The lodging industry in the State of Hawaii ended 2018 with RevPAR growth of 4.6 percent. This rate compared favorably to the aggregate rate for the Top 25 Markets tracked by STR (2.5 percent), and is consistent with long-term averages. However, in view of the 5.2 percent decline in demand statewide for the month of December, sentiment is somewhat cautious entering 2019 due to the maturity of the economic cycle worldwide. Growth forecasts for GDP and visitor expenditures for Hawaii have recently been revised downward, reflecting guarded sentiment.