Kona Hawaiian Village, a bungalow-style timeshare resort near Kailua-Kona, has been sold to Orlando, Fla.-based Fairfield Resorts, opening the 33-acre Big Island property to Fairfield's 450,000 timeshare owners. Fairfield Resorts buys
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Kona timeshare propertyStar-Bulletin staff
Built specifically for timeshare, the resort opened its first units for occupancy a year ago and has 72 units open. The project is being built in phases for an eventual total of 270 units.
The purchase price was not disclosed. The seller was Kona Hawaiian Vacation Ownership LLC, a Hawaii-based timeshare developer headed by Alan Dickler.
Fairfield is part of Cendant Corp., which also owns Cheap Tickets. According to Securities & Exchange Commission filings, Fairfield had second-quarter revenues of $210.5 million, up 14.5 percent from a year-earlier $183.8 million.
Fairfield said it expects to integrate Kona Hawaiian Village into its FairShare Plus points program within the next three to four months.
The Kona Hawaiian Village deal is the second Hawaii move by Fairfield in just over a week. The company announced July 18 that it has entered an alliance with Outrigger Hotels & Resorts to market Hawaii travel packages to its customers, using Outrigger properties.
Kona Hawaiian Village, designed and built specifically for timeshare, is just south of Kailua-Kona and has no connection with the Kona Village, a long-established resort north of the town.