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City Gears Up for $1B Hotel Building Boom

DENVER-Led by the $285-million, 1,100-room Hyatt Regency at the Colorado Convention Center, Downtown is gearing up for a $1-billion hotel building boom. In addition to the Hyatt, there are at least eight hotels on the drawing board or under construction Downtown.

By John Rebchook | Updated on January 23, 2006

DENVER-Led by the $285-million, 1,100-room Hyatt Regency at the Colorado Convention Center, Downtown is poised for a $1-billion hotel building boom, the largest in its history. In addition to the Hyatt, there are at least eight hotels on the drawing board or under construction in Downtown that experts estimate will have a completed value of around $700 million in today’s dollars.

The hotels, which execs are hoping to open by 2009, will add about 1,800 rooms to the current market. Byron Koste, director of the University of Colorado Real Estate Center in Boulder, thinks that the market could become overbuilt. “Yes, the economy is getting slightly better and we are creating some new jobs,” Koste says. “But we just opened a new 1,100-room hotel to accommodate some of the demand.”

Koste says he would like to see “more sanity” in the market. “But this is America,” he tells GlobeSt.com, “and any developer who can get a hotel financed has the right to build one.”

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