According to a report released by Hospitality Advisors LLC and Smith Travel Research, Hawaii’s hotel revenue in 2011 reached $2.87 billion. This represented a 12.7 percent increase from the year prior and was the largest annual growth recorded since 1996. The report noted that occupancy throughout the state was 73.4 percent, and increase from 70.7 percent in 2010. The average room rate was $189.62 per night, an increase from $174.84 posted a year prior. Hospitality Advisors president and chief executive officer, Joseph Toy, stated, “We are definitely still in recovery mode. Over the past four years, we’ve seen close to $2 billion in net income evaporate. It’s going to take a another two to three years to make that up.”
Source: Honolulu Star Advertiser, 2-8-2012, 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
