Year-to-Date 2025 Hotel Performance......No Change

Statewide hotel performance for the first eleven months of 2025 is still flat in terms of occupancy and rate compared to the same period in 2024. Performance varies substantially by island and market segments. RevPAR increased by 7% on Hawaii Island, 3% on Kauai and 1% on Maui while Oahu experienced a decline of 2%.

Luxury Continues to Shine.....No Change

The luxury and upper upscale segments continues to outperform other classes, with RevPAR up 9% and 8%, respectively year-to-date compared to last year. In contrast, other market segments have declined, with upscale properties down 12%.

November 2025 Hotel Performance...two months in a row of improvement

In November 2025, the statewide occupancy improved by one percentage point and ADR improved 3% compared to November 2024. In terms of RevPAR, Kauai posted a 7% gain, Hawaii Island was up 6% and both Maui and Oahu were up 4%. Waikiki RevPAR was up 5% driven by big increases in luxury and upper upscale performance. Meanwhile, it was a bad month for any Waikiki hotels below luxury and upper upscale.

Visitor Arrivals

Statewide, visitor arrivals decreased by 4% in November 2025 compared to the prior year. Oahu was down by 4%, Kauai was down by 1%, Hawaii Island was down7% and Maui was up 2% compared to last November. Japanese arrivals jumped 4% compared to November 2024. Year-to-date arrivals for the state are the same as last year.

Visitor Expenditures

Visitor spending in November 2025 continues to dramatically outperform hotel performance and arrival metrics. Total expenditures were up 16%, while per person, per day spending was up 15%. Oahu spending was up 23% while Maui was up 17% compared to the challenging conditions following the wildfires last year. Kauai was up 13% and Hawaii Island was flat.

Current Air Capacity to Hawaii

Total air seat capacity to Hawaii was flat in November and is down 1% year-to-date relative to 2024. By island, air seat capacity was down 1% for Oahu, up 2% for Maui, while Kona and Kauai were both down 1%. International air seats are down 3% year-to-date, with Japan, Canada and Oceania having strong declines of -6%, -10% and -8% respectively. Korea is up 10% YTD.

Air Seats Outlook

Looking ahead to the December through February period, total projected air seats are expected to increase 5% compared to the same period last year. Domestic seat capacity is up 5% while international capacity is up 4%.

State of Hawaii up 5%

Honolulu up 2%

Kahului up 8%

Kona up 12%

Lihue up 10%

Domestic  up 5%

International up 4%

Japan up 2%

Canada  down 3%

Oceania down 12%

Korea up 35%

Hotel Investment Market Activity

Kamehameha Schools sold the land under the iconic 528-room Royal Hawaiian for $510 million to Japan-based Daisho Co. in November. The hotel, built in 1927, is owned by Kyo-ya via a ground lease that expires in 2076. The site has a total of 450,182 square feet putting the price per square foot at $1,133 which interestingly about 1/2 (on a psf basis) of what the land under a portion of the Hyatt Regency Waikiki sold for a few months ago.

Meet with Us at the ALIS Conference

We will be in Los Angeles for the ALIS Conference from January 26^th to 28^th. We will be discussing our recent listings, other Hawaii hotel opportunities and the outlook for the Hawaii hotel industry.

Data Source: Hawaii Tourism Authority & DBEDT

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