Marriott Vacations Time-Share Option Coming to the Big Island
- Jun 23, 2015
Marriott Vacations, one of the world’s largest time-share companies, agreed to purchase 240 rooms at the 555-key Waikoloa Beach Marriott Resort & Spa on the Big Island.
According to the Pacific Business News, the company is spending $38.5 million on the acquisition of these vacation ownership units, which it plans to convert into 112 timeshare condos.
Upon completion of the transaction sometime next year, the Orlando-based company plans to spend an additional $45 million to $55 million on renovations. The new resort condos, which should be ready for occupancy by 2017, will become part of the Marriott Vacation Club Destinations program. Sales are expected to begin in 2016.
The Waikoloa Beach Marriott Resort & Spa changed owners in February. The 16-acre property is currently owned by SMG | Hotel Waikoloa LLC, a joint venture between Colorado developer Silverwest Hotel Partners LLC, private equity firm Mariner Real Estate Management and an affiliate of Global Endowment Management, and managed by Marriott International.
The partnership purchased the resort from a Blackstone affiliate for approximately $68 million, according to public records.
Marriott Vacations currently operates more than 60 resorts with 400,000 owners and members across its world renowned timeshare brands, including Marriott Vacation Club, Grand Residences by Marriott and The Ritz-Carlton Destination Club.
Photo credit: www.marriott.com
Check out an executive insight into today’s timeshare industry.