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Hotel occupancy rates fall, prices rise

By John Rebchook, Rocky Mountain News (Contact)

Published June 23, 2008 at 11:40 a.m.
Updated June 23, 2008 at 11:40 a.m.

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Hotels in the Denver area and throughout the state saw slight drops in their occupancy rates in May, compared with May 2007, according to the Rocky Mountain Lodging Report released today.

However, average daily room rates are higher than they were a year ago.

In the Denver area, the average occupancy rate in May was 67.3 percent, compared with 68.9 percent in May 2007.

In the first five months of the year, the average occupancy rate was 62.5 percent, compared with 63.2 percent during the same period in 2007.

The average daily room rate in May for Denver-area hotels was $115.38, compared with $112.66 in May 2007, a 2.4 percent increase.

Year-to-date, the average room rate was $113.18, compared with $107.47, a 5.3 percent increase.

Downtown Denver had the highest daily room rate in May, at $155.29. The average occupancy rate in downtown was 69.7 percent.

Statewide, the overall occupancy rate stood at 60.3 percent in May, compared with 61.4 percent in May 2007.

Year to date, the average occupancy rate was 59.9 percent, compared with 60.9 percent in the first five months of 2007.

The average statewide room rate in May was $112.92, a 2.8 percent increase from the $109.77 average room rate in May 2007.

Year to date, the average room rate was $134.94, 5.3 percent higher than the average daily room rate of $128.11 in 2007.

The average room rate in Aspen and Vail in May were $162.87 and $107.41, respectively. The average occupancy rate in Vail was 27.5 percent and 30.1 percent in Aspen.