Hotels in the Denver area boasted record revenues in June.
Hotels generated $186.23 million in revenues, a 5.04 percent increase from $177.28 million in June 2017, according to the most recent report from STR, a data and analytics specialist.
The revenue increase comes despite the total number of hotel room nights in the metro area rose by 4.6 percent on a year-over-year basis, according to STR data.
Meanwhile, the overall hotel occupancy rate in June was largely unchanged at a very healthy 87.5 percent, compared with 88 percent in June 2017.
And the average daily rate at $148.09 was slightly ahead of where it was a year earlier at $146.68 Revenues per available room, another important metric for measuring the health of the hotel markets, were largely unchanged at $129.54, according to STR.
The healthy hotel market comes at a time when hotel rooms are not only competing against each other but also against Airbnb (although Denver limits short-term rentals to an owner-occupants primary residence).
Still, this is an ideal time to take the pulse of the hotel market.
The conference at the Hyatt Regency Aurora-Denver Conference Center, will immediately follow another half-day CREJ conference – the 2018 Residential & Commercial Land Development Conference.
The hotel conference is anticipated to draw 250, making it the largest gathering of hotel owners, developers, franchise owners, property managers, brokers, lenders, contractors, designers and other professionals.
Carter Wilson, a vice president of consulting and analytics at STR, will be one of the presenters at the conference.
Others participating in the conference include:
- Nicole Ament, a shareholder at Brownstein Hyatt Farber Schreck;
- Donna Horii, business development director at the Colorado Hotel & Lodging Association;
- Skyler Cooper, director, National Hospitality Group, Marcus & Millichap;
- Larry Kaplan, senior vice president, CBRE Hotels|Capital Markets, CBRE;
- Jim Nelms, vice president and managing broker, Hotel Broker One – Denver;
- Shane Skubis, senior vice president, HREC Hospitality Real Estate Counselors;
- Philip A. Gosch, shareholder, Brownstein Hyatt Farber Schreck P.C.;
- Denise Carpenter, vice president and managing director, development/NW Region, Hilton Worldwide;
- Mark Younadam, regional vice president, Southwest, Hyatt Hotels Corp.;
- David Stahl, principal, Urban Living, Cuningham Group;
- Brian Quinn , vice president, head of development, New Construction Brands, Choice Hotels;
- Kim Day, CEO, Denver Denver International Airport;
- Greg Kennealey, principal and head of hospitality, KSL Capital Partners LLC;
- Michael Everett, president, NuovoRE;
- Tommy Nigro, vice president of real estate, Stonebridge Cos.; and
- Tony Malk, managing director, HFF Inc.