I figured it out. I needed to specify that it was pulling from a page not a post:
<?php query_posts('post_type=page'); ?>
<?php if ( have_posts() ) : while ( have_posts() ) : the_post(); ?>
<?php $hours = get_post_meta($post->ID, 'hours', false); ?>
<ul>
<?php foreach($hours as $hour) {
echo '<li>'.$hour.'</li>';
} ?>
</ul>
<?php endwhile; ?>
<?php endif; ?>