Year to Date 2025 Hotel Performance

Statewide occupancy, ADR and RevPAR are essentially the same as the first five months of 2024. However, there were the haves and have-nots. RevPAR was up 11% on Hawaii Island, up 5% on Kauai, down 1% on Oahu and down 4% on Maui. Hawaii Island and Kauai have seen strong increases in occupancy but Maui is still down and performing worse than the first five months of 2024 which was after the wildfires.

May 2025 Hotel Performance

The state had a 1/2 percentage point increase in occupancy and a 1% decrease in ADR resulting in an 1/2% decrease in RevPAR compared to last May. RevPAR was up 18% on Hawaii Island, up 2% on Kauai, down 3% Oahu, and down 4% on Maui.

Visitor Arrivals

The state saw a 1% increase in visitors in May 2025 over last May. Oahu was down 2%, Kauai was down 1% and Hawaii Island was down 3%. Maui is up 9% relative to last year but down 22% from pre-pandemic. Japanese arrivals were down 1% from last May but down 60% from 2019.

Visitor Expenditures

Visitor expenditure data for May looks to be tracking closer to the hotel performance data. Total visitor expenditures were up 4% and per person per day spending was up 3%. This was driven by a 9% increase in Oahu spending and also an 8% increase in Maui spending relative to a poor post-wildfire May last year.

Air Seats

Total air seats to Hawaii were down 1% in May and flat for the year-to-date relative to last year. For the year, Oahu is flat, Maui is down 2%, Kona is down 1% and Kauai is up 5%. International seats are down 8% year-to-date pulled down by Japan at negative 11%.

Air Seats Outlook

Projected air seats are down 2% for the June to August 2025 period compared to the same period last year. Domestic seats are down 2% while international seats are up 2%. Japan is down 3%.

State of Hawaii –  down 2%

Honolulu down 1%

Kahului down 3%

Kona down 6%

Lihue up 2%

Domestic down 2%

International up 2%

Japan down 3%

Canada down 1%

Oceania down 4%

Korea up 25%

Blackstone refinances Grand Wailea with $1 billion CMBS loan

Blackstone is refinancing its Grand Wailea, a Waldorf Astoria Resort, with a $1 billion commercial mortgage-backed securities loan. The 795-room property appraised at $1.6 billion. Earlier this year, the property was being quietly marketed to the select few who can write such a big check. Blackstone acquired the property seven years ago for $1.16 billion.

Waikiki Two Hotel Portfolio For Sale

If the Grand Wailea is out of your range, the 135-room Shoreline Hotel and the 81-room Coconut Hotel are offered for sale as a package. Both are fee simple hotels unencumbered by a brand.

Data Source: Hawaii Tourism Authority

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