In a recent announcement, it has been revealed that well known New York Holding company, Leucadia National Corp, has joined forces with TATOC and RDO members, Marriott Vacation Worldwide, whom together, intend to renovate part of Waikoloa Beach Marriott Resort & Spa, Hawaii.
Marriott’s are reported to be parting with a total spend of well over $40 million dollars on this conversion project which will see as many as 240 rooms at the Waikoloa Beach resort be converted into around 112 timeshare units. Working with an affiliate company of Leucadia, 54 Madison Partners is a real estate investment group which has confirmed on their website that the Waikoloa project is infact one of their current developments, and has stated that the project is progressing as expected.
The popular Waikoloa Beach Marriott Resort, regarded as the second largest on the island, opened its doors in 1981 with 555 rooms throughout. This conversion will see nearly half of their rooms be renovated and sold off. Marriott’s have announced their intention to begin selling these units with immediate effect and to make them inhabitable by 2017.
Timeshare giant Marriott’s operates more than 60 luxury resorts with 400,000 owners and members — including such brands as Marriott Vacation Club, Grand Residences by Marriott and The Ritz-Carlton Destination Club.
Leucadia National Corp, also known as Baby Berkshire Hathaway due to its diverse portfolio of holdings is known to have many other subsidiary companies that deal with the likes of mining and drilling services, telecommunications, healthcare services, manufacturing, banking, real estate and wineries.
With the trend for hotel conversion taking off on the Hawaiian island, Marriott’s are also showing interest in revamping Ko Olina Beach Club situated in the West Oahu, with plans to add 190 timeshare units to this resort also.
As Hawaii’s hotel’s occupancy had taken a hit in the last 10 plus years showing a 2000 drop, is this Marriott trying to renew tourists love of this blissful island.
For more information regarding this article or assistance in any other timeshare related issues please contact the TCA on 01908 881058 or email: info@TimeshareConsumerAssociation.org.uk