Blackstone (NYSE:BX) today announced the development of a new 418-unit vacation ownership tower at Hilton Hawaiian Village Waikiki Beach Resort, creating more than one thousand jobs. An official groundbreaking ceremony marked the construction launch of The Grand Islander by Hilton Grand Vacations Club ®, slated for completion in early 2017. A Blackstone-managed fund, Blackstone Real Estate Partners VI, is providing the capital for this new tower. It has 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.
The 37-floor tower will be constructed adjacent to the Tapa Tower along Kalia Road and will offer views of the Pacific Ocean and immediate access to the sprawling 22-acre oceanfront Hilton Hawaiian Village Beach Resort.
More than 3,000 people work throughout the Hilton Hawaiian Village campus in the hotel towers, vacation ownership properties, restaurants and retail outlets. In the short term, the development of The Grand Islander will create hundreds more jobs in the construction sector and through affiliated suppliers, as well as more than 900 additional jobs in operations, sales and marketing in the coming years.
The traditional Hawaiian blessing and ceremony was hosted by Tyler Henritze, Senior Managing Director at Blackstone; Mark Wang, Executive Vice President, Global Sales and President, Hilton Grand Vacations for Hilton Worldwide; Jerry Gibson, Area Vice President for Hilton Hawaii; Honolulu Mayor Kirk Caldwell, and other local dignitaries.“We are thrilled to partner with Hilton Worldwide to bring a new timeshare offering to the Hilton Hawaiian Village Beach Resort,” Tyler Henritze said. “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.”