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Report: Hawaii hotels lost $741M last year

A new report says hotels in Hawaii lost $741 million last year, $1.1 billion since the tourism slump began in 2008.
/ Source: The Associated Press

A new report says hotels in Hawaii lost $741 million last year, $1.1 billion since the tourism slump began in 2008.

The report by the industry consulting firm Hospitality Advisors LLC says hotel occupancy throughout the state averaged 66.5 percent in 2009. That's down from 70.5 percent in 2008.

Hospitality Advisors says last year's rate was the lowest since it began reporting hotel data in 1987.

Company President and Chief Executive Officer Joseph Toy says 2009 was a tough year for the visitor industry in Hawaii and across the nation.

He says the speed and depth of the downturn was unprecedented, and the hotel industry has never experienced the level of rate discounting that is continuing.

Hotels have been heavily discounting room rates to generate demand.