The Walt Disney Company's time share business has announced that it will build an addition to Disney's Grand Floridian Resort & Spa, the highest-priced company-owned hotel at Walt Disney World.

The project, which will add approximately 147 time-share units in a separate building next to the posh hotel, is the first new Disney Vacation Club resort to begin construction since the global financial crisis sent sales tumbling across the time-share industry.

Disney said the resort is expected to open in late 2013. The new building will be exclusively time-share units and will include a children's water-play area, among other amenities.

The project should inject some high-demand inventory into Disney Vacation Club, which was one of Disney Company's fastest-growing businesses before sales ebbed during the recession and the anemic recovery that has followed. The Victorian-themed Grand Floridian is Disney World's most luxurious hotel and is adjacent to the Magic Kingdom, the busiest theme park on the planet with more than 17 million visitors a year.

It will be the second time-share property Disney has built along the Magic Kingdom monorail, joining Bay Lake Tower, an addition to Disney's Contemporary Resort that opened in August 2009.

"We continually look for ways to expand Disney Vacation Club by creating resort experiences that our members will love," Claire Bilby, senior vice president and general manager of Disney Vacation Club, said in a prepared statement. "With the continued popularity of Bay Lake Tower at Disney's Contemporary Resort, we are thrilled to offer our members and guests a new resort option along the monorail system with easy access to the Magic Kingdom Park, as well as a variety of shopping, dining and recreation experiences."

The Grand Floridian addition will be Disney's 12th time-share property.