Hyatt entered the time-share market in Hawaii with the official opening of the Hyatt Kaanapali Beach, a Hyatt Residence Club Resort, on Friday.

The 131-unit time share was built on the grounds of the 40-acre Hyatt Regency Maui Resort & Spa.

For Hyatt, the opening was the culmination of a 15-year plan to join other hotel brands, like Starwood and Hilton, that have used time shares to expand their consumer reach.

"Fifteen years ago we determined that there was an opportunity to build an additional project within the overall resort campus and we thought this would be a great addition," said John Burlingame, president of Hyatt Vacation Ownership, an operating business of Interval Leisure Group and the operator of Hyatt Residence Clubs.

Burlingame said Maui’s lengthy permitting process and the financial crisis of 2008 delayed the project.

"In addition, the hotel went through two different ownership groups. The initial one and then Host (Hotels & Resorts Inc.), the new one, had to be comfortable with pursuing the project," he said.

The project is a joint venture with an affiliate of Host. It will add to the portfolio of 15 other shared-ownership resorts that are marketed and managed by HVO.

"I think Hawaii is an important destination for people to buy and exchange to and if you talk to Interval International they would probably tell you that Maui in particular has the most demanded properties in the system," Burlingame said.

To be sure, the time-share industry has been rapidly expanding in Hawaii. According to Hospitality Advisors LLC, between 2000 and 2013 time-share units in Hawaii grew from 6 percent of the state’s visitor accommodations to 15 percent, which represented 10,729 units.

HVO began marketing the Hawaii offering in the fall of 2013 and only recently extended those efforts to the 30,000 owners in its system. The product can be sold at HVO sales offices in Hawaii, California and Arizona.

"We’ve had a lot of our existing owners express interest," Burlingame said. "We have a strong demographic with household income in the $150,000 range for our core time-share projects."

While units in the project are still available, Burlingame said consumer demand has been strong.

"We are encouraged with where we are and look forward to continuing our sales," he said.

Seven-day intervals for the one- to three-bedroom units range from $40,000 to $180,000. Until the project is sold out, units are also available for rental at Hyatt.com.