring the number of luxury hotels being developed in Anaheim to five.
• The move follows action by the Anaheim council last year to give a 70% break on its transient occupancy tax to hotels rated at four diamonds or better.