According to new information from the Honolulu-based Hospitality Advisors, Hawaii hotels made a profit for the first time in two years in March. Low occupancy has created a number of challenges in various industries affected by tourism, and it should be especially rewarding to see these gains, especially for those that survived the dry period.
Hotel room occupancy was steady statewide at an average of 70.6 percent full. This is a decrease from the 75.5 percent occupancy of February but it's still up year-over-year from the 65.2 percent occupancy of March in 2009.
It looks like room rates are continuing to drop, despite the increased occupancy, but price declines are slowing down. In March of last year, rates were $182.83/day but in March this year, rates were at $173.41/day. According to recent data, it seems like Maui visitors are taking advantage of cheap vacation packages that include the most competitive rates in airfare, accommodations, activities, etc.
Maui numbers showed the highest percent increase in room occupancy of all the islands, despite the fact that room rates, which also dropped the most, were still the most expensive.
The road to recovery is expected to be a long one, but with all the encouraging news, there's definitely a renewal of optimism for vacation rental owners and activity operators, among others.
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By Mark Harbison
April sales of previously-owned homes in the US jumped by 7.6 percent to a five-month high at 5.77 million, according to the National Association of Realtors (NAR).
While it is acknowledged that the expiration of the home buyer's tax credit at the end of April… Continue Reading
By Mark Harbison
According to new information from the Honolulu-based Hospitality Advisors, Hawaii hotels made a profit for the first time in two years in March. Low occupancy has created a number of challenges in various industries affected by tourism, and it should be especially rewarding to see… Continue Reading