Hotels in Hawaii are struggling to survive as occupancy keeps slipping to new lows. One of the islands’ most recognizable properties was planning to close its doors today because of mounting operating losses.

The iconic Ilikai hotel on Waikiki Beach in Honolulu will be shut down, one day prior to its new owner taking over. New York-based iStar Financial Inc. had hoped to cut costs enough to maintain operations of the 203-room hotel, but “unfortunately, alternatives to reduce the operating losses at the hotel have not to date been achieved, thus leading to the decision to close the hotel,” said a statement from Andrew G. Backman, iStar Financial senior vice president.

The hotel featured on the opening of the long-running television show “Hawaii Five-O” was bought in a foreclosure auction by iStar, a publicly traded REIT, this spring for a reported $51 million. Eight hundred units in the hotel’s building are private condominiums or timeshare units and won’t be affected by the hotel’s closing.

The news for the rest of the lodging industry in Hawaii wasn’t as dire, but it certainly wasn’t good. Statewide occupancy fell 6.5 percent to 61.9 in May, according to a report from Smith Travel Research. It was the lowest May number on record since the survey began in 1987. Occupancy on the Big Island was the lowest (49.3 percent) after an 8.2-percent drop, according to Hospitality Advisors. ADR for all the islands fell 12.8 percent to $166, adding up to a 21.1 percent decline in RevPAR.

Statewide occupancy for all of last year was 70.4 percent and ADR was $201.90, according to STR. The year-end numbers will be dramatically different this year. Through May, occupancy (66.6 percent) and ADR (182.85) are well below that and likely to keep falling.