Tax Revenue For Denver's Hotels Increases

2014 Brought Record Numbers For Denver's Hotels Denver area hotels saw a very successful year in 2014, largely due to the number of convention goers that are currently flocking to the city. Denver hotels were on pace to beat previous years' occupancy rates even before 2014 came to a close, and saw significant profit last year. Denver Mayor Michael Hancock said he expected 2014 numbers to finish out at a 14 percent increase in revenue over 2013. The 421,544 people who attended a conference or convention in the city last year drove this boost in the hospitality business in the metro area. Even with construction completed on two new hotels—The Crawford Hotel and the Renaissance Denver Downtown City Center—occupancy rates hit records because of the conventions Denver hosted. In a study conducted by the Watkins Research Group, convention planners revealed that Denver's convention bureau is the best bureau with which they have worked. Furthermore, Denver scored fifth on the list of most desirable convention destinations for coming years. Through August of 2014, the 10.75 percent lodger's tax Denver hotels charge had raised $51.3 million in tax revenue for the city. (The tax raised $42.1 million through August of 2013). With Regional Transportation District, state, and cultural facilities' taxes, hotel tax revenues had reached $70.4 million by August. Although Denver officials know they must continue to market their city, upcoming conventions indicate that the city's success as a destination for national conventions will not be short-lived. Are you considering a remodel to drive more people to your hotel? You can boost your occupancy this year by bringing refreshed attention to your beautifully remodeled property. For all of your design review, general contracting, feasibility analysis, and remodeling project management needs, contact Parkwest General Contractors. We are here to help you maximize your success.