Hilton Grand Vacations Inc. announced today that it has purchased a 1.05-acre site that currently includes King’s Village in Waikiki from BSC KVSC, LLC (“BSC”), with plans to develop a 32-story tower.
BSC KVSC, LLC is a partnership that includes BlackSand Capital, a real estate private equity firm focused solely on Hawaii real estate, The MacNaughton Group, Kobayashi Group and others. The purchased site also includes the Hale Waikiki Hotel and Prince Edward Apartments.
“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, Hilton Grand Vacations, in a news release. “We’re also excited that this project will be the first Hawaii location for our Hilton Club, which offers premium levels of design and amenities.”
Hilton Grand Vacations said the 32-story tower would be its sixth property in Honolulu, and that the purchase is part of its continued efforts to expand its portfolio on Oahu, which would bring its total count of timeshare units to 1,429. In March 2017, HGV opened The Grand Islander by Hilton Grand Vacations Club in Waikiki.
Construction for the tower is anticipated to begin in the second quarter of 2019, with completion in the first quarter of 2022. Sales of units are expected to begin in the middle of 2020.
The tower is expected to offer 191 units, including studios, one-, two- and three-bedroom suites, many of which will offer ocean views, and amenities including a fitness center, pool and owners’ lounge.
“We are glad to see the project moving forward under the current approvals, as we believe it will be good for the neighborhood, the Waikiki area and our local economy,” says Bryan Li of BSC KVSC, LLC in a statement. “Hilton Grand Vacations has a strong track record of operating exceptional properties in Hawaii, and we wish them continued success.”