According to a report released by the Hospitality Advisors LLC and Smith Travel Research, hotel occupancy rates increased to 80.7 percent statewide in January 2013. This represents a 1.7 percentage point increase as compared to the same month a year prior. Even more importantly, the average daily room rates increased by 11.3 percent to $231.02 as compared to January 2012. In terms of revenue per available room, there was a 13.7 percent gain to $186.43. Overall, hotels had a total revenue of $328 million during the first month of this year.
Hyatt Regency Waikiki Beach Resort & Spa’s General Manager, Jerry Westenhaver, commented, “The train keeps rolling. We came off as an industry one of the best revenue years that we’ve seen, and then the first quarter surpassed last year’s first quarter. We think that the second quarter should follow suit. There is nothing out there in the horizon that indicates that the first half of the year won’t be as good or better than it was in 2012.”
Joe Toy, the president and CEO of Hospitality Advisors LLC, added, “Strong recovery and real growth in Oahu’s visitor market is really driving room revenues. It’s a nice beginning, but I don’t think that we’ll see full recovery across all islands until 2014. The Big Island had a few groups in January, and that helped boost their market, but I still stand by my year-end forecast for them. We’ll have to see Maui’s group market firm up a little more before the overflow goes to the Big Island. While Kauai is mostly a leisure and time-share market, some key resorts like Princeville and Poipu also could benefit.”
Source: Honolulu Star Advertiser, 3-12-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
