Gary's Blog

Friday, June 18, 2010

Maui Updates

I just came back from a three week western tour in our motorhome. That's what all this hard work is about! We saw Yellowstone National Park, went up to South Dakota and saw the Mt. Rushmore, saw wild bear, bald eagles, and stuff Maui never sees!

Anyway, lots of catching up to do on the Maui news:

Maui again saw the highest growth in visitor
arrivals with 3% growth in April and is the only
island with continued visitor growth since the
beginning of the year. Maui saw positive YTD
2010 arrival growth in all top four visitor
markets, particularly from US West 8.7%, Japan
7.4%, and Canada 17%, that outpaced overall
Statewide results. Kahului had 11.8% more seats
in April due to seasonal and additional routes.
Maui County cruise passengers increased 20.8%
in April and 12.4% YTD over 2009.
Hawaii Tourism Authority 5/27/10

Maui again led the state with a 10.5% occupancy
increase to 66.7% in April due to higher arrivals
from Japan 17.6% and US West 6.7%. Maui
continued to have the state’s highest ADR at
$227.89, yet ADR decreased 7.1% in April due to
continued rate discounting in the market. YTD
ADR has decreased 10.8% over 2009. RevPAR
increased in April 10.9% as the strong occupancy
gain more than offset the loss in ADR. YTD
RevPAR is 1.7% above 2009. All market
locations and price segments saw occupancy
Hospitality Advisors Hawaii Hotel Flash Report April 2010

Wells Fargo ended up being the high bidder for
the Makena Beach and Golf Resort, bidding $55
million at a public foreclosure auction. Wells
Fargo is trustee for the mortgage lending trust
that foreclosed on the 1,800 acre South Maui
resort and is owed more than $192.5 million.
The resort’s hotel, formerly known as the Maui
Prince Hotel, has remained operational,
managed by Benchmark Hospitality International
since September 2009 and is overseen by courtappointed
Pacific Business News, 05/28/10

The owners of popular Longhi’s restaurant chain
are repositioning the Hotel Hana-Maui and have
assumed management of the AAA Four Diamond
hotel’s food and beverage operations. The 64 year
old hotel is owned by Denver based real
estate investment firm, Amstar Group, and has
changed hands several times over the past
decade as investors have struggled with
Pacific Business News, 05/21/10

Maui Land & Pineapple Co, Inc. reported a loss
of $2.7 million for first quarter 2010, an
improvement over its $13.2 million loss last year.
In December 2009, the company closed its
agriculture division, which generated a $2.5
million loss in first quarter 2009.
Pacific Business News, 05/10/10

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