The Grand Waikikian will be operated by Hilton Grand Vacations Company, the timeshare division of Hilton Hotels Corp. The project, scheduled for completion in late 2008, will be the company's fourth timeshare development in Hawaii. The Grand Waikikian will join HGVC's existing 236-unit Lagoon Tower and 72-unit Kalia Tower projects at the Hilton Hawaiian Village, and the recently opened 120-unit Hilton Grand Vacations Club at Waikoloa Beach Resort on the Big Island.

Projected to include 331 units, The Grand Waikikian will be built on a site adjacent to the Lagoon Tower and will feature 34 floors of one-bedroom and two-bedroom timeshare suites, plus an additional four floors of retail, office and guest amenity space. The top five floors of The Grand Waikikian tower will be designated as exclusive penthouse levels.

A&B affiliate buys third Sacramento area office building

An affiliate of Alexander & Baldwin Inc. has bought a two-story office building in Sacramento, representing the company's third real-estate acquisition in the area.

A&B Gateway LLC paid $12.4 million for the property with 58,700 square feet of leasable space. The seller was Fox Creek Fund LLC, a California-based investment group.