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Hotel Occupancies Still Taking Big Hit

DENVER-Horwath Horizon Advisors/Montgomery & Associates tells GlobeSt.com occupancy at Denver area hotels fell to 54.8% in September, and indications are October will see an uptick only to 58%.

By John Rebchook | Updated on November 14, 2001

DENVER-Occupancy rates in Denver area hotels fell to an average occupancy rate of only 54.8% in September, the lowest in recent memory and a far cry from the 72.8% occupancy rate in September 2000, shows a report by John Montgomery, president of Horwath Horizon Advisors/Montgomery & Associates. ”We’re about 80% done tabulating the October numbers and it looks like that will come in around 58%, compared with 67.6% last October,” Montgomery tells GlobeSt.com.

While the area will still be reeling to some extent from the decline in travel caused by the Sept. 11 terrorist attacks, the market is showing some signs of recovery, he notes.

”A week after the attacks, the market dropped by about 37% and now it’s maybe down 15%,” Montgomery tells GlobeSt.com. ”If you look at national statistics, and sort of read between the lines, the market was softening before Sept. 11. I would say that maybe 5% or 10% of the drop is coming from the economic softness that was apparent before the attacks, and the rest can be attributed to Sept. 11.”

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