Like many other places, Waikiki did not suddenly become aweak market. It became a harder one.

Yes, RevPAR slipped about 3 percent year over year through2025. Demand softened, but this is still a submarket running roughly 79 percentoccupancy on a trailing twelve month basis with ADR hovering around $267 andluxury hotels well above $300. Those are not weak fundamentals. Those are numbersthat most markets only wish they could...