Hawaiian Village Beach Resort & Spa

Executives at the Hilton Hawaiian Village Beach Resort & Spa announced Wednesday that the company will redevelop the 22-acre Waikiki resort with the addition of two new time-share towers.

Hilton's ambitious multimillion-dollar master plan also calls for renovating the property's 46,000-square-foot retail district, Rainbow Bazaar, an improved street scape, and new retail shops along Kalia Road and Rainbow Drive leading to what will be an improved main hotel entry and front desk area.

The company did not disclose a specific cost estimate for the renovation.

Hilton also will add 8,780 square feet of new pools for adults and children. The property currently has six pools totaling 17,120 square feet, which will grow to 25,900 square feet after renovation. There also will be a new bar called the Hau Tree Bar.

The parking structure will be renovated with the addition of 132 stalls to bring its total to 1,951.

"The multiyear, multistage project comes at an opportune time," said Jerry Gibson, Hilton's area vice president. "It will add a new vibrancy to the entrance of Waikiki, adding to the state's tax base, creating long-term visitor industry jobs and providing our beleaguered construction industry with hundreds of quality jobs."

The hallmark of the master plan will be the two new time-share towers, which will double Hilton's Waikiki time-share inventory to more than 1,200 units when completed after 2015.

The first time share will be a 300-unit, 37-story tower to be built near the Kalia Road bus depot, just Diamond Head of Tapa Tower.

The second time share will be a 250-unit, 25-story tower to be built atop the redeveloped Rainbow Bazaar, which will be replaced with a two-story retail complex.

The project comes on the heels of the 2008 opening of the Grand Waikikian time share, which already is nearly half sold, said Bryan Klum, executive vice president for Hilton Grand Vacations Asia and Pacific region.

"2009 was the best year ever [for Hilton] in sales with a lot of demand from both the U.S. and Japan and we're increasing our inventory for the next 10 years to meet increased demand," Klum said.

Despite the slump in visitor arrivals in Hawaii, Hilton executives said time shares remain a strong and viable market for them.

Ted Middleton, Hilton Worldwide's senior vice president of development for the Americas, said another driver behind the project, which is expected to be fully financed by Hilton, is the favorable bidding and construction climate.

Established in 1955, the Hilton Hawaiian Village Beach Resort & Spa is wholly-owned by Hilton Corp.

It includes seven towers with a total of 2,971 guest rooms, suites and apartments and serves more than 2 million visitors and residents each year.