Kihei, Maui will soon be the site of a new $300 million Hilton time share on a 28-acre beachfront property.

The Tokyo-based Capbridge Group and its local subsidiary, Capbridge Pacific LLC, said Thursday it has purchased the 28-acre beachfront property in Kihei formerly known as the Maui Lu Resort.

Capbridge said it is collaborating with Hilton Grand Vacations to redevelop the property into a timeshare resort that will break ground in late 2015 and open in 2017.

The $300 million redevelopment project is The Capbridge Group’s first venture in Hawaii and will be the first Hilton Grand Vacations property on the island of Maui, the companies said.