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.
Let us know what you think about this year’s first quarter!