Hawaii Hotels Achieve Record Performance
Photo courtesy of Hawaii Tourism Authority
Once the final numbers are crunched, 2015 promises to be a memorable year for Hawaii's hotel industry.
Based on data from Hospitality Advisors and STR, the state's hotels set new records through the first 11 months of last year, raising expectations heading into 2016.
For the 11 months in 2015 through November, hotel occupancy statewide rose 1.6 percent points to 78.8 percent. Also during that time, the statewide average daily room rate increased by nearly four percent to $240.
What's more, revenue per available room (RevPAR) also climbed six percent over that time period to $189.12.
The stellar performance was highlighted by a superb November. During November 2015, statewide hotel revenue reached an all-time high of $399 million.
Within the Aloha State, Kauai recorded the largest occupancy gain, rising 5.7 percentage points to 68.2 percent. Kauai also saw a 0.8 percent increase in visitor arrivals and 1.1 percent increase in vacation days.
Room rates there also rose 8.5 percent to $222.99 and RevPAR jumped a whopping 18.4 percent to $152.08.
It's worth noting that the luxury sector experienced a four percentage-point gain in occupancy during November, rising to 71.1 percent. Occupancy in that sector also rose 8.1 percentage points to 71.9 percent in November. Room rates climbed as well.
"The November results show that the market remained quite strong toward the end of last year, and we expect 2015 the be another record year for Hawaii’s hotel industry," Hospitality Advisors President and CEO Joseph Toy said in a statement. "While we believe a lot of momentum continued to be carried into 2016, we do see some geopolitical and economic headwinds that may temper the market later in the year."
Despite those aforementioned headwinds, Toy concluded that "the dynamics in Hawaii remain favorable given lower airfares, more stable room rates and record air seat capacity forecasted for the first quarter."
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