HONOLULU (HawaiiNewsNow) - Joe Toy, CEO of Hospitality Advisors, joins us in studio with a new report out today which says hotel room revenue is way up for the whole first six months of the year.
It's a new record for the industry, something that we've been long waiting for given the incredible down turn that we've had. It's up 15% statewide. To some extent, it covers things like much higher electric bills and higher wages with the new contracts.
We're still are seeing revenue at higher expenses increasing. Five years ago, a hotel's electric bill was 4.5% of the revenue -- Now it's about 6.5%. We've also had almost 10, 15% increase in labor because of the new contracts.
Fullest fullest hotels are easily covering that, others still need more improvement.