In an article written by the Pacific Business News and according to Hospitality Advisors LLC and Smith Travel Research, hotel room rates and occupancy was up in October.
Hotel occupancy across the state was up to 72.5% compared to October of last year. This is 1.6% increase. Average daily rates across the state were up 7.4% to $176.18 also.
Just in Waikiki, hotels were 83.1% occupied which represents a 3% increase over last year while average daily room rates were up 9.6% to $163.05.
Hospitality Advisors President and CEO Joseph Toy said "Waikiki continues to be the engine of Hawaii's recovery in 2011, with strength building in Maui. The Waikiki market is finally starting to see the occupancy gap closing from the 2005 through 2007 period."
The October survey included 158 hotel properties representing 47,832 rooms, or 84.5 percent of all properties with 20 rooms or more.
Kengo Ueno (R)
Follow me on @HawaiisRealtor
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