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COLORADO REAL ESTATE JOURNAL
— December 16, 2015-January 5, 2016
Greater Denver
by Jill Jamieson-Nichols
Downtown Denver’s hotel mar-
ket is hot and likely to stay for the
foreseeable future.
Despite a surge of hotel develop-
ment, industry experts say there’s
room for growth in the hospitality
sector, with downtown occupancy
as high as it gets and average
room rates at record levels.
Carter Wilson of STR Analytics,
a global provider of information to
the hotel industry, said downtown
Denver hotels have averaged 6
percent rate growth and 76 per-
cent occupancy over the past 12
months. “At 76 percent, you’re
effectively sold out. It’s really hard
to grow occupancy much beyond
that.
“In terms of howit’s been able to
fill rooms and grow rates, Denver
is a very hot market,” he said, not-
ing hotels nationally are perform-
ing very well.
“Denver has really come into its
own this real estate cycle,” added
Mike Cahill of HREC-Hospitality
Real Estate Counselors. “Denver
has proven itself as a desirable,
growing economy where people
want to live and employees want
to locate.”
Recent activity in downtown’s
hospitality market includes:
• The $10 million acquisition of
Breaking ground for the new Le Méridien and AC Hotel by Marriott are, from left, Bruce Etkin of Etkin
Johnson Real Estate Partners, Chris Anderson of White Lodging, David Johnson of Etkin Johnson, Chris
Stanley of Starwood Hotels & Resorts, Deno Yiankes of White Lodging’s Investments and Development
Division, Steve Poe of Poe Cos. and Mike Wells of REI Real Estate Services.
Cutting the ribbon to celebrate the opening of the newHyatt Place/Hyatt
House Denver/Downtown are, from left, John Cantele of Hyatt Corp.;
Annebeth Kearney Black, the hotels’ director of sales and marketing; and
General Manager Chad Cuddy.
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Vol. 24 No. 24
