Blackstone Real Estate Group, which owns the Hilton Hawaiian Villages, has announced that they will be building a new 350-foot tall time-share tower. The tower will cost approximately $415 million to construct and will be The Grand Islander by Hilton Grand Vacations Club. According to the press release, there will be a total of 418 units in one, two and three bedroom configurations. Tyler Henritze, the senior managing director for Blackstone, stated, "Hawaii and Oahu, in particular, has been one of the best-performing lodging markets nationally over the last several years. We've had tremendous success partly as a function of the fact that it's been very challenging to build new hotel inventory. We are big believers in Hawaii and Waikiki, and we're glad to work in partnership with Hilton to develop a new time share to meet the demands of what seems to be an ever-increasing visitor market."
Jerry Gibson, the area vice president of Hilton Hawaii, added, "This project will bring the number of accommodation units at Hilton Hawaiian Village to about 4,000. We're excited to see it get started. We've spent the last five years getting ready for this project by enhancing the rest of the property. By the time that The Grand Islander opens in the next couple of years, almost everything will be brand new."
Source: Honolulu Star Advertiser, 6-3-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
