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Market Report

Denver Hospitality Market Report

2024 Investment Forecast

Dynamics at Denver International Airport Assist
Hotel Demand and Lift Investor Sentiment

Historic levels of travel poised to maintain recovery momentum. In 2023, Denver International Airport (DIA) added five new domestic destinations, a direct route to Dublin and resumed passage from Tokyo, helping set a new record-high monthly passenger volume count last July. Expansionary efforts at DIA have proven successful in their local economic impact, totaling $36.4 billion over the 12-month period ending in last July, with momentum expected to continue. Accompanying these milestones is a third straight year of below-average hotel completions in 2024, supporting an improved hospitality outlook. Annual occupancy is set to come within 220 basis points of its 2019 mark this year, while ADR and RevPAR each reach new highs. Although West Denver is poised to note the largest occupancy gain, benefiting from proximity to Red Rocks Amphitheatre and outdoor leisure attractions, the Airport-Eastern Denver submarket will be the only area to record a higher rate than its 2019 figure. Metrowide, the limited-service segment also achieves this feat, as inflationary pressures direct a higher number of households to budget-friendly options. 
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