According to a report released by Hospitality Advisors LLC, hotel revenue for the state of Hawaii was over $4 billion during the third quarter of 2013. This record setting amount has leads experts to believe that the state will set a new annual record for this year. For the month of September 2013, statewide occupancy was 73.5 percent and the average daily rate was $206.49. The average daily rate was 10.3 percent higher than what visitors paid in September 2012. The state's RevPAR or revenue per available room was $151.77, a 10 percent increase from the year prior. President and CEO of Hospitality Advisors LLC, Joe Toy, stated, "It's been an incredible year for revenue for the state's hotel industry. Through summer, the gains were driven by increasing sales and prices. During the last few months, we've still been gaining on the price side. As we head into the tail end of the year, we expect to see more room revenue gain; however, we are seeing some softening related to a lessening in U.S. consumer confidence and a weakening in the yen, which impacts our visitors from Japan."
Source: Honolulu Star Advertiser, 11-12-2013, 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
