Oahu's first hotel “;superpool”; is set to open today, the first in a series of upgrades in the $1 billion redevelopment of the Sheraton hotels in Waikiki.

Sheraton Waikiki's $8 million development - featuring a 70-foot water slide - is intended to reposition the hotel into a family-oriented destination and comes amid waning tourism that has forced many hotels to downsize.

“;We're positioning ourselves different than anybody else on the island,”; said General Manager Kelly Sanders, adding that the new pool is one of the key elements of its repositioning. “;It's going to do wonders for Sheraton and having something so unique and different on the island will be a huge draw. It's going to be a competitive advantage for us in the market.”;

“;Helumoa Playground”; is open to guests of The Royal Hawaiian as well and is part of the property's $200 million renovation, which is expected to boost occupancy and help the hotel diversify so that it's less reliant on Japanese business and is able to further expand its market mix.

The hotel is partnering with wholesalers to create a family package with the new pool and water features as its main selling point, while increasing efforts to nearly double group business, which is about 17 percent of its customer base. By 2010, the hotel expects to increase to 30 percent its group business, which typically flocks to neighbor island resorts that offer major water attractions and family activities.

“;In a down economy it's always nice to have something new to talk about to entice repeaters to come back,”; said Marsha Wienert, state tourism liaison.

The hotel doesn't expect an immediate return on its investment, but said it is a “;long-term investment in bringing back Waikiki as the destination in the Hawaiian Islands.”;

“;This is a big risk you take when you put this much money into something that really doesn't draw money,”; Sanders said. “;This is not going to be a money maker in and of itself, but it's going to drive the hotel occupancy and the average rate that way.”;

The new pool and water slide fronting the ocean between Sheraton Waikiki and The Royal Hawaiian replaces a smaller pool and event space used for outdoor functions, including luaus. Its opening was strategically scheduled during the 10-day holiday period - the busiest time for the property, which is sold out through the new year.

Besides new food and beverage offerings, the hotel will provide rum-based shave-ice cocktails with island flavors such as passion guava.

Sheraton Waikiki plans to shut down a smaller pool next week to build a new adult-only infinity pool, dubbed “;The Edge of Waikiki,”; which is slated to open in September.

“;The challenge is never knowing where business going to come from in an economy that is unstable,”; Sanders said. “;Despite the economy and uncertainty of what's to come, Waikiki wasn't created in a day. Our goal is to make sure we're capturing and delivering an amazing experience now and have a great product when the economy does return.”;