Hilton Hawaiian Village Waikiki Beach Resort may be getting even bigger

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The Hilton Hawaiian Village Waikiki Beach Resort, the largest hotel in Hawaii, may be getting even bigger as its owner has recently entered into contracts to buy three parcels of land near its iconic 2,860-room resort, according to public documents.
In its first quarter earnings report, Park Hotels & Resorts Inc., a real estate investment trust spun off by Hilton Worldwide Holdings Inc., revealed that in April, it entered into two contracts for the purchase of three parcels of land near its Hilton Hawaiian Village hotel.
One of the contracts involves purchasing one of the parcels for $10 million. This deal is expected to close in the fourth quarter, the trust said.
Park Hotels also has an option to buy two more parcels, owned by a different seller, for $15 million. The trust said the contracts required a total deposit of less than $1 million, and that the initial option period on the second contract is one year and may be extended for up to four more years.
In earlier public documents, Park Hotels said it may develop a new hotel or time-share tower at the Hilton Hawaiian Village, which is the largest in the Hilton chain of hotels.
Park Hotels said that a future project at the 22-acre Hilton Hawaiian Village could involve developing a luxury hotel, time-share or residential project that would include retail at its "Ala Moana Land Parcel" located between the Grand Waikikian Tower and the Kalia Tower along Ala Moana Boulevard in Waikiki.
The potential opportunity would "optimize available floor area ratio" at the resort, according to Park Hotels. This new tower would be located on a stretch of land that currently has several retail and restaurant buildings on it, including Kobe Japanese Steak House.
The Hilton Hawaiian Village includes seven towers including the Lagoon Tower, the Grand Waikikian Tower, the Kalia Tower, the Tapa Tower the Diamond Head Tower, the Alii Tower and the Rainbow Tower, as well as the recently completed Grand Islander timeshare complex.


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