The Asia Pacific Economic Cooperation meetings held on Oahu last week provided a boost to Waikiki hotels, according to data reported by Hospitality Advisors LLC and Smith Travel Research. Waikiki hotels generated total estimated revenues of $37.7 million between Monday, November 7 and Saturday, November 12, an increase of $8.7 million from the same dates last year.
According to the report, Oahu hotels generated an estimated $39.0 million in revenues, or an increase of $9.4 million as compared to the same time last year. This estimate includes hotel revenues only and does not include other spending generated by APEC, such as event set up and technical services, ground transportation, retail spending or pre- and postevent spending of any kind by people who traveled to Hawaii to participate in APEC.
The report says hotel occupancy in Waikiki increased each day from Tuesday through Friday, peaking at 87.3 percent occupancy in Waikiki Friday night. In addition, occupancies during the period from Tuesday to Friday exceeded the nightly occupancies reported a year earlier. The largest gains occurred mid-week, with increases of 4.2 and 6.7 percentage points reported for Wednesday and Thursday nights. On Friday, occupancy rates dropped 5.3% as compared to the year before according to the study.
During APEC, hotel room rates in Waikiki were substantially higher than the same days last year according to the report. Increases ranged between 16.7 percent and 41.3 percent. The peak average room rate during the week was $215.12 on Thursday night, which was 41.3 percent higher than the $152.27 reported for the same night last year.
Driven primarily by higher average daily room rates, the report says room revenue per available room in Waikiki was substantially higher than the previous year. The report says the gains increased during the week and reached a peak on Thursday night, when room revenue per available room in Waikiki was $187.10, an increase of 53.0 percent compared with last year.
According to the report, Oahu hotels generated an estimated $39.0 million in revenues, or an increase of $9.4 million as compared to the same time last year. This estimate includes hotel revenues only and does not include other spending generated by APEC, such as event set up and technical services, ground transportation, retail spending or pre- and postevent spending of any kind by people who traveled to Hawaii to participate in APEC.
The report says hotel occupancy in Waikiki increased each day from Tuesday through Friday, peaking at 87.3 percent occupancy in Waikiki Friday night. In addition, occupancies during the period from Tuesday to Friday exceeded the nightly occupancies reported a year earlier. The largest gains occurred mid-week, with increases of 4.2 and 6.7 percentage points reported for Wednesday and Thursday nights. On Friday, occupancy rates dropped 5.3% as compared to the year before according to the study.
During APEC, hotel room rates in Waikiki were substantially higher than the same days last year according to the report. Increases ranged between 16.7 percent and 41.3 percent. The peak average room rate during the week was $215.12 on Thursday night, which was 41.3 percent higher than the $152.27 reported for the same night last year.
Driven primarily by higher average daily room rates, the report says room revenue per available room in Waikiki was substantially higher than the previous year. The report says the gains increased during the week and reached a peak on Thursday night, when room revenue per available room in Waikiki was $187.10, an increase of 53.0 percent compared with last year.
See the original article at: KHON2 Developing Stories
