Marriott Vacations Worldwide plans to develop its first Waikiki timeshare property with 110 units in a redeveloped King Kalakaua Plaza building and said Wednesday that the “new resort in Waikiki is expected to open in 2022.”
Marriott Vacations Worldwide (NYSE: VAC) first revealed plans for the new timeshare at the long-vacant property at 2080 Kalakaua Ave. last week at a Waikiki Neighborhood Board meeting.
The plan is to redevelop the four-story former Niketown building into a seven-story building with two floors of retail topped by 110 studio and one-bedroom units, with a rooftop pool, fitness center, and bar. Marriott Vacations said there will also be a 10,000-square-foot sales gallery on site.
Marriott Vacations Worldwide said in a news release that, subject to certain conditions being met, it expects to develop the “new property in a capital-efficient manner, with phased takedown overtime after the property opens, allowing the resort to begin sales before acquiring the inventory.”
“Waikiki has always been a dream vacation spot for our owners and guests,” Stephen P. Weisz, president, and CEO of Marriott Vacations Worldwide said in a statement. “We’re thrilled to have the opportunity to share with them the beauty and excitement of Honolulu and, especially, Waikiki.”
Marriott Vacations Worldwide currently has 12 resorts on four islands in Hawaii under four brands — Marriott Vacation Club, Westin Vacation Club, Sheraton Vacation Club, and Hyatt Residence Club.
“With this latest proposed location, we continue to pursue our strategic growth plan of delivering important sales distribution locations and exceptional properties in highly desired destinations,” Weisz said.
An affiliate of Woodridge Capital Partners acquired the King Kalakaua Plaza property last year for $51.25 million from Robertson Properties, which had been working on plans to add three levels to the building and redevelop it into a 230-room boutique hotel.
No building permits for the project had been filed as of Wednesday.
Meanwhile, Hilton Worldwide (NYSE: HLT) filed a building permit application on Tuesday for a 257-room hotel near the Daniel K. Inouye International Airport that will be branded as a Homewood Suites.