Leucadia National Corporation, a New York firm has entered into a partnership with Marriott Vacations Worldwide with aims to convert a timeshare project worth $38.5 million at a particular Hawaii hotel.
A real estate private equity investment affiliate of Leucadia known as 54 Madison Partners has partnered with Marriott Vacations. They are eager to convert about 240 rooms of Big Island’s Waikola Beach Marriott Resort & Spa into 112 time-share units.
On its official website, 54 Madison Partners mentioned the Waikola project as among its important ‘developments’.
The hotel is based on 69-275 Waikola Beach Drive and had opened in the year 1981 and has 555 rooms. This makes the hotel the second-largest hotel on Big Island, according to a research.
Marriott Vacations asserted that it would be planning to renovate the hotels’ unit at a cost of between $45 and $55 million. Marriott has said that the firm would start selling the units this year and would make them available to guests within 2017.
Marriott also plans to add 190 time-share units in West Oahu’s Ko Olina Beach Club.
This firm is in charge of 60 resorts with 4,00,000 owners and members that comprise brands like The Ritz-Carbon Destination Club, Grand Residences by Marriott and Marriott Vacation Club.
Leucadia has subsidiaries that are involved in real estate, manufacturing, healthcare, telecommunications, drilling and mining services, banking and winery businesses.
