Via MSNBC:

Despite steep discounting and unprecedented incentives, hotel occupancy in Hawaii continues to slide to new lows because of the slowed global economy, especially on the Big Island where only half of rooms were booked in May, according to a report released Monday.

Hotel occupancy fell 6.9 percentage points to 62 percent in May, marking the worst May on record since Honolulu-based Hospitality Advisors LLC began its monthly survey in 1987.

It’s unlikely Hawaii will see any sign of recovery until well into 2010 with room revenues continuing to lag the prior year by over 20 percent, said Joseph Toy, president and chief executive of Hospitality Advisors. May results reflected a continuation of the record hotel market lows since the start of the year, he said…

Every island saw sharp declines, with bookings on the Big Island plummeting 8.2 percentage points to a statewide low of 49.3 percent…

Read Full Article at MSNBC.com