Hawaii hotels have worst February in 18 years
Only three-quarters of Hawaii hotel rooms were occupied in February, the peak travel month of the year to the islands. It marked the worst February in 18 years.
The average daily rate also plunged 12.4%, the sharpest decline since the survey began in 1987, from $213.62 to $187.21, according to the latest Hawaii Hotel Flash Report released by Hospitality Advisors LLC.
February's 74.7% occupancy rate was the lowest since falling to 69.7 in 1991 during the Persian Gulf War.
The "deterioration" in both occupancy and room rates resulted in a 21.6% plunge to $139.94 in revenue per available room, also known as revpar, a key gauge of a hotel profitability and performance.
Properties statewide posted the worse revpar decline since November 2001, which followed the Sept. 11, terrorist attacks, when revpar dropped 26.9% to $74.26.
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Source - USATODAY
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