This took me a while, definately more than 5 hours, but mostly that's because I decided to hand stitch some of the more difficult sections (like attaching the brim), embellished it as I went, and deviated from the original pattern in some areas. I'm sure anyone with a more focused attention span could manage to knock this out in not too much time.
For the material I just used an old pair of pants which also covered the decorative element quite nicely.