Hilton Grand Vacations has acquired the Ohana Islander Waikiki Hotel for an undisclosed price from Outrigger Enterprises Group, which will manage the asset once Hilton transforms it into a time share.

The property at 270 Lewers St. will be re-branded the Hilton Grand Vacations Club — Waikiki Beach Walk when it welcomes its first guests in the summer of 2013. Interval sales of the property’s 143 one-bedroom suites will begin next summer.

Outrigger closed the Ohana Islander Waikiki some years ago with plans to renovate and reopen it as a luxury boutique hotel, said Mel Kaneshige, Outrigger’s executive vice president of real estate and development. The chain decided to sell the property after "the financial crisis hit in the fall of 2008 and the market didn’t come back."

Hilton, which closed the transaction for the property on Thursday, was looking for another time-share project outside of Hilton Hawaiian Village, Kaneshige said.

"Outrigger’s Waikiki Beach Walk development offers an ideal new venue for the expansion of our brand on Oahu, and we’re eager to transform the Ohana Islander Waikiki Hotel into a sophisticated urban club property," said Mark Wang, Hilton Grand Vacations president.

Hilton will achieve greater efficiency by leveraging Outrigger’s substantial operational presence in the Waikiki Beach Walk area, said Bryan Klum, executive vice president for Hilton Grand Vacations Co. in the Asia Pacific.

"Hilton Worldwide and Outrigger Enterprises already have a proven track record of successfully working together with the Embassy Suites Waikiki Beach Walk next door, and this represents an expansion of that relationship," Klum said.

With this transaction, Outrigger will be managing hospitality properties for Hilton, Marriott, Intercontinental Hotel Group and Wyndham, Kaneshige said.