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Hotel performance stellar; Denver better
It’s good times in the nation’s hotel industry and even better for the Denver market.
“Denver is doing phenomenally right now,” said Carter Wilson, director with Broomfield-based STR Analytics, an advisory firm to the hospitality industry. The metro area saw a 16 percent increase in revenue per available room in 2014. “That’s about double the national average,” said Wilson. Average occupancy hit a record 75.4 percent, compared with a record high average of 64.4 percent nationally, he said.
The average price of a hotel room in Denver escalated to $101.72 last year and had climbed to $109.29 by February.
Wilson, speaking at the 2015 Hotel & Resort Summit and Expo sponsored by the Colorado Real Estate Journal and Otten Johnson Robinson Neff + Ragonetti, said Denver is among a handful of markets that are basically “full” in terms of occupancy. Although fundamentals continue to improve, he cautioned, “There is a lot of new supply coming into Denver.”
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