Hawaii has been enjoying one of its best years since Kolea was built. The first half of 2012 has consistently been better each month than 2011.
All of the major markets arrivals have increased at least 4% from 2011. The largest increase has come from the Japanese market at over 17%. All the other major markets showed similar increases.
Total expenditures have increased at an astounding figure of over 21%. Several months broke records for Hawaii for total expenditures. June was the latest month with $1.2 billion in expenditures.
With the Japanese market showing the largest growth, hotels and timeshares were the accommodation types that also showed the largest growth. Many Japanese come to the islands on package deals with the large hotel chains such as Hilton contributing to their hotel as well as timeshare growth. This was the first year in many that the increase from year to year has decreased for condos.
What does this mean for Kolea? With a positive growth in both arrivals and expenditures, this fairs well for a luxury property such as Kolea. We, Waikoloa Vacation Rentals, have seen slightly greater increases at Kolea in all major aspects. The significant increase in expenditures led to an increase in average nightly rate and length of stay at Kolea. The increase in arrivals led to higher occupancy.