Colorado Real Estate Journal - June 15, 2016

HOSPITALITY

Downtown Denver is home to 32 hotels with over 9,100 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 2015 the occupancy rate was 77.8% with an average daily room rate of $179.45. The strong performance of hotels continues to spur new development.

There were two projects that completed construction in 2015. White Lodging completed their dual branded Hyatt House & Hyatt Place, a 21 story, dual brand, 361 room hotel located at 14th and Glenarm. The 9 story Art Hotel, located at 12th & Broadway, added 165 rooms to the market when it welcomed its first guests in the summer of 2015. Seven new hotel projects are currently under construction. They include the dual brand Le Merdien & AC, a 22 story, 488 room hotel being built at 15th & California. There is also Hotel Born, a 12 story, 200 room hotel being developed at 16th & Wewatta.

There is also The Maven, a 7 story, 170 room property is under construction and part of the Dairy Block development. Combined these projects will add 1,336 additional rooms when they are completed. There are also an additional nine hotel projects that are planned or proposed that would add an additional 1,294 rooms which would bring the number of hotels to 48 and increase the overall room count to 11,730.