John Gaylord, an elementary school principal at the Seoul Foreign School in Korea, will be checking into the Hilton's new timeshare product, The Grand Waikikian Resort, tomorrow, but he could not resist a sneak peak yesterday at his little piece of Hawaii in the sky.

“;Hawaii's a fabulous place to travel to. It's been the top leisure place of many years and for good reason,”; said Gaylord as he surveyed the city, ocean and Diamond Head views from one of the lanais in his penthouse unit.

Gaylord said he and his wife fell in love with Hawaii all over again last Christmas during his first visit to Oahu in 30 years. Since then, the couple has returned to the islands three times in one year and showed their newfound aloha for Oahu with the purchase of one of Hilton's spacious penthouse units, he said.

The economy might be soft and Hawaii's visitor industry may be down, but it's hard to equate these facts with the enthusiasm for the opening of Waikiki's first purposely built timeshare.

More than 200 owners and other guests will join Gaylord tomorrow for the official grand opening, which celebrates a real market anomaly. All other timeshare products in Waikiki, except for the Grand Waikikian, were converted from older apartments or hotel buildings, and these days the credit crunch has ensured that few timeshare projects are making it out of planning.

But Mark Wang, president of Hilton Grand Vacations, said he's not worried about timing.

“;We're 27 percent sold — that's actually ahead of pace,”; Wang said. “;We thought we'd only be about 20 percent sold out by this time.”;

Japanese empty nesters and multi-generational travelers have gravitated to the product, which has also seen strong interest from buyers on the U.S. West Coast and other parts of North America, Wang said.

  While Wang said the average buyer has spent $60,000 a week, the project's higher-end product has seen good pickup.

  “;The $300,000 weeks have sold out during this release,”; said Bryan Klum, executive vice president of Asia/Pacific for Hilton Grand Vacations. “;The people who are traveling are the ones that want to come.”;

The 331-unit Grand Waikikian by Hilton Grand Vacation Club is the company's fifth timeshare development in Hawaii and finest offering to date. The company also runs two others on Oahu and two on the Big Island.

Suites at Hilton's newest offering retail for $45,000 to $300,000 for one-week stays at the one, two and three bedroom units. Each suite features an outdoor lanai, full kitchen, washer and dryer, complimentary high-speed wireless Internet access, flat-screen TVs, deep soaking tubs, upscale furnishings and rich wood and stone details. The resort will also have a 5,000-square-foot pool, scheduled for completion in January that will offer a waterslide, waterfalls and swim-through grotto terraces.

In deference to the luxury market, there are also five penthouse floors, offering a separate check in-area, concierge and lounge. On the penthouse floors — from 35 to 39 — suites are appointed with amenities designed to appeal to the project's primary Japan market. These suites feature Japanese house wares and Jacuzzi tubs for extended soaking.

“;We are trying to make the Japanese buyer feel very comfortable with our product,”; said Dione T. Lewis, the Grand Waikikian's general manger.

The timeshare also features a pre-arrival and post-departure lounge, Lewis said. Guests at the lounge can unwind and take showers before checking in or after checking out of the property, she said.