According to a report released by Hospitality Advisors LLC, the statewide hotel occupancy increased by 3.7 percent in 2012 to 76.9 percent. More importantly the average daily rate (ADR) for a hotel room had increased by 7.5 percent to $204.15 and the revenue per available room (revPAR) increased by 13 percent to $156.99. This equated to a total revenue for the hotel industry of $4.81 billion, an increase of 13.8 percent from a year prior. President and Chief Executive Officer for Hospitality Advisors, Joe Toy, was very optimistic about the coming year and stated, “I think we’ll set some additional records in 2013. Still, I don’t think that we’ll see an even distribution of occupancy and revPAR until 2014. The Big Island has to come back first.”
Source: Honolulu Star Advertiser, 2-11-2013, 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
