Hawaii hotels set new revenue record for October

Hawaii hotels had their best October on record as the average daily room rate rose to $208.85 a month, up 10 percent from the same month a year ago, according to a report released today by an industry consulting group.

Hotels collected $269 million in revenue during the month, the highest of any October on record, according to the report from Hospitality Advisers LLC and Smith Travel Research.

Meanwhile, softening room demand led to a decline in hotel occupancy to 72.7 percent in October from 74.4 percent in October 2012. The decline was partly the result of a 1.2 percent drop in visitor arrivals for October.

However, the increase in average daily room rate more than offset the occupancy decline, resulting in a revenue per available room of $151.83 in October, a new record for the month, according to the report.