While more traditional Hawai'i hotels are struggling with the tourism slump, the time-share business is going strong as evidenced by yesterday's opening of a new property in Waikiki.

Hilton Grand Vacations opened the Grand Waikikian at the Hilton Hawaiian Village Beach Resort & Spa, giving an additional boost to the rapidly growing lodging sector.

The 331-unit, all-suite Grand Waikikian is the company's fifth time-share development in Hawai'i. It joins the 236-unit Lagoon Tower and 72-unit Kalia Tower at the Hilton Hawaiian Village on O'ahu, as well as the 120-unit Hilton Grand Vacations Club at Waikoloa Beach Resort and the recently opened 198-unit Kings' Land by Hilton Grand Vacations Club, both on the Big Island.

"Waikiki continues to ride a wave of renewal, and Hilton Grand Vacations is pleased to play a significant role in that story, bringing a luxurious new resort to one of the world's most celebrated destinations and to Honolulu's best stretch of beach," said Mark Wang, president of Hilton Grand Vacations.

The time-share business has been the fastest-growing segment of Hawai'i's lodging industry in recent years. A sharp increase in the number of new time-share units helped boost the state's overall inventory of visitor accommodations in 2007, according to statistics compiled by the state Department of Business, Economic Development and Tourism.

There were 7,997 registered time-share units in 2007, up 16.2 percent from the year before. The growth in time-share, condominium hotel and individual vacation units helped offset a 1.7 percent drop in conventional hotel rooms, the data showed. Overall visitor accommodations rose 1.3 percent in 2007 from the previous year.

The 38-story Grand Waikikian bills itself as combining "the ambiance of a grand hotel, while offering the amenities of a resort condominium." The resort features one-, two- and three-bedroom suites, including five floors of penthouses.

The resort's new 5,000-square-foot pool, scheduled for completion in January, will feature a water slide, waterfalls and swim-through grotto terraces.

Hilton Grand Vacations Company, LLC is a division of Hilton Hotels Corp., the leading global hospitality company, with more than 3,000 hotels, resorts and vacation ownership properties.

The company owns, manages or franchises a portfolio of brands including Hilton, Conrad, Doubletree, Embassy Suites Hotels, Hampton Inn, Hampton Inn & Suites, Hilton Garden Inn, Hilton Grand Vacations, Homewood Suites by Hilton and The Waldorf-Astoria Collection.