Hotel revenues up in 2003
The Maui News:
Hotel revenues up in 2003;
Maui leads in income per room
HONOLULU - Hotels in the islands took in $2.5 billion in 2003, the second-highest total ever, according to Hospitality Advisors' Hawaii Hotel Flash Report.
That was still $200 million short of the record year of 2000. The next year, 2001, was already slowing down even before terrorists attacked the United States in September.
Total revenue in 2001 slumped to $2.47 billion. The next year it fell to $2.37 billion.
Exactly half of state hotel revenue came in the luxury category, although the midprice category grew the fastest last year, 10.5 percent to a total of $415 million.
Budget hotels grew the least, just 1.3 percent to a total of $139 million.
Those trends were good for the Neighbor Islands and for the Valley Isle in particular. Maui has few budget rooms and a preponderance of luxury resorts.
Hospitality Advisors said the gains last year came from longer stays, higher rates and, especially, record business from Mainland states.
Those factors also favor Maui County over the rest of the state.
There are some minor negative factors for the county. Lanai has the shortest average length of stay, and Molokai has the highest percentage of budget rooms and the lowest room rates.
Hospitality Advisors does not report revenue totals by county or by island, but it reported that Maui island easily led in revenue per available room (RevPAR) at $139 last year. That was a healthy $10 gain over 2002.
Kauai did as well, raising its RevPAR from $107 to $116.
Oahu and the Big Island did relatively less well, though both improved. Oahu RevPAR rose from $80 to $85, and Hawaii RevPAR rose from $104 to $107.
Hawaii is second only to New York City among major travel destinations in rates, RevPAR and occupancy.
Last year, the average daily room rate was $169 in New York City, $144 in Hawaii and $117 in Boston.
RevPAR was $126 in New York, $105 in Hawaii and $77 in San Diego.
Oahu RevPAR drags down the state average, and Maui's figures are well above even New York averages. Maui's average daily rate was $187, up $6.
Maui also shines when it comes to occupancy. Its overall rate was 74.2 percent last year, up from 70.7 percent.
Kauai, with a bigger proportion of time-shares, did slightly better. Maui and Kauai were even in occupancy in 2002, but Kauai grew to 76.1 percent last year.
Of the five price categories used by Hospitality Advisors, the second highest, called upscale, was busiest on Maui.
Upscale resorts averaged 78.7 percent occupancy, while luxury resorts averaged 73.6 percent.
The price differential between the two was huge: the average room rate was $285 luxury, but only $156 upscale.
The difference in RevPAR was just as great: $210 vs. $123.
December was a good month for the state and for Maui.
The statewide occupancy rose from 66.2 percent in 2002 to 72.8 percent in December, and RevPAR rose from $101 to $114.
On Maui, the occupancy rate rose from 62.1 percent to 69.6 percent, and RevPAR jumped $20 to $146.
Hotel revenues up in 2003;
Maui leads in income per room
HONOLULU - Hotels in the islands took in $2.5 billion in 2003, the second-highest total ever, according to Hospitality Advisors' Hawaii Hotel Flash Report.
That was still $200 million short of the record year of 2000. The next year, 2001, was already slowing down even before terrorists attacked the United States in September.
Total revenue in 2001 slumped to $2.47 billion. The next year it fell to $2.37 billion.
Exactly half of state hotel revenue came in the luxury category, although the midprice category grew the fastest last year, 10.5 percent to a total of $415 million.
Budget hotels grew the least, just 1.3 percent to a total of $139 million.
Those trends were good for the Neighbor Islands and for the Valley Isle in particular. Maui has few budget rooms and a preponderance of luxury resorts.
Hospitality Advisors said the gains last year came from longer stays, higher rates and, especially, record business from Mainland states.
Those factors also favor Maui County over the rest of the state.
There are some minor negative factors for the county. Lanai has the shortest average length of stay, and Molokai has the highest percentage of budget rooms and the lowest room rates.
Hospitality Advisors does not report revenue totals by county or by island, but it reported that Maui island easily led in revenue per available room (RevPAR) at $139 last year. That was a healthy $10 gain over 2002.
Kauai did as well, raising its RevPAR from $107 to $116.
Oahu and the Big Island did relatively less well, though both improved. Oahu RevPAR rose from $80 to $85, and Hawaii RevPAR rose from $104 to $107.
Hawaii is second only to New York City among major travel destinations in rates, RevPAR and occupancy.
Last year, the average daily room rate was $169 in New York City, $144 in Hawaii and $117 in Boston.
RevPAR was $126 in New York, $105 in Hawaii and $77 in San Diego.
Oahu RevPAR drags down the state average, and Maui's figures are well above even New York averages. Maui's average daily rate was $187, up $6.
Maui also shines when it comes to occupancy. Its overall rate was 74.2 percent last year, up from 70.7 percent.
Kauai, with a bigger proportion of time-shares, did slightly better. Maui and Kauai were even in occupancy in 2002, but Kauai grew to 76.1 percent last year.
Of the five price categories used by Hospitality Advisors, the second highest, called upscale, was busiest on Maui.
Upscale resorts averaged 78.7 percent occupancy, while luxury resorts averaged 73.6 percent.
The price differential between the two was huge: the average room rate was $285 luxury, but only $156 upscale.
The difference in RevPAR was just as great: $210 vs. $123.
December was a good month for the state and for Maui.
The statewide occupancy rose from 66.2 percent in 2002 to 72.8 percent in December, and RevPAR rose from $101 to $114.
On Maui, the occupancy rate rose from 62.1 percent to 69.6 percent, and RevPAR jumped $20 to $146.
posted by DP at 6:53 AM
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