Investor First, a Dublin-based real estate investment group, has raised $10 million (€7.5 million) from Irish investors to fund the building of an apartment/hotel complex near Disney World in Florida.

Called Emerald Cay, the development will cost about $55 million to complete, with the balance of funds coming from debt finance. It involves the building of 200 apartments - known as condos in the US - that will have access to common restaurants, bars, a swimming pool and other leisure facilities typically offered by hotels. The complex will be operated by a hotel group, which will rent the rooms on behalf of those who buy the properties. The apartments are aimed at investors.

Investor First has projected total sales of about $82 million after the complex is completed in September 2008.

The company said the apartments should prove appealing to buyers given their close proximity to Disney World, Sea World and Universal Studios. Orlando attracts about 48 million visitors annually and is second only to Las Vegas in hotel room stock in the US.

Investor First was founded five years ago and is headed by James Carroll, who is the company's majority shareholder. Carroll said investors provided $7 million in cash and could expect a 100 per cent-plus return from their investment over a 36-month period.

"Irish investors have a growing appetite for value-driven property deals in the US," Mr Carroll said.