Area Hotel Market's Struggles Continue

DENVER-Hotel occupancies in the state and in the Denver area are slightly ahead of the dismal October they had in 2001, but it’s clear the market is still struggling, according to the latest Rocky Mountain Lodging Report. The report shows that the October hotel occupancy rate was 59.9%, compared with 57.2% in October 2001, when the market suffered the worst October in several years following the terrorist attacks of Sept. 11.

This marks only the third time this year the average occupancy rate has risen. Year-to-date, the hotel occupancy rate is 62.7%, compared with 65.5% through the first 10 months of 2001.

Also, the average room rate in October was $86.48, compared with $88.43 a year ago. So far, only four times this year has the room rate been better than in 2001.