Hawaii hotels turn to profit after 2 years of losses!
Posted by Tony Kawaguchi, RA on Tuesday, May 11th, 2010 at 11:53am.From The Advertiser: "Revenue per available room, or "revpar," rose to $122.43 in March from $119.21 a year earlier, according to a report released today by Hospitality Advisors and Smith Travel Research."
"After 24 consecutive months of room revenue losses, the rise in monthly occupancy during March was finally able to outpace room discounting for a modest revenue gain," said Joseph Toy, president and chief executive officer of Hospitality Advisors LLC, a local travel industry consulting firm.
Statewide, hotel room occupancy rose to 70.6 percent in March from 65.2 percent a year earlier. Occupancy has increased in six out of the past seven months due in part to discounting.
Nationally, Hawai'i's 70.6 percent March occupancy rate was the third highest in the country, trailing New York at 72 percent and Miami at 77.9 percent. Hawai'i's $173.41 average daily room rate also was third highest, behind Miami at $182.70 and New York at $188.06.
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