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Blackstone plans to build a 37-story, 418-unit timeshare tower in Hawaii on property it is buying from the Hilton Hawaiian Village in Waikiki, Hilton Worldwide announced Thursday during its first earnings call since going public in December.
Hilton representatives could not confirm whether Blackstone (NYSE: BX) is buying the entire Hilton Hawaiian Village property, or only the parcel of land at the corner of Kalia Road and Paoa Place, where the timeshare tower will be developed.
Christopher J. Nassetta, president and CEO of Hilton Worldwide (NYSE: HLT), said during the earnings call that the company recently entered into a transaction to sell land and entitlements it obtained over the last few years, which would create “significant incremental value from what has been a non-income producing part of the resort,” adding that it is a loading dock.
Executive Vice President and CFO Kevin Jacobs said the company recently made a purchase and sale agreement with a Blackstone-led partnership with third party capital investors for the sale of land and entitlement rights in connection with the planned timeshare. He added it will be called the Grand Islander.
Blackstone recently registered BRE Grand Islander LLC as a new business with the state Department of Commerce and Consumer Affairs.
Hilton had been planning to build the timeshare tower as the first phase of its master redevelopment plan.
http://www.bizjournals.com/pacific/n...are-tower.html
Hilton representatives could not confirm whether Blackstone (NYSE: BX) is buying the entire Hilton Hawaiian Village property, or only the parcel of land at the corner of Kalia Road and Paoa Place, where the timeshare tower will be developed.
Christopher J. Nassetta, president and CEO of Hilton Worldwide (NYSE: HLT), said during the earnings call that the company recently entered into a transaction to sell land and entitlements it obtained over the last few years, which would create “significant incremental value from what has been a non-income producing part of the resort,” adding that it is a loading dock.
Executive Vice President and CFO Kevin Jacobs said the company recently made a purchase and sale agreement with a Blackstone-led partnership with third party capital investors for the sale of land and entitlement rights in connection with the planned timeshare. He added it will be called the Grand Islander.
Blackstone recently registered BRE Grand Islander LLC as a new business with the state Department of Commerce and Consumer Affairs.
Hilton had been planning to build the timeshare tower as the first phase of its master redevelopment plan.
http://www.bizjournals.com/pacific/n...are-tower.html