Revenues at local hotel operator The Castle Group dropped 23 percent, reflecting continued weakness in the tourism market.

Revenues for the three months ending June 30, 2009 slipped to $3.57 million from the year-earlier’s $4.62 million.
But the company said its net losses narrowed to $462,000 during the latest second quarter from the year-before’s $545,000 loss.
“The second quarter was challenging as we continue to see weak demand and daily rate compression at unprecedented levels, especially in Hawaiçi,” said Alan Mattson, president, and chief operating officer of The Castle Group.