Market watch article
Market Watch Territory:
Mountain West (CO,WY,UT)
Market Watch Month:
June 2024
In Denver we are seeing group demand (room blocks of 10 or more) recover to near pre-pandemic peak, and is expected to continue to improve throughout 2024. Occupied group room nights are within ~2% of the all-time-highs in 2020. However, transient demand (leisure and corporate travelers) is lagging and remains ~7% below the pre-pandemic levels. Group demand in the luxury and upscale classes increased 4% over the past 12 months and 7% year to date through April. Among STR’s top 25 locations, Denver group occupancy was among the highest in April. Likely contributing to the increase in group demand, was the completion of the 80,000 square foot expansion and addition of a rooftop terrace to the Colorado Convention Center in 4Q23.
National News
- Consumers Continue To Book Premium Airline Seats, Higher-Tiered Hotels
- Luxury Hotels and a ‘Sense of Place’: The Challenge for Hoteliers
- How Long Can the Resilient Consumer Continue To Spend?
- How a Fed Rate Cut Delay is Impacting Commercial Real Estate
- Unionization Is a Growing Factor for US Hoteliers
Colorado
- Sneak a Peek Inside Denver's Funky Populus Hotel, Opening Later This Year
- Upper Tier Hotels Group Demand Is Near Previous Peak In Denver
- Stonebridge Acquires Real Hospitality Group
- Massive Project Starts Remaking Downtown Golden
- Boulder's First New Hotel Opens After 6-Year Dry Spell
- Denver Proposes Leveraging $500M for Downtown Redevelopment
Utah
- Braintree Group Acquires Three Hotels
- Fan-Based Travel: Getting Onboard With the ‘Gig Tripping’ Trend
Wyoming
