According to a report released by Hospitality Advisors LLC and Smith Travel Research, hotel occupancy in the state of Hawaii decreased by 1.1 percent to 71.7 percent, as compared to the same month a year prior. However, despite this decrease in occupancy rate, the average daily rate (ADR) for May increased by 9.5 percent to $207.41 and the revenue per available room (revPAR) increased by 7.9 percent to $148.71. The island of Oahu actually saw increase in occupancy rate at 80.4 percent, while the Big Island of Hawaii had the lowest rate in the state at 52.6 percent. The island of Maui posted a 66.4 percent occupancy rate while the island of Kauai had a 66.9 percent occupancy rate.
Hyatt Regency Waikiki Beach Resort & Spa General Manger, Jerry Westenhaver, commented, "When people ask us if we have a shoulder season, we say that don't have one anymore. Occupancy has been pretty consistent in Waikiki. We (the Hyatt) are running at 94 percent for most of the summer, and our drop to 88 or 89 percent is someone's best month in other parts of the country." Outrigger Enterprises Group's Executive Vice President of Hospitality Service, Barry Wallace, added, "We've had almost 24 months of double-digit revPAR growth driven by the price. It can't go on forever. In May of last year, occupancy recovered and room rates were high, so there's not much room for improvement on Oahu. However, we've got a ways to go on some of the neighbor islands."
Source: Honolulu Star Advertiser, 7-12-2013, 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
