Since early March, metro Denver-area hotels have suffered unprecedented declines in demand, similar to most cities in the United States, because of the COVID-19 pandemic. How far has the Denver hotel market fallen? How does this compare to the last recession? What will the recovery look like?
Each year, HVS researches and compiles development costs from our database of actual hotel construction budgets. This source now provides the basis for our illustrated total development costs per room/per product type.
Downtown has historically lacked the inertia to overcome economic conditions to transition to a new identity worthy of this city’s rich history. The City for Champions and urban renewal initiatives could be the impetus needed for revitalization.
Boulder is a target market for hotel companies and brands. The city’s strong corporate and leisure demand, combined with a major university, makes it a perfect hotel market. Despite the ideal hotel environment with strong market performance, new hotel development has been limited.
In response to rising demand for unique designs, developers are turning to adaptive reuse as a means of creating one-of-a-kind hotels. Historic building conversions come with their own sets of challenges, balanced by potential rewards.
Traditional hotel development in ski resort towns has slowed nearly to a halt, with barriers like limited land and high costs putting pressure on new builds. But hotel demand and performance are on the rise and the “barriers” may not be so imposing.
Denver’s growth this year reflects what many hotel developers and owners have been witnessing—as a market for jobs, business, and development, Denver continues to outperform.
Denver’s hotel industry is leading the nation in development trends and overall performance. Experts at the annual lodging conference, Colorado’s biggest, also shared insights on ski resort markets in the state.
Institutions ranging from Olympic centers to major military bases underpin the economy of Colorado Springs. Tourism brings additional demand to area hotels, which have noted improvements in transactions and performance over the past year.
Colorado’s ski resorts draw millions of annual visitors. The lodging industry throughout the Colorado mountains comprises hotels and privately rented rooms and condos. How could a shift in this balance affect hotel performance in the years ahead?