According to a report released by Hospitality Advisors LLC and Smith Travel Research, the revenue per available room hit an all time high in February at $199.70 per night. This was a 16.4 percent increase from the same month a year prior. The average daily rate also rose by 13.1 percent to $233.30. Occupancy statewide increased by 2.4 percentage points to 85.6 percent. All together, Hawaii hotels collected $318 million in room revenue, which was a record for the month of February and was only slightly below the all-time record set in January 2013 of $328 million.
President of Hospitality Advisors, Joseph Toy, commented, “The growth in visitor arrivals was driven by the U.S. West (up 7.7 percent), U.S. East (up 3.7 percent), Japan (up 3.5 percent), and China, whose visitor count nearly tripled from the same period last year to 14,188 visitors.” The neighbor islands have also experienced growth and Toy noted, “Kauai had its strongest month since the global recession hit in March 2008.”
Hotel Manager for the Sheraton Waikiki, Matt Grauso, added, “We’re off to a very good start. 2013 overall is looking to be a banner year for us. We’re looking to exceed our forecast across all metrics, and we are showing year-over-year growth in all metrics. We have lots of success in our future,” he said. “In the summer months I expect that we’ll see new occupancy and rate peaks.”
Source: Honolulu Star Advertiser, 4-17-2013, 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
