According to a report released by Smith Travel Research and Hospitality Advisors LLC, the Hawaii hotel industry has set new records in terms of revenue for the first half of 2012. The hotel industry receive a total of $1.6 billion in revenue during the first six months, which was an increase of 14.8 percent as compared to the first six months of 2011. Occupancy across the state increased to 77.1 percent (4.6 percent gain) with an average daily rate of $201.32 (7 percent gain). Revenue per available room aso increased by 13.8 percent to $155.22.
While the increase in occupancy and revenue is great news for the hotel industry, experts also note that operating expenses have also increased over the last few years. Hilton’s Regional Vice President of Sales and Marketing for Hawaii, Jon Conching, stated, “The current gains have been excellent, but we still have ground to make up, considering the previous three years of minimum ADR growth and increased operating expenses.”
Source: Honolulu Star Advertiser, 8-1-2012, 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
