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October Boasts Improved Hotel Occupancy Rates

DENVER-For only the fourth time this year, metro-area hotel occupancy rates bested the same month in 2002. Meanwhile, the average room rate in October was $89.41, the highest average monthly room rate for the entire year.

By John Rebchook | Updated on November 25, 2003

DENVER-For only the fourth time this year, metro-area hotel occupancy rates bested the same month in 2002. The latest Rocky Mountain Lodging Report, prepared by Robert S. Benton & Associates Inc., shows that the overall occupancy rate in October was 61.8%, compared with 59.9% in October 2002.

October also marks the first time this year that the market had improved over the same month last year for two consecutive months. In September, the hotel occupancy rate was 63.4% compared with 61.6% in September 2002. The drop in October from September was expected for seasonal reasons.

Year-to-date, the average room rate was 61.9%, trailing slightly the 62.7% occupancy rate for the first 10 months of 2002. Meanwhile, the average room rate in October was $89.41, the highest average monthly room rate for the entire year. October was the sixth time this year that the average room rate was higher than the same month in 2002. The average room rate in October 2002 was $86.48.

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