May 1, 2023

A new report is available on the Denver Business Journal (Link). Kate Tracy reports on the occupancy rates of the hotels at DIA. The results are encouraging

The Denver International Airport submarket led the Denver metro area in hotel occupancy last month, according to the latest report from the Colorado Hotel and Lodging Association.

At 80.3%, the DIA submarket was the only submarket in the metro area to reach above 75% hotel occupancy in the month of March. The Central Park neighborhood’s hotels were 72.8% occupied last month, while the Interstate 225 and east Aurora submarket’s occupancy was 72.6%. The Highway 36 corridor had the lowest occupancy rate last month in the metro area, at 56.1%.

Meanwhile, total occupancy for downtown Denver was 67.6%, with an average daily rate of $187.01, according to the report, while the revenue per available room was $126.45 last month. The highest average daily rate last month was in downtown’s Golden Triangle and lower downtown submarket, at $200.03, while the revenue per available room there was $128.57.

Year-to-date, the Denver metro’s hotel occupancy is hovering at 61.6%, ahead of last year’s 57.8% occupancy. In addition, the average daily rate has also gone up from last year, going from $123.78 last March (year-to-date) to $136.58 this year.

Spring breakers headed to Colorado’s resort towns helped to boost hotel performance last month. Aspen had the highest occupancy rate as well as the highest average daily rate, at 78.8% and $1,214 respectively. Steamboat Springs had the next highest hotel occupancy rate, at 73.7%, and the lowest average daily rate, at $379. Vail’s occupancy rate was 73.5%, followed by Telluride’s 72.5% occupancy, according to the report.

You can read the entire post at the Denver Business Journal (subscription).