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Market Report

Denver Hospitality Market Report

Midyear 2022

Select Service Demand Nearing Pre-Pandemic Highs;
Business Travel Remains a Missing Piece

Leisure recovery advances into the summer. During the initial years of the pandemic, Denver experienced sharp losses in the leisure segment, as travelers favored the state’s more mountainous towns for their outdoor and nature-related activities. Emerging from omicron, hotels in Denver have begun recording the highest levels of occupancy since before the onset of COVID-19. Weekend demand is nearing 2019 levels, highlighting the metro’s relatively swift recovery. Occupancy in May was only 570 basis points below the same month of 2019, with ADR above pre-pandemic levels. However, the return of business travel is a lingering tailwind for hoteliers. A resurgence in this segment would aid demand near major business hubs, such as the CBD and Denver Tech Center.
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