Hilton Hawaiian Village breaks ground for $415 million timeshare tower
WAIKIKI (HawaiiNewsNow) -
After seven years of planning, The Hilton Hawaiian Village broke ground Tuesday on its newest addition.
The 37-story luxury timeshare tower called 'The Grand Islander' in Waikiki will be built on the Hale Koa side of the property along Kalia Road with some views of Fort DeRussy Beach.
Blackstone Real Estate partners is providing the capital for the 418-unit addition. It will be the sixth tower of its size with $415 million invested into the project.
"This celebration is a testament of Blackstone's longstanding relationship with Hilton," said Tyler Henritze, senior managing director of Blackstone. "We couldn't be any more proud of what Hilton in this project will do for the state of Hawaii, creating more than a 1,000 jobs."
City leaders welcome the new high-rise while noting that Waikiki is almost at full occupancy.
Honolulu Mayor Kirk Caldwell was on site at the groundbreaking ceremony at Hawaii's largest resort.
"This is a moving forward, providing more inventory, more product for the people who want to come to the great place of Waikiki and so I'm really grateful for this investment," he said.
The Grand Islander is slated for completion in early 2017.