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Hilton Buys Hawaiian Property

The company completed a deal to acquire 112 acres of land for $65 million.
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Hilton Hotels

(HLT) - Get Report

is picking up a big piece of Hawaiian real estate, suggesting a new resort is in the works.

The hotel company announced Wednesday that it completed a deal to acquire 112 acres of undeveloped land on Hawaii's big island from Waikoloa Development for $65 million. The site is "relatively" close to the existing 1,241-room Hilton Waikoloa Village, a company spokesman said.

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Hilton won't disclose what it plans to do with the property, saying it's still working on development details. Hawaii is a key market for Hilton, and business there has been strong recently.

In a separate transaction in May, the company completed the purchase of the land under the Waikoloa Village, which it had previously leased.

Shares finished Wednesday up 74 cents, or 3.3%, at $22.92.