Shares of U.S hotel chains climbed yesterday after a series of economic reports showed the recession may be drawing to a close and gave investors hope the hard-hit industry will see occupancy rates climb.

Starwood Hotels & Resorts Worldwide Inc. and Marriott International Inc., each of which operates about a dozen properties in Hawai'i, saw their share prices rise by double digits on the positive economic developments.

The jump in stock prices was a rare bit of good news for Hawai'i's hotel industry, which is suffering through one of the worst downturns in state history. Despite deep discounts on room rates, Hawai'i hotel occupancy rate has hit record lows for four consecutive months.

The 61.9 percent occupancy rate in May — the latest month for which figures are available — was the lowest for any May since industry consultants Hospitality Advisors and Smith Travel Research began reporting on Hawai'i's hotel industry in 1987.

In addition, the report released last month showed that average daily room rates fell sharply by 12.8 percent to end the month at $165.78. The combined decrease drove statewide revenue per available room — a key measure of profitability — to $102.67, down by 21.1 percent compared to the same period last year.

Yesterday's economic news included a Labor Department report showing that employers sharply scaled back layoffs in July. And the government reported that the national unemployment rate dipped for the first time in 15 months in July.

Other encouraging news: Workers' hours nudged up after sinking to a record low in June, and paychecks grew after having stagnated or fallen.

It was all good news for the tourism and hospitality industry, which depends on visits from both business and leisure travelers. Both groups have cut travel spending because of the recession.

Shares of Starwood Hotels & Resorts Worldwide Inc. climbed $3.32, or 12.7 percent, to $29.45 in afternoon trading. Starwood operates Sheraton and Westin hotels and resorts on O'ahu, Maui, Kaua'i and the Big Island. It also manages The Royal Hawaiian hotel in Waikiki.

Marriott International Inc. shares were up $2.65, or 11.8 percent, to $25.11. Marriott's properties on Oahu include the Courtyard Waikiki Beach, the Waikiki Beach Marriott Resort & Spa, the JW Marriott Ihilani Resort & Spa at Ko Olina, and Marriott's Ko Olina Beach Club. Marriott also has operations on Kaua'i, Maui and the Big Island.