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Wailea Accommodations Performance Leads the State in May

South Maui accommodations lead the state in May.
July 17, 2015

Wailea Accommodations Performance Leads the State in May

Maui HomesAccording to a recent report from Hospitality Advisors, Maui hotel rates increased by 10 percent in May, compared to the same month last year. This substantial increase says a great deal about the performance of the visitor industry, which affects numerous aspects of life on the island. It can mean opportunity for those who rent their Maui homes and condos to visitors. For example, if you want a second Maui home but you don't know how often you'll be able to make use of it, you can earn some extra income by enlisting a property management company to rent it out.

A little more on those statistics first. The average room rate of a Maui hotel hit a new record in May, reaching $279.10 per night. The increase was precipitated by a jump in visitors who were spending more. Just as much media attention has been focused on Maui's revenue per available room (RevPAR) performance. This figure also hit a new May record, reaching $199.84. What it means is that Maui hotels generated an average of $199.84 per night from each of their rooms. That's a 17 percent increase, year-over-year in May. It was also the biggest gain among the Hawaiian islands.

The report revealed that RevPAR for Maui's luxury class visitors increased 20 percent to $330.64, which is why the statistic saw such a substantial boost. Considering that Maui's RevPAR increased more than the other islands, it tells you that the island attracts wealthier visitors. That's another factor to keep in mind if you want to rent out a second Maui home. The luxury class also spent an average of $464.38 on room rates, which was a 7.7 percent increase, year-over-year. Hotel occupancy also increased for the luxury class, by 7.5 percentage points to 71.2 percent. Meanwhile, island-wide occupancy was up 4.3 percent to 71.6 percent.

The report really got interesting when it revealed that Wailea hotels saw the biggest rate increases, with a 10 percent bump up, settling at $406.41. As South Maui real estate experts, we realize this has some promising implications for Wailea home and condo accommodations. Wailea's RevPAR was also up an impressive 15 percent to $306.84, which was at least $130 higher than every other region in the state, outside of Maui.

If you are interested in buying a South Maui home and you want expert assistance, you'll find our contact information at the bottom of the page. We would be happy to help you through every step of the process. We hope you've found this information useful. Mahalo!

Blogs for July 2015

Existing Home Sales Reach Highest Levels since 2007

Posted on July 31, 2015
Existing Home Sales Reach Highest Levels since 2007

We're a long way from those recession days of foreclosures, short sales, and real estate steals. The National Association of Realtors (NAR) recently released stats revealing that existing home sales are at their highest level since 2007. Not only that, but the median… Continue Reading

Hawaii Energy Cooperatives vs Next Era Energy

Posted on July 24, 2015
Hawaii Energy Cooperatives vs Next Era Energy

For those of you prospective Maui real estate owners who have been checking in on the NextEra Energy acquisition of Hawaiian Electric Co., some new possibilities have been developing via the Hawaii Island Energy Cooperative (HEIC). The energy choices made in the near future… Continue Reading

Wailea Accommodations Performance Leads the State in May

Posted on July 17, 2015
Wailea Accommodations Performance Leads the State in May

According to a recent report from Hospitality Advisors, Maui hotel rates increased by 10 percent in May, compared to the same month last year. This substantial increase says a great deal about the performance of the visitor industry, which affects numerous aspects of… Continue Reading

New Owner Plans Expansion for Shops on the Green in Wailea

Posted on July 10, 2015
New Owner Plans Expansion for Shops on the Green in Wailea

Among the string of recent South Maui developments is the new owner of Shops on the Green in Wailea, which will soon become Wailea Village Center. The new owner is Burnham USA, a California developer that intends to expand the… Continue Reading

New Island Gourmet Market in Wailea

Posted on July 03, 2015
New Island Gourmet Market in Wailea

A new Island Gourmet Market is coming to The Shops at Wailea, so for all you residents and prospective South Maui real estate owners who like having options when it comes to shopping for food, you'll have something new to look forward to. The Shops… Continue Reading

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Mark and Lisa

Mark A Harbison
R(B) (GRI) (CIPS) (TRC)

Mark@RealEstateMauiHawaii.com

(808) 283-3785

Coldwell Banker Island Properties
Shops at Wailea, Suite B-35
3750 Wailea Alanui * Kihei, HI 96753
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