Two hotels will be built at Waikoloa Plaza, the 18-acre shopping and entertainment hub in Waikola Village that is nearly half completed.

The plaza fills out a portion of an estimated $700 million master-planned project that sits on 47 acres purchased by developer Meridian Pacific for $24 million in 2018.

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Meridian’s interest in developing commercial and residential real estate in Waikoloa Village began after the deveoper broke ground on the 113,425-square-foot Puna Kai Shopping Center in Pahoa in 2017.

Construction of Waikoloa Plaza will include two new hotels as part of its “mix-used development project that will add more retail and restaurants, including a Foodland supermarket to the Hawaii Island community,” Meridian said in a statement.

Located at 68-1820 Waikoloa Road, just east of Queen Kaahumanu Highway about five miles from the coast, the commercial center will also includes “320 apartments, with 166 apartments built and leased,” Meridian Pacific President Gary Pinkston told West Hawaii Today.

Ace Hardware and Foodland super market will act as anchors for a myriad of retailers and hospitality services, including a Candlewood Suites and Holiday Inn Express.

Candlewood Suites is set to be the first location in Hawaii. The Holiday Inn Express will be the third on Hawaii Island, with two other locations in Kailua-Kona.

“The reason we’re building the hotels is to service the upper-middle-class market,” Pinkston said. “Whereas today, many hotels are $800 to $2,000 a night, and we’d have hotel rooms for between $300 and $400 a night.”

The Candlewood Suites is expected to cost about $48 million to build, with construction projected to begin in 2027 and an opening date sometime in 2028. The hotel is designed for 110 rooms totaling three floors.

The Holiday Inn Express is expected to cost about $65 million, with construction projected to begin late this year and an opening date sometime in 2027. The hotel is designed for 140 rooms.

Both hotels are expected to generate about 100 jobs, Pinkston said.

An opening date has not yet been announced for Foodland, Hawaii’s largest locally owned and operated grocery retailer. From dining to automotive parts, a bank and now Aloha Petroleum gas station, the plaza already is home to many services despite being only about half finished.

The following are a few eateries and a spa expected to open soon: 4K Yaikiniku; Churrascaria 808 Brazilian Steakhouse; Icy Bubble; Ikkyu Ramen; Selfie Café; SIPS Café, Bar, Shop; and The Spa of Waikoloa.

A recent addition to the plaza includes SmashDaddy’s 808, a burger joint focused on hand-smashed patties. A Starbucks and Quick Quack Car Wash are expected to open by 2026.

The Waikoloa Community Market is held the first Saturday of the month from 8 a.m. to noon at Waikoloa Plaza. The market features plants, crafts, gifts, an artisan bread and baked goods tent and live music.