The first Disney Vacation Club property, known as the Disney Vacation Club Resort (later renamed Disney's Old Key West Resort in January, 1996), opened on December 20, 1991 at Walt Disney World. In 1991, Disney had registered its time share plan with the state of Hawaii but did not establish an escrow agreement with Hawaii at the time of its creation. This allowed Disney to advertise its time share company in the state but did not allow for sales. On January 17, 1992, Disney Vacation Club was incorporated as Disney Vacation Development, Inc.
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