Hilton Grand Vacations Acquires OHANA® Islander Waikiki Hotel from Outrigger Enterprises Group

Project heralds expansion of thriving Hilton timeshare presence in Hawaii

Hilton Grand Vacations (HGV) and Outrigger Enterprises Group today announced that HGV has acquired from Outrigger the OHANA Islander Waikiki Hotel at 270 Lewers Street in Honolulu, Hawai`i.

HGV plans to transform the hotel into Hilton Grand Vacations Club - Waikiki Beach Walk^® - an upscale urban timeshare resort. HGV will manage the sales and marketing of timeshare intervals and will also oversee the timeshare homeowners’ association management. Outrigger will provide comprehensive onsite property management services.

Anchoring the northernmost stretch of Outrigger's celebrated Waikiki Beach Walk^® development at the corner of Kalakaua Avenue and Lewers Street, the new Hilton Grand Vacations Club will offer immediate access to Waikiki’s most vibrant showcase and gathering place for dining, shopping and entertainment. Following a dramatic renovation, the resort is slated to welcome its first guests in summer 2013, offering 143 luxurious one-bedroom vacation ownership suites and an array of upscale amenities. HGV's selection of key design professionals, including leading architecture and interior design firms, will be announced this summer, with extensive renovations slated to begin shortly thereafter.

According to Mark Wang, president of Hilton Grand Vacations, “We are excited to build upon the tremendous success of our three Hilton Grand Vacations Club locations at Hilton Hawaiian Village Beach Resort & Spa^® . Outrigger's Waikiki Beach Walk^® development offers an ideal new venue for the expansion of our brand on Oahu, and we’re eager to transform the OHANA Islander Waikiki Hotel into a sophisticated urban Club property. We are confident that our collaboration with Outrigger Enterprises Group will provide a tremendous vacation experience for our timeshare owners and guests. Our reputation for delivering extraordinary ownership options in renowned destinations will be further strengthened by this distinctive project.”

According to Mel Kaneshige, Executive Vice President Real Estate and Development for Outrigger, “Our new relationship with Hilton Grand Vacations fits perfectly within our 'Many Brands, One Ohana (Family)' strategy of managing not only our proprietary Outrigger and OHANA brands but other brands as well. With this transaction, Outrigger will now be managing hospitality properties for four of the top five global brands including Hilton’s Embassy Suites - Waikiki Beach Walk^® . This new Hilton Grand Vacations property at Waikiki Beach Walk^® will also add to the diversity of hospitality product available there and give guests one more reason to spend their vacations at Waikiki Beach Walk^® ."

Interval sales of Hilton Grand Vacations Club - Waikiki Beach Walk^® are anticipated to begin in the summer of 2012. The resort is projected to open in summer 2013, following the completion of an extensive renovation. Hilton Grand Vacations Club - Waikiki Beach Walk^® will debut as the seventh Hilton Grand Vacations Club affiliated resort in Hawaii; in addition to three thriving locations at Hilton Hawaiian Village Beach Resort & Spa, HGV operates three renowned resorts on the Island of Hawai`i.

For more information, visit hiltongrandvacations.com .

About Hilton Grand Vacations

Hilton Grand Vacations Company, LLC, is a division of Hilton Worldwide, recognized as the leading global hospitality company. Headquartered in Orlando, Florida, Hilton Grand Vacations develops, markets and operates a system of brand name, high-quality vacation ownership resorts in select vacation destinations. The company also manages and operates two innovative club membership programs: Hilton Grand Vacations Club® and The Hilton Club®, providing exclusive exchange, leisure travel, and reservation services for more than 167,000 Club Members. For more information, visit www.hiltongrandvacations.com .

About Hilton Worldwide

Hilton Worldwide is the leading global hospitality company, spanning the lodging sector from luxurious full-service hotels and resorts to extended-stay suites and mid-priced hotels. For 92 years, Hilton Worldwide has been offering business and leisure travelers the finest in accommodations, service, amenities and value. The company is dedicated to continuing its tradition of providing exceptional guest experiences across its global brands. Its brands are comprised of more than 3,700 hotels and 610,000 rooms in 82 countries and include Waldorf Astoria Hotels & Resorts, Conrad Hotels & Resorts, Hilton Hotels & Resorts, DoubleTree by Hilton, Embassy Suites Hotels, Hilton Garden Inn, Hampton Hotels, Homewood Suites by Hilton, Home2 Suites by Hilton and Hilton Grand Vacations. The company also manages the world-class guest reward program Hilton HHonors®. For more information about the company, visit www.hiltonworldwide.com .

About Outrigger Enterprises Group

Outrigger Enterprises Group is one of the largest and fastest growing privately-held leisure lodging and hospitality companies in the Asia Pacific and Oceania regions and continues to expand its presence throughout the area. A family-owned company with more than 60 years of hospitality experience, Outrigger runs a highly-successful, multi-branded line of hotels, condominiums and vacation resort properties, including Outrigger® Hotels & Resorts, OHANA® Hotels & Resorts, Outrigger Condominium Collection®, Embassy Suites®, Best Western®, Courtyard® by Marriott, and Wyndham Vacation Ownership®. Currently, Outrigger operates and/or has under development 44 properties with close to 11,000 rooms located in Hawaii, Australia, Guam, Fiji, Bali, Phuket, Thailand, Koh Samui, Thailand, Vietnam, and China. Outrigger Enterprises Group also operates and develops hotel properties and hospitality-related retail and real estate opportunities for partners in Hawaii, the Pacific, the mainland USA and Asia. For on-line information, log on at www.outriggerenterprisesgroup.com and www.outrigger.com .

About Waikiki Beach Walk ^®

Outrigger Enterprises Group's Waikiki Beach Walk^® is the largest development project ever to be undertaken in Waikiki. The nearly 8-acre area, bordered by Kalakaua Avenue, Lewers Street, Kalia Road, Beach Walk and Saratoga Road, has been completely rebuilt as a vibrant showcase and gathering place in the new Waikiki. With a total cost of $535 million, it features an outdoor entertainment plaza, 41 retailers, seven great restaurants, and five hotels. Incorporating a design theme that celebrates Hawaii's voyaging and ocean heritage and that takes advantage of the island's cooling trade winds and year-round excellent weather, Waikiki Beach Walk is the consummate expression of Hawaii today -- a place where people come to be enlivened with warm hospitality, a rich confluence of cultures, and nature's precious gifts from land and sea. For more information, visit www.waikikibeachwalk.com .

Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6740203&lang=en

Contact:

Hilton Grand Vacations
Elena Norman, +1 407-722-3178
enorman@hgvc.com
or
Hilton Worldwide
Cynthia Rankin, + 1 808-947-7817
cynthia.rankin@hilton.com
or
Outrigger Enterprises Group
Nancy Daniels, +1 808-921-6839
nancy.daniels@outrigger.com