The company, a division of Hilton Hotels Corp., began sales and construction of the 198-unit Kings' Land project earlier this week.

Prices for one week of annual use of the one- to three-bedroom units range from about $30,000 to $90,000. Initial units are slated for completion in August 2008.

Hilton's first time-share at the resort, a 120-unit project, recently opened and is expected to be sold out by early next year.

The Kings' Land project is on 30 acres of a 112-acre parcel that Hilton bought last year from Waikoloa Land Co. Hilton potentially could develop an additional 588 units on the undeveloped site.

Kings' Land is Hilton's third time-share development in Hawai'i. The company is developing the 331-unit Grand Waikikian at Hilton Hawaiian Village in Waikiki.

At Waikoloa, Hilton also operates the 1,280-room Hilton Waikoloa Village hotel, and manages The Bay Club at Waikoloa Beach Resort time-share.