HONOLULU (HAWAIINEWSNOW) - Hawaii hotels are hurting more than we knew.
Joe Toy's hospitality advisors, which does the weekly room rates and monthly room revenues, does not normally report on hotel revenues other than room rates. But Friday, at its annual briefing for local industry players, Joe Toy said losses are twice as bad as we thought.
Since April 2008, when the near-simultaneous shutdown of Aloha Airlines and ATA took a big chunk of airlift out of the market, Hawaii hotels have lost $1.1 billion.
Add in food and beverage services, retail services and other income, and those hotels have lost $2.6 billion, and by year's end will have lost $3 billion.
With the losses so massive, it's easier to see how the tourism slump has dragged down the whole economy, and how far the state has to climb to get out of this hole.
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