Executives from the Hilton Hawaiian Village Beach Resort & Spa say that the company will be redeveloping the 22-acre Waikiki resort with the addition of two timeshare towers.

The multi-million dollar renovation will include the property’s retail district, Rainbow Bazaar, streetscape, and new retail shops. Hilton did not disclose the official cost estimate of the renovation.

Hilton will now add 8,780 square feet for new pools for adults and children. Currently, the property has six pools. The company will also construct a new bar, the Hau Tree Bar.

“The multiyear, multistage project comes at an opportune time,” explained Jerry Gibson, Hilton’s area VP. ““It will add a new vibrancy to the entrance of Waikiki, adding to the state’s tax base, creating long-term visitor industry jobs and providing our beleaguered construction industry with hundreds of quality jobs.”

The main spectacle of the project is the two timeshare towers, which will increase the property’s timeshare inventory by more than 1,200. The project is expected to be completed after 2015.

The first tower will be a 300-unit, 37-story tower. It will be constructed along the Kalia Road bus depot. The second timeshare tower will be a 250-unit, 25-story building that will be constructed on top of the Rainbow Bazaar.