Diamond Resorts Sparkles in Hawaii

By Adriana Pop, Associate Editor

A new resort destination could soon rise in Kailua-Kona on Hawaii’s Big Island.

Las Vegas-based Diamond Resorts International, Inc. has recently entered into an agreement with an affiliate of Och-Ziff Real Estate for the development of the 144-key property.

View of Kailua-Kona from Holualoa

The project will be completed in phases, with the first units scheduled for delivery in the first quarter of 2017. The start of construction is subject to certain conditions precedent and rights of Och-Ziff Real Estate, including completion of due diligence, design and site plans, and obtaining required permits.

According to David Palmer, president & CEO of Diamond Resorts, the completion of this project will provide his company inventory to support more than $400 million in investment sales.

Diamond Resorts manages vacation ownership resorts and has a network of more than 330 vacation destinations in 34 countries throughout the continental United States, Hawaii, Canada, Mexico, the Caribbean, South America, Central America, Europe, Asia, Australasia and Africa.

Och-Ziff Capital Management, headed up by billionaire Daniel Och, is one of the largest institutional alternative asset managers in the world with about $46.8 billion in assets under management as of July 1.

Photo credits: Travis Thurston via Wikimedia Commons