Goldman and ASNY, a closely held Las Vegas-based company valued at more than $1 billion with properties in Hawai'i, last week formed a joint venture to own and operate Consolidated Resorts Inc., ASNY's main business. Terms weren't disclosed. New York-based Goldman acquired financial control of the venture, called ASNY Holdings LLC, while ASNY founder and Chief Executive Officer Arthur Spector, 60, kept control of operations, Chupinsky said.

The investment underscores the rapid growth in the time-share vacation business, where Marriott International Inc. and Wyndham Worldwide Corp. are the biggest operators.

"They are the two largest players in the industry and we expect to challenge them," Chupinsky said in a telephone interview. "Goldman brings worldwide resources for us and an asset-acquisition team. I have every rational expectation their golf course and other resort businesses will create tie-ins" for Consolidated Resorts.

The Marriott Vacation Club International division, which has 57 resorts with more than 356,000 owners, had sales of more than $1.83 billion in 2006, the 11th consecutive year of more than 20 percent revenue growth.

Wyndham Vacation Ownership operates about 150 resorts under its three main brands, with more than 800,000 owners. Wyndham had $1.74 billion of vacation ownership sales last year.

Goldman spokeswoman Gia Moron declined to comment.

"We expect to combine this platform with our extensive resources in Whitehall to continue to grow this business into what we believe will be a world leader in the vacation ownership industry," said Stuart Rothenberg, the Goldman managing director who heads the firm's principal real estate investing unit, in a June 14 statement.