Fairfield wouldn't disclose the contract price in a prepared statement. But area hospitality industry brokers tell GlobeSt.com on condition of anonymity the price will be more than the estimated development cost of $135 million or $500,000 per bungalow.

The seller was privately held Kona Hawaiian Vacation Ownership LLC. The resort is completing the 72-unit, first-phase which is designed as a Hawaiian village of the 1930s. Outrigger Enterprises Inc., Hawaii's largest hospitality company, will manage the property for an undisclosed fee.

Fairfield and Outrigger have signed a strategic marketing and development alliance which gives Fairfield its first Hawaii-based sales and marketing operation. The companies plan to do joint property acquisition and timeshare development deals in various Hawaii locations.