With a protracted, sagging world economy, Japan’s devastating earthquake and tsunami and rising jet fuel and airfare costs all negatively impacting Hawaii’s tourism industry, it was only a matter of time before hotels and condominiums began cutting rates. Condominium Connection, a Hawaii wholesaler, reports it has been seeing a persistent trend of lower rates at properties throughout the Islands since the end of March with prices dropping 10-25 percent.
Joseph Fienberg, Condominium Connection president, notes “In the past, when a property had a special, they would issue a rate addendum to wholesalers who could then promote it to travel agent partners. More than half of the properties we represent in Hawaii now have multiple rates for the same room which are either yield-managed through weekly reports or managed through direct connections. Beginning at the end of March, we noticed the least expensive rates were quietly being offered, but we weren’t being officially advised by the properties as had been the norm. Hawaii is now on sale without the usual fanfare.”
For more information visit www.condoconnection.com.
