Kaua’i alone with 9-month occupancy increase

Only Kaua’i among counties in the state showed a hotel and resort condominium occupancy increase for the first nine months of this year compared to the same period last year.

According to figures from the Honolulu accounting and management firm PKF-Hawaii, Kaua’i’s overall occupancy rate for the first nine months of this year was 70.8 percent, up from 70.5 percent recorded in the same period last year. All the other counties showed decreases over the same periods.

Kaua’i posted some impressive results for September this year, also, with north shore properties recording the state’s highest occupancy rate, 81.4 percent, while the island’s hotel-only segment posted the highest occupancy in the state in that category, 74.7 percent. East side hotels in the hotel-only segment recorded the state’s highest September 2002 occupancy rate, 74.2 percent, up from 64.4 percent in September of 2001.

Kaua’i was also alone among the counties in posting an increase in average daily room rates (ADR) for September of this year ($142.48) compared to September 2001 ($136.93), as well as increases in ADR among hotels only, to $148.59 in September of this year from $141.79 in September of last year.

The increase in north-shore occupancy in September this year was substantial, to 81.4 percent from 68.3 percent in September of last year. It helped propel the island to an overall occupancy rate of 68.7 percent, up from 59.4 percent in September of last year.

The state’s overall occupancy rate in September was 65.4 percent, up from 57.9 percent in September of last year, and O’ahu had the state’s best occupancy rate among the counties, at 69.1 percent barely better than Kaua’i, up from 58.6 percent in September of last year.

For the first nine months this year, the state’s overall occupancy rate was 73.3 percent, down from 75 percent in the same period last year. O’ahu again led the counties in this category, with an occupancy rate of 74.9 percent compared to 75.3 percent in the first nine months of 2001.

In the hotel-only segment, Kaua’i’s September 2002 occupancy was best among the counties, at 74.7 percent, up from 65.5 percent recorded in September 2001. The state’s hotel-only occupancy rate in September this year was 67.3 percent, up from 59.4 percent in September of last year.

Only Maui (77.6 percent) was better than Kaua’i among the counties in hotel-only occupancy for the first nine months this year. Kaua’i’s hotel-only occupancy rate for the first three quarters of this year was 75.1 percent, down slightly from 75.4 percent recorded in the same period last year.

Statewide hotel-only occupancy for the first nine months this year was 74.3 percent, down from 76.4 percent over the same period last year.

Only O’ahu recorded resort condominium occupancy much above 50 percent in September, at 60.2 percent, up from 52.4 percent in September of 2001. Kaua’i was third behind O’ahu and Maui, at 53.6 percent, up from 44.8 percent in September of last year. Statewide resort condominium occupancy in September this year was 56.8 percent, up from 51.2 percent in September of last year.

For the first nine months this year, Kaua’i resort condominium occupancy was the lowest among the counties, at 60.3 percent, up from 59.7 percent recorded in the same period last year. Statewide resort condominium occupancy for the first three quarters of this year was 68.3 percent, down slightly from 68.9 percent recorded over the same period last year. O’ahu was best among the counties, at 74 percent for the first nine months this year, up from 72.4 percent over the same period last year.

“While it is encouraging to see that occupancy increased in September 2002, we should keep in mind the drastic decrease which occurred in 2001 resulting from the shut down of the travel industry nationwide,” said Ernie Watari, PKF-Hawaii chairman and chief executive officer.

“Upon comparison to levels in 2000, statewide occupancy (16.8 percent decrease), ADR (10.5 percent decrease), and RevPAR (revenue per available room, 27.5 percent decrease) are substantially down,” he said.