HONOLULU — Hilton Grand Vacations Inc. (NYSE: HGV) has purchased a one-acre site in Honolulu’s Waikiki neighborhood with plans to develop a 32-story timeshare resort. The site currently houses King’s Village shopping center, Hale Waikiki Hotel and Prince Edward Apartments.
Construction is slated to begin in the second quarter of 2019, with project completion in the first quarter of 2022. The property will include 191 timeshare apartment units, comprised of studios, one-, two- and three-bedroom suites. Resort amenities will include a fitness center, pool, business center and owners’ lounge.
The project will be HGV’s sixth resort on the island of Oahu, increasing the total count to 1,429 units.
“Building on our local development history that started with the Lagoon Tower in 2000, our latest project in Waikiki will assure that HGV continues to offer lifetime vacation experiences to our next generation of owners,” says Mark Wang, president and CEO of HGV.
Orlando-based HGV is a global timeshare company that develops, markets and operates vacation ownership resorts in select vacation destinations. The company’s stock price closed at $32.58 per share on Tuesday, Sept. 25, down from $38.57 per share one year ago.
BSC KVSC LLC, a partnership that includes BlackSand Capital, The MacNaughton Group, Kobayshi Group and others, sold the site to HGV for an undisclosed price.
— Kristin Hiller