Blackstone announced this week that it had broken ground on the development of a new 418-unit vacation ownership tower at Hilton Hawaiian Village Waikiki Beach Resort, with an official ceremony that marked the construction launch of The Grand Islander by Hilton Grand Vacations Club®, slated for completion in early 2017. Blackstone Real Estate Partners VI, a Blackstone-managed fund, is providing capital for the 37-floor tower adjacent to the Tapa Tower along Kalia Road. The pricepoint of the project was not disclosed, but Blackstone did reveal that it appointed Hilton Grand Vacations, the vacation ownership division of Hilton Worldwide, to provide vacation ownership sales and marketing services, resort operations, timeshare homeowners' association management and loan servicing.
"We are thrilled to partner with Hilton Worldwide to bring a new timeshare offering to the Hilton Hawaiian Village Beach Resort," said Tyler Henritze, Senior Managing Director at Blackstone. "Combined with the quality of the Hilton Grand Vacations Club product and the Hilton brand, this destination will provide a fantastic vacation experience. We're pleased that Blackstone's investment will help create hundreds of jobs for the community, in line with our continuing commitment to Hawaii's tourism economy."
"It is our privilege to continue creating new ownership opportunities for our discerning clientele with a spectacular new Hilton Grand Vacations Club tower in Hilton Hawaiian Village," added Mark Wang, Executive Vice President, Global Sales and President, Hilton Grand Vacations for Hilton Worldwide. "This project combines the industry-leading sales, marketing and management expertise of Hilton Grand Vacations with the established development strength of Blackstone, and builds upon our history of strategic collaboration."
For more news and information visit Blumberg Capital Partners.
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