Month: June 2015

Waterfront Plaza

Hawaii Hotels First Quarter Revenue Saved By March

Hawaii hotels seemed to be dipping in revenue in the first quarter of this year but March was able to turn it all around. Hotels statewide set a new first quarter record at $1.43 billion in revenue because of March’s performance. Besides just revenue, March saw a rise in occupancy rates in the islands as well. As The Star Advertiser writes in their article on the subject, “Although the growth rate slowed for Hawaii hotels during the first quarter of this year, the industry still managed to set total revenue records and attain the nation’s highest average daily rate. Gains in March occupancy, average daily rate (ADR) and revenue per available room (RevPAR) helped set a new total hotel revenue record for the month and contributed to a stronger first-quarter performance.” We at Colliers’ are starting to see some competition for Hawaii Hotel rooms and some push back on the constant rise in daily rates. We believe this is a sign of a shift in the market and our economy. Read the rest of the Star Advertiser article …

Downtown Topa Tower

Hawaii Renters Need More Options

With the ever-changing landscape of the Honolulu apartment scene, you would think that it would be easy to find an apartment somewhere in your price range. Unfortunately, new housing developments that offer affordable apartments are harder and harder to find in Honolulu as well as all over the islands. One such apartment complex is being built at the corner of Ward Avenue and Halekauwila Street, where they hoped to offer 125 units at reasonable prices for renters. Now the Hawaii Community Development Authority is thinking of extending their rule of requiring the rentable units to stay affordable for 15 years to 30 years. The Howard Hughes Corporation, who is behind this new development, has said that if they are required to keep these units “affordable” for 30 years they may not be able to include these apartments made for those with lower-income. Another major problem is there isn’t enough housing, affordable or otherwise, to keep up with the changing demographic of renters on the islands. The Hawaii Housing Planning Study and Eugene Tian, the state’s top research …