Despite rising visitor arrivals and visitor days, the number of room nights sold have actually remained flat, with higher occupancy rates driven primarily by a reduction in supply due to conversions and out-of-service rooms that are currently under renovation or redevelopment.

Joseph Toy

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Hawaii moved up to first for (room revenue) and occupancy in the nation and was just behind New York in (room rates) for January.

The hotel capital markets continue to be flush with cash, due in part to the record profits the U.S. industry will have earned in 2005. There will be several major trophy hotel sales that will be completed or announced in the first half of 2006 with more to come after.

CapitalCashContinue

Hotel demand should level off given the already high occupancy and tight capacity. We actually still have some capacity, so there is still likely some room for growth in occupancy and room demand.

We can expect continued increases in the U.S. East market.

The Big Island, as with other market expansions, has always lagged the market. We began to see the Big Island catch up in 2005, and we should continue this strengthening in 2006.