Denver Hospitality Market Report

Booming tourism industry backs continued recovery. Denver welcomed more than 36 million visitors last year: a 15 percent increase over 2021 and a record high, according to local authorities. Overnight out-of-state travelers made up roughly three-fourths of this count, contributing to a 40 percent boost in tourism revenue to $9.4 billion. This trend has continued so far in 2023. Inbound international travel to Denver’s primary airport rose 22 percent year-over-year in May amid eased travel restrictions. These notable improvements sustain recovering lodging operations. By year-end, annual occupancy will come within 350 basis points of its 2019 figure. This coincides with RevPAR growth that exceeds its long-term average, following the metric surpassing $100 for the first time on record.