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2000 and BeyondThe new millennium has brought further growth for Outrigger, both in Hawaii and into the expanded Asia-Pacific region. In itscontinuing efforts to grow and diversify the company, in 2002, Outrigger entered the rapidly expanding timeshare industry by signinga strategic marketing and development alliance with Wyndham Vacation Ownership, the world’s largest vacation ownership companyand today provides on-site management services at five Wyndham Vacation Ownership properties in Hawaii.Outrigger’s Waikiki Beach Walk, to date the largestredevelopment in the history of Waikiki, has beenan unmitigated success and catalyst for furtherimprovements in the area. The $535 million, 1.5 millionsquare foot retail, dining, entertainment, and hoteldevelopment has transformed nearly 8 acres withinWaikiki into a vibrant pedestrian-friendly gatheringplace that attracts both visitors and locals alike.Waikiki Beach Walk ®Also in 2002, the Honolulu City Council approvedOutrigger’s plans to proceed with the Waikiki BeachWalk project, a 7.9-acre redevelopment of thearea bordered by Kalakaua Avenue, Lewers Street,Kalia Road, Beachwalk and Saratoga Road.The official groundbreaking for Waikiki Beach Walk tookplace on April 1, 2005. This included the demolitionof several legacy properties – the OHANA Edgewater,OHANA Coral Seas, OHANA Royal Islander andOHANA Reef Lanais hotels, as well as the completeoverhaul and repositioning of several other hotels.Just 18 months later, on December 18, 2006, the brandnew Embassy Suites-Waikiki Beach Walk (formerly theOHANA Waikiki Tower and OHANA Waikiki Villagehotels) opened its doors. The new Wyndham VacationOwnership (formerly the OHANA Reef Towers) hadopened one month earlier. In quick succession overthe next few months, six restaurants and over 40 newshops and boutiques opened, bringing a rejuvenatedsense of excitement and renewed life into the area.In January 2009, Outrigger Reef on the Beach finisheda $110 million transformation that is now the landmarkanchor to Waikiki Beach Walk. The new Outrigger Reefis a stunning new oceanfront haven of elegance, comfort,gracious hospitality, and unparalleled commitment toHawaiian culture. As one of the state’s foremostsupporters of Hawaiian culture, Outrigger Reef onthe Beach highlights the remarkable achievements ofHawaii’s courageous ocean voyagers and honorsthe deep relationship between Hawaii’s people andthe sea. The hotel’s stunning cultural assets werehonored by the Hawaii Tourism Authority’sprestigious Keep It Hawaii Award.Outrigger Reef on the Beach- 8 -