Market watch article
Market Watch Territory:
Mountain West (CO,WY,UT)
Market Watch Month:
May 2024
Marcus & Millichap's research department has released a retrospective analysis of 2023 data in the hospitality industry, accessible here: Marcus & Millichap Hospitality 2023 Analysis
In the Colorado area, there was a slight year-over-year decrease in RevPAR, primarily attributed to drops in occupancy rates. Additionally, the hospitality supply in Colorado is on the rise, with new developments expanding by approximately 3.1% in 2023 compared to the previous three years. However, this expansion was counteracted by conversions and demolitions in the same year. As we move into 2024, we are witnessing an increase in hospitality industry developments as projects move forward.
National News
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- FOMC Keeps Rates Unchanged, QT Taper to Begin in June
- Economic Outlook U.S. Q2 2024: Heading For An Encore
- Choice Hotels International Takes it to the "Next Level" at 68th Annual Convention
Local - Colorado
- Downtown Vitality Index: How Downtown Denver's Comeback Compares
- Denver-Area Utility Strikes Major Solar Deal As It Becomes An Independent Power Distributor
- Colorado Pumps $21 Million Into Fast-Charger Expansion for Electric Vehicles
- Three Companies to Create Nearly 60 New Jobs in Southern Colorado
- Colorado Wind Power Manufacturer Reveals Major Project Win
Local - Utah
- Utah Hotel Makes 'Best New Hotels of 2024'
- Western States Lodging and Management Announces Exciting Changes to Executive Leadership Team
- NHL Expected to Bring New Customers to Downtown Salt Lake City Businesses
Local - Wyoming
- New Life for 110-Year-Old Stringer Hotel, Dubois' Oldest - And Tallest - Building
- Wyoming Company's Innovative Design Could Make Wind Turbines Obsolete
- Outdoors-Focused Jet Hospitality Acquires Wyoming Hotels
