In the first seven months of the year, the average room rate has bested the same month as far as room rates, according to the report by Robert Benton of Robert S. Benton & Associates Inc. Year-to-date, the average room rate improved 8.1% to $89.28, compared with $82.57 through the first seven months of last year.
As far as occupancy rates, six of the seven months improved over the same month in 2004. March was the only month in which occupancy rates dropped, to 58.8% from 60%. Year-to-date, the average occupancy is 64.7% compared with 62.1% through July 2004.
Downtown Denver boasts the highest average room rate. The 161,738 available room nights downtown had an average room rate of $134.22 in July. It is followed by the Boulder market, which has 55,180 available room nights and an average room rate of $105.85. Boulder's average occupancy rate in July was 82.1%.
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