Hotel Profits Rise in HawaiiMay 12, 2010 By: Staff
Hawaii may have had some tough moments in 2009, but recent hotel figures bring much welcome light to the horizon. Businessweek is reporting that revenue per available room (RevPar) has increased for the first time in two years, according to figures released from consulting firm Hospitality Advisors.
According to the firm, RevPar room reached $122.43 in March, up from $119.21 in March 2009. Meanwhile, the average daily room rate declined from $182.83 to $173.41. Joseph Toy, president and CEO of Hospitality Advisors, told Businessweek that the increase in monthly occupancy overtook room discounting to initiate modest revenue gain for the first time in 24 consecutive months.
Hotel occupancy throughout the islands remaind at 70.6 percent in March, compared with 65.2 percent in March 2009.