With multiple hotels having opened since 2012 and several hotel projects in the pipeline, understanding the current mix of products types and brands is an important part of maximizing market share for both existing and proposed assets.
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.
Denver has experienced record levels of lodging demand over the past several years; however, new supply, including the recent opening of the Gaylord Rockies, is expected to result in increased competition for full-service hotels throughout Denver.
Following a series of setbacks that hindered recovery, the Colorado Springs hotel market sprang back in 2014. Government travel levels and economic conditions improved in 2015, and lodging-tax revenues year-to-date reflect a positive trend of growth.
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.
Wildfires ravaged lives and infrastructure on the northwest of Colorado Springs, setting off a scramble for hotel rooms. As the city rebuilds, major projects—including multimillion-dollar hotel renovations—aim to put the local economy back on track.
Colorado Springs’ hotel industry has been in business for more than a century, with a wide spectrum of entities driving demand. The market wasn’t hard hit by the recent recession, and major events this summer should bode well for local hotels.