HONOLULU--(BUSINESS WIRE)--
Hilton
Grand Vacations Inc.(NYSE:HGV) announces it has purchased from BSC
KVSC, LLC (“BSC”) a 1.05-acre site that currently includes King’s
Village, Hale Waikiki Hotel and Prince Edward Apartments. HGV plans to
develop a 32-story tower on the site, which will be its sixth property
in Honolulu.
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“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.
“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.”
Purchasing the King’s Village project is part of HGV’s continued efforts
to expand its portfolio on Oahu. Current timeshare occupancy is at 90
percent with strong interest from existing domestic and Japanese owner
families, which achieved a milestone of 60,000 Japanese Club Members
this year. This project will be HGV’s sixth resort on Oahu, increasing
the total count to 1,429 units. HGV’s most recent property was The Grand
Islander by Hilton Grand Vacations Club, which opened in March 2017.
Construction is anticipated to begin in the second quarter of 2019, with
project completion in the first quarter of 2022. The start of sales for
the property is expected to begin in the middle of 2020.
“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.
“Hilton Grand Vacations has a strong track record of operating
exceptional properties in Hawaii, and we wish them continued success.”
Located in the heart of Waikiki, the property will include 191 units,
comprised of studios and one-, two- and three-bedroom suites, many of
which will offer ocean views. Planned resort amenities include a fitness
center, pool, business center and owners’ lounge.
Important Notice
Statements in this press release that are not historical facts may be
forward-looking statements. Words such as “anticipate,” “believe,”
“expect” and “intend” indicate a forward-looking statement, although not
all forward-looking statements include these words. Forward-looking
statements involve risks and uncertainties that could cause the outcome
to be materially different.
About Hilton Grand Vacations Inc.
Hilton Grand Vacations Inc. (NYSE:HGV) is recognized as a leading global
timeshare company. With headquarters in Orlando, Fla., Hilton Grand
Vacations develops, markets and operates a system of brand-name,
high-quality vacation ownership resorts in select vacation destinations.
The Company also manages and operates two innovative club membership
programs: Hilton Grand Vacations Club® and The Hilton Club®,
providing exclusive exchange, leisure travel and reservation services
for more than 295,000 Club Members. For more information, visit www.hgv.com
and www.hiltongrandvacations.com.
About BSC KVSC, LLC
BSC KVSC, LLC is a partnership that includes BlackSand Capital, The
MacNaughton Group, Kobayashi Group and others. BlackSand Capital is a
real estate private equity firm focused solely on Hawaii real estate
across all property sectors. The MacNaughton Group specializes in luxury
residential, retail and hospitality development, acquisition and
management. Kobayashi Group is a privately owned and managed boutique
real estate and development firm with its focus solely in Hawaii.
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For Hilton Grand Vacations Inc.
MEDIA:
Erin
Pagán, 407-613-3771
Erin.Pagan@hgv.com
Source: Hilton Grand Vacations Inc.