Occupancy Plateau For Denver Hotel Market?
Denver hotels enjoyed occupancy growth for six years running, but it looks like the trend will be leveling off, according to data in the mid-year Rocky Mountain Lodging Report from consultants Robert Benton and Bill Hopping and shared by the Colorado Hotel and Lodging Association. Occupancy was only 59% in 2009, but jumped to 75.9% in 2015 with the recovery and later boom of the Mile High City economy.
One of the upshots of that growth has been a spike in the number of hotel rooms. In 2015, eight hotels with a combined 1,557 rooms opened in the Denver area, and 13 hotels with 1,515 rooms will open this year all together, the Denver Business Journal reports. Occupancy thus fell to 73.7% over the first six months of this year, compared to 75.4% for the same period last year. [DBJ]
