Recently we wrote a blog about how the tourism industry in Hawaii experienced nice growth in the first quarter of 2013 and more specifically the vacation rental industry. At Kolea at Waikoloa Beach Resort, where we manage the largest percentage of vacation rentals we experienced even better growth. While the vacation rental industry as a whole in Hawaii has experienced a significant growth in occupancy, it has not experienced that significant of a growth in rate. Kolea saw growth in both areas.
With Kolea offering a variety of vacation rentals, they all saw a fair growth. The larger 3 bedroom oceanfront villas saw the largest growth in occupancy. The two bedroom villas saw a growth that was just slightly less than that of the larger villas.
Two factors help contribute to the growth in average rate. With the increase in occupancy of the larger villas being greater than that of the smaller villas, it naturally raised the average nightly rate slightly. Across the board, all villas experienced over a 7% increase in the average nightly rate. Combined the average nightly rate at Kolea increased over 10%.
With April 2013 already being significantly better than April 2012, it appears Kolea should continue to have success throughout 2013.