Denver Hospitality Market Report
2023 Investment Forecast
Global Recognition Elevates Hotel Outlook;
Activity Near the Airport Steers Deal Flow
Concerts and international travel back demand momentum. Following notable recovery gains across the prior two years, Denver’s hotel fundamentals continue to progress during 2023, allowing occupied room nights and RevPAR to exceed pre-pandemic figures. The world’s most-visited concert venue and a rise in international tourism contribute to this improvement. In 2022, Red Rocks Amphitheater hosted more than 1.5 million attendees, ranking the venue as the most popular music hall for a second straight year. Worldwide recognition of the amphitheater will continue to attract artists and fans alike, many of whom may use the opportunity to explore greater Denver, supporting hotel demand in the CBD and elsewhere. On the eastside of the metro, Denver International Airport welcomed nearly 1.8 million inbound international travelers last year, placing the metro 20 percent ahead of its 2019 figure. This gain coincided with the airport adding 37 new gates last year. A similarly elevated visitor count this year should foster hotel demand across the metro. The rising popularity of glamping across the Rocky Mountains may also benefit the sector as travelers experience Denver on their way into the front range for outdoor leisure attractions.