This piece discusses recent trends and our outlook for the Denver hotel market for the next two years, with modest growth expected to resume in 2025.
Over the past decade, Telluride has gained popularity as a secluded resort destination during both the summer and winter months. As a result, the luxury-resort segment is expanding in this market.
As 2023 ends, regional HVS leaders across the globe take a look back at how the global hotel industry fared this year. Overall, operating metrics shined brightly, with revenue growth achieved in most global markets, while investment activity cooled. The investment market is expected to improve in 2024.
While several new brands have emerged within the limited- and select-service segments over the past decade, the expansion of extended-stay brands was limited prior to 2021, and many of the U.S. hotels within this segment were dated. However, during the last two years, economy and midscale extended-stay brands have experienced a significant expansion.
This article provides an outlook for the Denver hotel market.
Salt Lake City is well positioned for a strong recovery. Several office, hospitality, and residential projects downtown are ongoing and should support a swift recovery and continued growth in a post-pandemic environment. The addition of a convention center headquarters hotel, a potential bid for a future Winter Olympics, a new terminal and expanded airport, a favorable business climate, and proximity to the mountains are factors that are contributing to an overall positive long-term outlook.
Colorado’s 2020 repeal of the Gallagher Amendment could reduce property taxes for hotels and motels. The regulation had limited the total taxable value of residential property, resulting in increasingly higher nonresidential property taxes for the last 40 years.
Over the past year, the Albuquerque and New Mexico market have suffered unprecedented declines in demand because of the COVID-19 pandemic. These declines have been driven by more restrictive state-imposed limitations on travel and business operations, especially for hotels. As the state begins to emerge from COVID-19 restrictions, we examine the recovery outlook.
Since early March, metro Denver-area hotels have suffered unprecedented declines in demand, similar to most cities in the United States, because of the COVID-19 pandemic. How far has the Denver hotel market fallen? How does this compare to the last recession? What will the recovery look like?
Each year, HVS researches and compiles development costs from our database of actual hotel construction budgets. This source now provides the basis for our illustrated total development costs per room/per product type.