According to a report released by Hospitality Advisors LLC, Hawaii hotels set several records in June 2014. Occupancy statewide was at 76.3 percent while room revenue reached a new high of $289 million thanks to a 3.3 percent rise in average daily rate to $235.82. Revenue per available room (RevPAR) increased by 3.9 percent to $179.93, also a June record. Joseph Toy, the president and CEO for Hospitality Advisors LLC, stated, "In March, April and May, the industry was concerned because the booking pace had fallen and people were waiting to purchase until closer to their arrival dates. There were concerns about summer, but everyone has been pleasantly surprised by the strong pickup over the last four months."
David Caret, the president and CEO of Outrigger Enterprises Group, commented, "We're cautiously optimistic about the balance of the year. We've seen some velocity in bookings and some recovery from the softness in the first part of the year that wasn't as soft as we originally thought. So far so good. I think next year's going to be OK, too."
Source: Honolulu Star Advertiser, 8-28-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
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