HTA report: Maui County hotels led state in average daily rate in March

Maui County hotel performance remains affected by the aftermath of the August wildfires, reports the Hawaiʻi Tourism Authority, but the county still led the state in revenue per available room in March due to comparatively higher average daily rate. 

The Hawaiʻi Hotel Performance Report notes that hotels in the Lahaina/Kāʻanapali/Kapalua region were occupied by a mix of displaced Lahaina residents impacted by the fires, relief workers and visitors in March.

The Lahaina/Kā‘anapali/Kapalua region had a revenue per available room of $341, down 19.6% from 2023, but up 23.6% from 2019. The average daily rate for hotels in West Maui was $479, a drop of 15.7% from 2023, but 34.7% higher than 2019. West Maui hotel occupancy was 71.1%, down 3.5 percentage points from 2023 and also down 6.4 percentage points from 2019.

Overall, Maui County hotels achieved a revenue per available room of $401, an 11.9% decrease from 2023 and a 20.5% increase from 2019. The average daily rate was $581, a 10.1% decline from 2023 and a 36.8% increase from 2019. The occupancy rate for Maui hotels was 69.1%, which was 1.4 percentage points lower than in 2023 and 9.3 percentage points lower than in 2019.

In Wailea, Maui’s luxury resort region, the revenue per available room was $544, showing a slight 0.4% decrease from 2023 and a 6.4% decrease from 2019. The average daily rate was $811, down by 6.8% from 2023 but up by 26.4% from 2019, with an occupancy rate of 67.1%. This occupancy rate represented a 4.3 percentage point increase from 2023 but a substantial 23.5 percentage point decrease from 2019.

Statewide, Hawai’i hotels experienced a slight decrease in occupancy, average daily rate, and revenue per available room compared to March 2023. However, when compared to March 2019, before the pandemic, statewide average daily rate and revenue per available room were higher in March 2024, while occupancy was lower.

The statewide revenue per available room in March 2024 was $287, marking a 3.4% decrease, with average daily rate at $384, showing a 0.9% decline, and occupancy at 74.6%, down by 1.9 percentage points compared to March 2023. When compared with March 2019, this March revenue per available room was 27.8% higher, driven by a higher average daily rate of 35.0%, while occupancy was 4.2 percentage points lower.

The Hawaiʻi Hotel Performance Report utilized data compiled by STR, Inc., which conducts the largest and most comprehensive survey of hotel properties in the Hawaiian Islands. For March 2024, the survey included 171 properties representing 48,270 rooms, or 86.2% of all lodging properties with 20 rooms or more in the Hawaiian Islands, including those offering full service, limited service, and condominium hotels. Vacation rental and timeshare properties were not included in this survey.

Statewide in March 2024, Hawai’i hotel room revenues reached $497.5 million, indicating a 2.9% decrease compared to 2023 but a 32.3% increase compared to 2019. Room demand totaled 1.3 million room nights, showing a 2.0% decline compared to both 2023 and 2019, while room supply stood at 1.7 million room nights, reflecting a 0.5% increase compared to 2023 and a 3.6% increase compared to 2019.

Luxury Class properties achieved a revenue per available room of $539, marking a 1.8% increase compared to 2023 and a significant 22.3% increase compared to 2019. The average daily rate was $876, showing a slight 1.3% decrease compared to 2023 but a 50.1% increase compared to 2019, with an occupancy rate of 61.5%. This occupancy rate represented a 1.9 percentage point increase compared to 2023 but a 14.0 percentage point decrease compared to 2019.

Midscale & Economy Class properties earned a revenue per available room of $175, reflecting a 3.6% decrease compared to 2023 but a 20.2% increase compared to 2019. The average daily rate was $240, indicating a 1.5% decrease compared to 2023 but a significant 33.6% increase compared to 2019, with an occupancy rate of 73.0%. This occupancy rate represented a 1.6 percentage point decrease compared to 2023 and an 8.2 percentage point decrease compared to 2019.

First Quarter 2024

In the first quarter of 2024, Hawai’i’s hotels earned a revenue per available room of $289, reflecting a 0.9% decrease compared to 2023 but a 23.4% increase compared to 2019. The average daily rate was $378, indicating a 2.7% decrease compared to 2023 but a significant 29.8% increase compared to 2019, with an occupancy rate of 76.5%. This occupancy rate represented a 1.4 percentage point increase compared to 2023 but a 4.0 percentage point decrease compared to 2019.

Total statewide hotel revenues for the first quarter of 2024 amounted to $1.5 billion, showing a 0.6% decrease compared to 2023 but a 27.4% increase compared to 2019. Room supply was 5.0 million room nights, reflecting a 0.3% increase compared to 2023 and a 3.2% increase compared to 2019, while room demand was 3.8 million room nights, indicating a 2.2% increase compared to 2023 but a 1.9% decrease compared to 2019.

Comparison to top US markets

In comparison to the top US markets, the Hawaiian Islands earned the highest first quarter 2024 revenue per available room at $289 (-0.9%). Miami, Florida was second at $226 (+2.8%), followed by Las Vegas, Nevada at $186 (+15.3%).

The Hawaiian Islands also led the US markets in first quarter 2024 ADR at $378 (-2.7%), followed by Miami, Florida at $276 (-0.4%) and San Francisco/San Mateo, California at $239 (-0.2%).

Miami, Florida topped the country in occupancy at 81.9% (+2.6 percentage points), followed by Las Vegas, Nevada at 78.3% (-0.4 percentage points) and Orlando, Florida at 77.4% (-1.6 percentage points). The Hawaiian Islands ranked fifth at 76.5% (+1.4 percentage points).

More hotel performance statistics are available here.