According to a report issued by Hospitality Advisors LLC, hotel rates in the state in Hawaii ranked second highest in the nation in terms of average daily rate (ADR) and revenue per available room (revPAR) behind only New York City. For the month of June 2013, Hawaii's ADR was $225.34 and the state's revPAR was $169.91. President and CEO of Hospitality Advisors, Joseph Toy, stated, "New York typically leads the U.S. because it's a business center and a gateway tourism city. Overall, Hawaii still has a strong market. It's just a little more moderated, but we expected that, based on the pent-up demand that drove the market in the first quarter. We were surprised by the softness in some areas of the market, and we've seen some shortening of booking windows, which tends to proceed market weakening. But if you look at where the hotel industry is now compared to three years ago, it's hard to imagine how far we have come. We've had an unprecedented rise in revenues not just for hotels, but for the overall visitor industry."
President and CEO of Outrigger Enterprises, David Carey, added, "The great strength has been Oahu. The neighbor islands are doing OK, but the Big Island's performance has been disappointing. Visitors finally are recognizing that Hawaii has a very high-quality hotel inventory. We don't have a lot of budget product here."
Source: Honolulu Star Advertiser, 8-12-2013, 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
