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However, the park had depleted his financial resources, so he negotiated a deal with Hollywood producer Jack Wrather in which he would build and operate a hotel called the Disneyland Hotel across the street from Disneyland.
Disneyland opened on July 17, 1955, with a televised press preview event on ABC.
Its estimated cost was US billion, largely due to the cost of land that Disney would need to acquire.
The Pan Pacific Hotel later became Disney's Paradise Pier Hotel.
Temporary surface parking lots were set up across West Street with tram service to the main entrance to offset the loss of the 100-acre parking lot.
Parking lots were also set up on smaller parcels of land acquired by Disney east and southeast of the park, primarily used for employee parking and overflow parking.
The Walt Disney Company gradually acquired the land west of the park, notably the Disneyland Hotel in 1989 following Jack Wrather's death in 1984, the Pan Pacific Hotel (now Disney's Paradise Pier Hotel) in 1995, and several properties north of the Disneyland Hotel in the mid to late 1990s.
After Walt's and Roy's deaths in 19, respectively, the Walt Disney Company would go on to achieve success with the multi-park, multi-hotel resort complex business model of Walt Disney World in Florida, which opened in 1971.