According to a report released by the Hawaii Tourism Authority, the time-share industry generated more than $45.8 million in state and county tax revenue and added 1,445 jobs to Hawaii's tourism industry during the past fiscal year which ended in June 2014. The report noted that time-share occupancy was 88.9 percent statewide, which was almost 12 percentage points higher than the hotel occupancy during that same period. Joe Toy, the president and CEO of Hospitality Advisors, commented, "The time-share industry is very healthy in Hawaii. I expect it will continue to expand. There's lots of motivation for people to buy here. Part of it is the ability to have a prepaid stay in Hawaii, but there's also a very strong redemption value if you want to exchange elsewhere. That's why there are even a lot of Hawaii residents that buy into time share."
Henry Perez, the chairman of the American Resort Development Association of Hawaii added that within the next two years, the island of Oahu and Maui are expected to add an additional 500 time-share units each, and that there are another 800 units planned for the Big Island of Hawaii. Perez noted, "This period of expansion is pretty close to the 2005-to-2008 time period. The time-share market gets hot when the visitor industry gets hot."
Source: Honolulu Star Advertiser, 12-9-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
