Honolulu Hotel Market 2026: Occupancy, ADR, RevPAR, Pipeline and Recent Sales

Honolulu hotel market at a glance

Oahu holds the bulk of Hawaii hotel rooms — the December 2025 HTA/DBEDT survey covered 84 Oahu properties and 29,755 rooms (94.9% of Oahu lodging with 20+ rooms). Waikiki is the dense beachfront submarket inside Oahu; “Other Oahu” (Ko Olina and other non-Waikiki) prints higher ADR but fewer rooms.

Two measurement tracks matter and should not be mixed without labels. HTA/DBEDT Hawaii Hotel Performance Reports (STR sample, properties with 20+ rooms; vacation rentals and timeshare excluded) are the official monthly Occ/ADR/RevPAR series for Oahu and Waikiki. CoStar weekly metro movers are a separate U.S. top-25 sample. Do not blend CoStar weekly absolutes with HTA monthly series without labeling.

Hawaii lodging economics also turn on ground leases. Several 2025 “hotel” headlines were leased-fee / land sales under hotels — not fee-simple operating-hotel equity. Label every row.

2025: soft Oahu RevPAR, still-high occupancy vs U.S. averages

For full year 2025, Oahu averaged occupancy 78.6% (−1.2 percentage points vs 2024), ADR $284.12 (+0.3%), RevPAR $223.33 (−1.3%). Waikiki: occupancy 79.4% (−1.0 ppt), ADR $268.08 (−0.9%), RevPAR $212.87 (−2.2%). HTA/DBEDT Dec 2025

Statewide Hawaii 2025: occupancy 73.9% (+0.5 ppt), ADR $367 (+0.8%), RevPAR $271 (+1.5%) — Oahu underperformed neighbor islands on RevPAR growth as Maui continued its post-wildfire recovery path at higher ADR levels.

December 2025 finished strong: Oahu occupancy 82.0%, ADR $331.07, RevPAR $271.34 (+9.6% YoY); Waikiki 82.4% / $311.95 / $257.14 (+8.0% RevPAR).

2024 baselines (same report prior-year column): Oahu 79.8% / $283.32 / $226.18; Waikiki 80.4% / $270.60 / $217.56.

2026: July peak, August storm dip, YTD RevPAR flat

July 2026 was the standout summer month: Oahu occupancy 87.8%, ADR $307.45, RevPAR $270.04 (+6.0%); Waikiki 88.5% / $289.55 / $256.14 (+5.9% RevPAR). HTA/DBEDT July 2026

August 2026 cooled: Oahu 79.2% / $294.58 / $233.37; Waikiki 80.0% / $277.89 / $222.27 (−0.7% RevPAR). HTA notes Hurricane Lala (Aug 14–16, 2026) disrupted flights and occupancy statewide.

September 2026: Oahu 75.9% / $265.31 / $201.31 (+3.2% RevPAR); Waikiki 76.7% / $251.39 / $192.80 (+1.8%).

YTD September 2026: Oahu occupancy 79.7% (+0.7 ppt), ADR $281.14 (−0.5%), RevPAR $223.94 (+0.4%); Waikiki 80.1% / $264.78 / $212.15 (−0.1% RevPAR).

CoStar weekly (separate sample): week ending Oct 24, 2026, Oahu metro occupancy 72.2% (−10.2% YoY) and RevPAR $185.74 (−10.7%) — steepest declines among top-25 U.S. markets that week (Lodging Magazine citing CoStar). Label as weekly metro, not HTA monthly.

Monthly / period tracker

HTA/DBEDT rows use the official STR survey for properties with 20+ rooms. The CoStar weekly metro row is a separate sample.

Performance by hotel class

HTA/DBEDT publishes Oahu class breaks in the same monthly PDFs. Example — FY 2025 Oahu (YTD Dec): Luxury occupancy 59.4%, ADR $750.53, RevPAR $445.84; Upper Upscale 81.6% / $290.94 / $237.27; Upscale 78.5% / $209.60 / $164.57. HTA/DBEDT Dec 2025 Figure 3

Full Dubai-style class bars across more months can be expanded from the HTA PDFs; this page prioritizes Oahu/Waikiki totals.

Hotel pipeline 2025–30

Landmark hotels

Hilton Hawaiian Village Waikiki Beach Resort — Park Hotels–owned; 2,886 rooms on 22 oceanfront acres; Rainbow Tower renovation complete; Aliʻi Spring 2027; new 515-key tower approved.

Hyatt Regency Waikiki Beach Resort & Spa — 1,230 keys; Mirae Asset leasehold; MSP owns leased fee ($215M, Aug 2025); $302M CMBS in special servicing (Oct 2026).

The Royal Hawaiian, a Luxury Collection Resort — Kyo-ya hotel; Daisho land ($510M, Nov 2025); major reno toward Feb 2027 centennial.

Moana Surfrider, a Westin Resort & Spa — Kyo-ya; ~$70M renovation through 2026.

The Ambassador Hotel of Waikiki, Tapestry Collection by Hilton — 368 keys; Highgate; Hawaii’s first Tapestry (May 28, 2025).

Recent Honolulu / Waikiki land and leased-fee trades

Both disclosed 2025 headline trades are land / leased-fee — not operating-hotel equity. Do not compute hotel price-per-key averages from these rows. No free-source roster of closed fee-simple operating-hotel trades on Oahu in 2025–2026 with full price/keys/buyer/seller disclosures was compiled for this page. ʻEwa Hotel Waikiki is a listing, not a sale.

Distress, loans and capital context

Aggregate Hawaii or Honolulu hotel investment volume ($bn) for 2025 / H1 2026 was not published in free CBRE/JLL/Eastdil extracts reviewed for this page.

Local coverage: the Hyatt Regency Waikiki maturity default is on The Hotelier Times Loan Maturity Watch.

Visitors and the Green Fee / TAT

• Statewide total visitors 2025 (DBEDT): 9,645,161 (−0.6%); expenditures $21.91 billion (+5.8%).
• Oahu air visitor arrivals 2025: 5,665,698 (−2.2%).
• 2026 mid-year (DBEDT June 2026 preliminary): statewide June visitors 858,577 (+0.2%); Oahu June 514,992 (+0.5%). H1 2026 statewide 5,037,820 (+2.5%); Oahu H1 2,924,512 (+1.5%).
• Green Fee / TAT (Act 96 / SB 1396): Signed May 27, 2025; state TAT rises 0.75 percentage points from 10.25% to 11.00% effective January 1, 2026 (Governor Green PR; DOTAX Announcement 2025-03). Governor’s office projected Green Fee revenue ~$100 million annuallyually (projection — not a realized collection figure). Land lodging TAT at 11% is the hotel-relevant fact. We do not invent a combined state+county+GET tax stack.

Honolulu vs U.S. hotels

Use only sourced pairs. Samples and methodologies differ — the same caveat as on our Dubai and London market pages.

Top owners, operators and brokers

Public-source short list for market context (not a featured-partner roster; contact no one from this page alone):

Owners / operators: Park Hotels (Hilton Hawaiian Village), Kyo-ya / Osano (Royal Hawaiian, Moana, Sheraton Waikiki, Princess Kaiulani), Highgate (Ambassador Tapestry), Mirae Asset (Hyatt Regency leasehold), MSP (Hyatt leased fee), Daisho (Royal Hawaiian land).

Brokers: CBRE named on the ʻEwa listing; JLL / Eastdil / other national firms active in Hawaii historically but not credited on the 2025 land PR pages opened for this pack.