Colorado Real Estate Journal - March 18, 2015
Downtown Denver is home to 27 hotels with over 9,332 hotel rooms. This represents almost 22% of the hotel rooms in the entire ten-county Metro Denver region. Demand for Downtown Denver hotel rooms remains high, with hotels enjoying rising occupancy and room rates. As of fourth quarter of 2014 the occupancy rate was 78.2% with an average daily room rate of $171.86. The strong performance of hotels continues to spur new development. There were three projects that completed construction in 2014. Starwood completed their Aloft hotel on 15th St. and is a 6 story, 140 room development. The Renaissance by Marriott that is in the former Colorado National Bank building on 17th St. opened in May with 230 rooms and a lobby featuring murals by Alan True. The Crawford Hotel opened in the upper floors of the north and south wing of Denver Union Station and delivered 112 rooms when it opened in July. Two new hotel projects are currently under construction. There is the Hyatt House & Hyatt Place, a 21 story, dual brand, 361 room hotel being built at 14th and Glenarm. There is also The Art Hotel, located at 12th & Broadway, which will be 9 stories and add 165 rooms to the market when it is completed later in 2015. Combined, these projects have added 482 rooms and will add an additional 526 new rooms to Downtown’s hotel market when they finish construction later this year. There are also an additional three hotel projects that are planned that would add an additional 850 rooms which would bring the number of hotels to 32 and increase the overall room count to 10,708.