1) First Quarter - West Maui area - Regardless of the poor winter weather on Maui, our 1st Quarter 2004 was excellent. We achieved our highest 1st quarter rental income ever with an 18% increase over 2003 1st quarter. Our repeat guests and referral guests were again our largest source of business. We also had a very good increase from guests booking directly from our interactive website. Our average daily rates were up a small amount due to our announced rate increase in December 2003. April and May look good, however, our senior travelers are still missing compared to recent past years. The summer months are about sold out. We hope to achieve a record year during 2004 provided that we have no high air fares or airline problems.
1) Second Quarter - West Maui area - Our second quarter rental revenues were up a little more than 4% over 2003 revenues. First half rental income jumped 11% over 2003. The second quarter Spring season remains slow by providing only 40% of our 1 st half rental income. We are about sold-out for our Summer season despite consistent airfares in the $600 range. ADR remained steady through the first half of 2004. Rental income for the year has already exceeded total revenue for 2003. There currently are some attractive Fall airfare specials, which should help fill our Fall vacancies. We still have units available for rent during the Holiday season.
1) Third Quarter - West Maui area - Vacation rental income was up by more than 11% during the third quarter. Year to date rental income is also up by 11%. Internet and direct on-line reservations surged ahead of last years bookings during the third quarter by plus 60% and plus 85% respectively. Repeat and referral business continues to be our main source of rental income. Total revenue nights booked were slightly up during the third quarter while ADR was up by about 7%. Through October we have exceeded 2003 total rental income, however we still are soft during the 2004 Holiday Season. Most airlines are now offering very attractive rates so we hope to fill-in our Fall openings.
1) Fourth Quarter – West Maui area - Our 4th Quarter vacation rental income was up about 12%. Year end revenues were up by 10.5% over 2003. Repeat and referred guests were again our main source of rental income. Direct Internet revenues during 2004 were about 50% more than 2003 rental income derived form the Internet. Overall rental nights were flat during the 4th quarter 2004 and overall 2004 nights booked were just slightly ahead of 2003. Likewise, average daily rental rates were flat for 2004. We did enact a 2005 rental increase of about 20% at one resort with smaller increases at several other resorts. We project about a 15% increase in our overall inventory in 2005. Our 2005 Winter sold out early and our Summer months are already just about sold out. 2005 vacation demand for Maui is high provided we have favorable rates from the airlines.
2) First Quarter - West Maui area - Numbers for the first quarter of 2004 were up significantly from the previous year. January was the highest at over 32%. February was not as busy as first anticipated after January's overwhelming numbers. Booking activity looks good for summer and advance bookings for winter 2005 look promising. With the continued unrest in the Middle East travel abroad is down therefore Hawaii should see an increase in tourism activity through 2004. Our recent increase in rates across the board has not had an adverse effect on the booking activity.
2) Second Quarter - West Maui area - Gross sales for April were up 45% and May and June up 27% over 2003 figures. Third quarter has slowed and numbers do not look as strong as anticipated however early fall is picking up due to some nice airfares for travel during this period. We are still getting a number of last minute bookings for August. Advance bookings for Christmas and early winter remain strong.
2) Third Quarter – West Maui area -Compared to last year, the third quarter, 2004 barely showed a 1% increase in gross revenue. Although July, 2004 was up 20% and August up 4%, there was a decline of 32% during September, 2004. The decline may have been caused by this year's Labor Day falling during the week (Monday) and travelers deciding to shorten their summer vacation. During 2003 the first two weeks in September carried over extended stays from August as the Labor Day fell on the weekend. Although the economic turmoil has not subsided because of the international turmoil and the forthcoming election, we are receiving significant bookings for the last quarter, 2004. At October 18 th we are currently 1% short of achieving last year's 4th quarter's total gross revenue and are confident we will exceed 2003 fourth quarter by at least 25%. The average consumer is bargain shopping and looking for “good deals” with airlines and accommodations. The planning and booking window for family vacations has been short and we are hoping that it might lengthen in the next six months for the spring and summer months of 2005 with consumers taking advantage of last minute "good deals " for airlines and accommodations.
2) Fourth Quarter – West Maui Area - Our numbers increased 11% for the 4th quarter from 2003. November saw the highest gain with a 20% increase in gross sales. The first quarter of 2005 looks strong and the booking window is increasing to 6 months and beyond. There is a definite increase in the summer booking activity that was not happening this time last year. Our rates are remaining steady and increases for later this year and next should not effect booking activity.
3) First Quarter - West Maui area - Our first quarter results for 2004 were up 11% over last year higher than we anticipated. Reasonable airfares that were available through the internet attributed to the last minute business we picked up in March. April has held strong, however May does not reflect the same pace. If the airlines cooperate with a price break we may enjoy some late bookings for May.
3) Second Quarter - West Maui area - April was up 4% - May was very disappointing down 7.5% - June was up 8% - We experienced an unusally high demand for 2 and three bedroom units throughout the spring. Year round school program has shifted our summer business to spring. June bookings filled up earlier in the year and the later part of August reflects a dramatic fall off. The influx of internet based vacation website options continues to grow having a substantial impact on our business. It's imperative to maintain high visibility and access through our websites in order to remain competitive. We've been experimenting with a variety of online booking software systems and hope to identify the perfect match before the fall.
3) Third Quarter - West Maui area – Third quarter results were quite disappointing with revenues down 3.32% in July, down 6% in August and 5% in September. Year to date as of October 1 we show an increase of 3.86%, however October was also a disappointing month and advance bookings for November are relatively soft as is early December. Travel agency related business was way off this last quarter.
3) Fourth Quarter - West Maui area Year end results reflect a 4.8% gain in rental income and 6.3% decline in occupancy. First quarter advanced bookings are strong reflecting earlier arrivals in January than last January, February is solid with high demand for two bedroom accommodations, March advanced bookings are on par with last year.
4) First Quarter - Kihei Area - Occupancy and ADR were both up 2% from a very good Q1 2003. Surprising strong last minute March bookings carried the first quarter for us. The pace for the remainder of the year has been very strong. We remain optimistic and could have a record year.
4) Second Quarter - Kihei Area - Occupancy was up 6% and ADR was up 4% from Q2 2003. The late Easter Holidays helped us achieve an all time record April. The pace for the remainder of the year continues strong. We remain optimistic and are on track for a record year.
4) Third Quarter – Kihei Area - Occupancy was up 14% and ADR was up 2% from Q3 2003. We had major pool closures at a couple of our large properties in 2003. This year demand was high and all properties were open. The pace for the remainder of this year and into 2005 continues strong. We remain optimistic and are on track for a record year.
4) Fourth Quarter – Kihei Area - Occupancy was up 6% and ADR was up 5% from Q4 2003. We finished 2004 with a record year. The pace into 2005 continues strong. Q1 2005 should be very good. Easter in March will probably hurt our April numbers. Besides that, we remain very optimistic.
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