The Latest in the Mountain West (CO, WY, UT) Hospitality Market
Cheers to 2024! What will the New Year bring? While the Experts continue to look into their crystal ball for 2024 and beyond, let's recap how 2023 landed for hospitality. While some tourist towns may have seen a slight downturn in busines in 2023, they are still above 2019 RevPAR and continue to push rates. Major cities that have struggled to return to 2019 level occupancies with decreased business travel, decreased city-wide conferences and increased travel abroad but were finally able to gain their footing in 2023 and returned to pre-pandemic occupancy levels. In addition to the change of revenue streams, we have all faced various rising expenses forcing us to find creative ways to make our expected investment returns. The last 3 years have thrown us all a curve in business (some good, some not so great) but hotels have been the most flexible and have rebounded better than other Commercial Real Estate Investments. We should be proud of our resiliency and look forward to 2024 as the economy and lending may start to turn in our favor...let's HOPE! Cheers.
National News
- Everyone Loves a Kitchen: The Changing Face of Extended Stay
- US economy adds 216K jobs in December, beating expectations
- Though Conditions Have Improved, US Hotel Development Pace Remains Stalled
Local - Colorado
- Denver’s minimum wage increases in 2024. How is the change calculated?
- The Source Hotel & Market Hall in Denver Joins Latitudes Portfolio
- This Chic Colorado Ski Town Just Got a New Boutique Hotel — With Mountain Views, Great Cocktails, and a Rooftop Pool
- Full House Opens Chamonix, Newest Colorado Casino Hotel
- SureStay Plus by Best Western Montrose Opens in Montrose, Colorado
Local - Utah
- How tourism contributes to Utah’s growth and prosperity
- Tourism in Utah means $1,800 savings per household, and it’s growing
- Utah Tourism solidifying its international presence with relevant market approach
