What wonderful news for Oahu! Janis Magin of PBN provided some great stats on all of the Hawaii island's hotel rates. If you are interested in investing in a hotel or a condotel, we have a truly unique investment opportunity for you!
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Article for your reading enjoyment:
Hotels rates in Waikiki, Oahu up 21% in February; all Hawaii islands see gains
By Janis L. Magin, Managing Editor- Pacific Business News
Hotel rates in Waikiki and the rest of Oahu continued to set the pace for the rest of the state in February, soaring 21 percent higher than the same month a year ago, according to the latest report fromHospitality Advisors LLC and Smith Travel Research.
The average daily rate for Oahu hotels in February was $209.18, which was 20.7 percent higher than the average daily rate of $173.36 in February 2012. Revenue per available room, or RevPAR, a key metric for the industry, rose 23.5 percent to set a monthly record of $187.84, while occupancy posted a modest gain of 2.1 percentage points to reach 89.8 percent.
Kauai hotels had their strongest month since the recession began in 2008, and posted the second-best gain in room rates for February, a 12.3 percent increase to $222.97. RevPAR on Kauai rose 23.1 percent to a record of $187.85, while occupancy rose 7.2 percentage points to 82.4 percent.
The Big Island also posted gains in February, with occupancy increasing 6.4 percentage points to 78 percent, and the average daily room rate rising 9.7 percent to $222.05. RevPAR at Big Island hotels rose 19.5 percent in February to $175.54.
Maui was the only island to see a slight decline in occupancy February. The occupancy rate for Maui hotels was 82.6 percent, or 1.1 percentage points lower than February 2012, but the average daily room rate rose 4.9 percent to $294.30, and RevPAR rose 3.5 percent to $243.09.