According to a report issued by Hospitality Advisors LLC, Hawaii's average room rate increased by 11.8 percent in July 2013 from the same month a year prior to $241.63. This increase helped the hotel industry to set a new record for most revenue earned and for the highest average daily room rate. However, industry experts warn that the rate of growth is slowing down. Starwood Hotels and Resort's Senior Vice President of Operations, Keith Vieira, stated, "I think we'll remain on a growth pace, but when your occupancy is running in the 90s percentage-wise it's unrealistic to see it keep rising. You have to grow your market through rate and that carries risk because of price point challenges."
Source: Honolulu Star Advertiser, 9-16-2013, 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
