The strong demand for neighbor island hotels that drove the room rate growth starting in 2021 was initially viewed as the result of pent-up demand following the lockdowns of 2020. Demand from the US market has remained strong through mid-2022, fueling extraordinary gains on the neighbor islands and allowing Oahu hotels to achieve pre-pandemic revenues without most of the international demand. There are indications of a fall slowdown, as inflation and the threat of recession chill consumer sentiment. Looking ahead, hoteliers will attempt to hold on to the ADR gains they achieved during this post-pandemic period.
In Memorium
Like so many in our industry, Powell & Aucello was saddened and shocked to learn of the passing of Corry Oakes, co-founder, and CEO of OTO Development. Corry was a personal friend whose integrity, genuineness, and astute business skills are attributes that made it easy for anyone who knew him to like him. He was also an early supporter of Powell & Aucello, as witnessed by his testimonial on our website. We will miss Corry and extend our condolences to his family and colleagues at OTO.
