Prices for hotel rooms in Hawai'i climbed to a new February record even as demand slipped to its lowest level since 1991.

The latest hotel statistics confirm the state's No. 1 industry is coming down from the torrid pace of the past two years.

Demand for hotel rooms statewide fell 10.8 percent in February to just under 1.3 million rooms sold, the lowest for a February since 1991. Statewide hotel occupancy fell 7.9 percentage points in February to 79.4 percent.

Prices, meanwhile, continued to rise with the average hotel room going for $203.27, a February record, according to a report released yesterday by Hospitality Advisors LLC.

State tourism liaison Marsha Wienert said she was not concerned. The industry's goal is to attract "quality visitors that want to see and do everything," Wienert said. "It's never been the intent to just get more and more and more."

The dip in occupancy is just a return to the norm after several stellar years for tourism, said hotel executives. Hawai'i had a record 7.4 million visitors in each of the last two years and a near-record 6.9 million arrivals in 2004.

"I see this as a period of adjustment to four years of abnormal growth in both occupancy and rates," said Mike Paulin, owner of Aqua Hotels & Resorts.

"You just don't see that kind of growth on a normal basis," Wienert added.

The drop in hotel occupancy "is not a new trend," Wienert said. "Is it anything to be concerned about? I don't think so."

Paulin said he is keeping an eye on the numbers but isn't surprised or alarmed by what he sees as a predictable shift in the market and he's optimistic about summer bookings.

"I don't see this as a trend at all," Paulin said.

Paulin, whose company has 10 boutique hotels in Waikiki, said the latest visitor arrivals show more people heading for Waikiki even if fewer are coming to the state overall.

"I suspect over the balance of the year, we will stay pretty even with 2006 numbers," he said. "I don't think you're going to see any further growth in occupancy."

Hospitality Advisors president Joseph Toy said a rise in the average daily room rate to a new record high of $203.27 helped boost hotel revenue, although it wasn't enough to offset the fall in occupancy.

After speaking with various hotel officials, Toy said it's too soon to say what the summer will bring or the rest of the year.

"It's still too early to say how 2007's going to shape up," he said.

"I'm getting a lot of mixed signals. In some cases, I'm hearing that bookings for summer seem to be strong for some hotels and worrisome for others."

Toy noted that all islands reported lower hotel occupancy but higher room rates.

The sharpest decline in occupancy was for budget hotels, which dropped 11.1 percentage points to 81.7 percent. Luxury hotel occupancy decreased by 7.3 percentage points to 78.6 percent, but the room rate pushed up by 5.3 percent to $309.98.

And Wailea on Maui held on to the highest room rate in the state at $396.97.

The survey, compiled by Smith Travel Research with Hospitality Advisors, included 143 properties representing 47,221 rooms, or 82.2 percent of all lodging properties with 20 rooms or more in the state, including full-service, limited-service and condominium hotels.

Reach Robbie Dingeman at rdingeman@honoluluadvertiser.com.