Companies explore possibility of timeshare project in Kona

A large Las Vegas-based timeshare company is exploring development of a 144-unit project in Kona on Hawaii island with a New York-based investment fund.

Diamond Resorts International Inc., the timeshare firm that operates about 90 properties around the world, announced the tentative project with Och-Ziff Capital Management Group LLC on Wednesday.

Diamond said it expects to open initial vacation units in the first quarter of 2017 followed by more units in subsequent phases, but also said developing the project is subject to conditions including further assessment by Och-Ziff and obtaining permits.

A specific site wasn’t identified for the project, though Diamond owns a vacant 1.8-acre property in Kona.

Representatives of Diamond and Och-Ziff could not be reached Wednesday for more information.

David Palmer, president and CEO of Diamond, said in a written statement that he expects the project, if built, will support more than $400 million in time-share unit sales and complement the company’s inventory of timeshare properties and a recently opened sales center in Kona.

Diamond operates the 214-unit Point at Poipu vacation club on Kauai and the 412-unit Kaanapali Beach Club on Maui. The company also provides access for its members to about 200 affiliated time-share properties that it does not manage, including about 15 in Hawaii.