By: Skylar Colclazier
Recently, the 2015 Colorado Real Estate Journal (CREJ) held its Hotel and Resort Summit. The Summit is a gathering place for the key stakeholders in the hotel industry to discuss changes and trends. Evidence supported the unanimous agreement that Denver’s hotel market is one of the highest performing in the country, making it an attractive home for investment opportunities.
“Hotel Performance Stellar; Denver Better,” an article published in the CREJ, highlighted the flourishing hotel market by covering key points. “Denver is doing phenomenally right now,” said Carter Wilson, a Director of Broomfield-based STR Analytics, an advisory firm to the hospitality industry. According to STR Analytics, “The metro area saw a 16 percent increase in revenue per available room in 2014…that’s about double the national average.” Additionally, the “…average occupancy hit a record 75.4 percent, compared with a record high average of 64.4 percent nationally.”
While this may irritate travelers paying the increased room rates, it illustrates the growing economy and vitality of the Denver metropolitan market. Not surprisingly, the article explained, “Denver is among a handful of markets [that] are basically “full” in terms of occupancy.”
Drury Hotels capitalized on the investment opportunity when it purchased 3 acres in Denver’s Stapleton community. The 180 room hotel opened in 2014, minutes from Denver International Airport. The new location demonstrates Stapleton’s growing and prominent role in business development opportunities and exemplifies the booming hotel industry in Denver.
Stapleton businesses reap many benefits; whether it’s the high visibility and retail options of the Northfield Business Park or easy access to transit in Centerfield Campus, Stapleton offers a multitude of opportunities.