The Disneyland and Disney California Adventure theme parks will add a 700-room hotel in 2021, the resort's first new hotel since 2001.

The hotel will be located at the western end of the Downtown Disney retail and entertainment district. Connected to the resort's other three hotels via landscaped walkways and gardens, the hotel will have a monorail platform allowing direct access to the park as well as an upper-level restaurant and lounge that will offer guests views of Disneyland fireworks shows.

The hotel will also include ground-floor shops and restaurants as well as water elements.

Disney said the property will be a Four Diamond hotel, in reference to the AAA rating which requires a property to be "refined, stylish with upscale physical attributes, extensive amenities and a high degree of hospitality, service and attention to detail." Just 5.9% of the nearly 28,000 hotels listed by AAA make the Four Diamond list.

The hotel will be Disneyland's first since the 1,019-room Grand Californian Hotel & Spa opened along with California Adventure in 2001.

The hotel is also part of the $1 billion of projected theme park improvements Disney announced in 2015 after Disneyland's home city of Anaheim agreed to extend a tax exemption on Disneyland ticket sales through at least 2046.

Per the terms of that 30-year agreement, Disney is obligated to invest at least $1 billion in the theme parks by the end of 2024. The tax moratorium will be extended another 15 years if Disney invests an additional $500 million into the resort by 2045.

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