Luxury Hotels In San Diego|"Hawaii Hotels Set New Revenue Record For First Half Of 2013"

Source         :     bizjournals.com
Category     :    Luxury Hotels In San Diego
By               :    Pacific Business News
Posted By   :    Hotels in Virginia Beach North Courtyard

Luxury Hotels In San Diego

Statewide room revenue for Hawaii hotels rose 9 percent in June to set a new record of $290 million for the month, while total hotel revenue rose 12 percent to hit a new record of $2.66 billion for the first half of the year, according to a new report from Hospitality Advisors LLC and Smith Travel Research. Total revenue, which includes sales from rooms, food and beverage, retail and parking, was driven by an increase in average daily room rates at Hawaii hotels, which rose 11.4 percent to $225.49 during the first six months of the year. Hotel room revenue, which accounts for more than two-thirds of total revenue, also set a new record at $1.8 billion for the first half of the year.

“The increase in overall hotel revenue has been very dramatic this year,” Joseph Toy, president and CEO of Hospitality Advisors LLC, said in a statement. “Most of the revenue gain has been driven by room rate increases as room demand has begun to moderate when compared to the surge of the last two years." Toy noted that part of the surge was due to pent-up demand that had developed during the past recent recession. For the month of June, average daily room rates reached a new record of $225.34, while revenue per available room, or RevPAR, set a new record for June of $169.91. Occupancy, meanwhile, declined 0.9 percentage points to 75.4 percent in June. Occupancy for the first six months of the year rose 0.2 percentage points to 84.1 percent.

Source:bizjournals.com/pacific/blog/morning_call/2013/08/hawaii-hotels-set-new-revenue-record.html