Authored by Bob Benton, the report shows RevPar stood at $57.75 in February, compared with $52.71 a year earlier. Year-to-date, RevPar is at $54.77, about 11% higher than $49.23 in the first two months of 2005.
Leading the market last month as far as room rates was Downtown Denver. A total of 115,939 of the available 181,531 room nights were occupied in Downtown Denver in February. That translates to an overall occupancy rate of 63.9% for the month. And it could boast by far the highest average room night, as well as the highest RevPar, at $132 and $84.32, respectively.
The overall southeast corridor, with a total of 242,368 available room nights, showed an overall occupancy rate of 55.2% and an average room rate of $90.58. The RevPar along the southeast corridor was $49.99.
The hotels around the Denver International Airport showed an overall occupancy rate of 73.6%, the highest in the metro area. There are 59,051 available room nights in that area. Not far behind were the 64,951 available room rates around the former Stapleton International Airport, which Forest City Enterprises is developing into one of the nation's largest infill developments. The Stapleton area showed an average occupancy rate of 73.5%, with an average room rate of $65.83, far lower than the $88.64 average room rate charged by DIA hotels. RevPar for DIA hotels stood at $65.27, compared with RevPar of $48.36 for Stapleton Hotels.
The US 36 corridor hotels had an average occupancy rate of 58.5%, an average room rate of $90.83 and a RevPar of $50.82. Boulder hotels show an occupancy rate of 58.5%, an average room rate of $102.87 and RevPar of $60.19.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
