DENVER (AP) - Several developers in Colorado have continued with new hotel projects across the state despite the dire condition of the industry during the coronavirus pandemic.
A panel of real estate professionals, including CrowdStreet co-founder Darren Powderly, said during an online forum organized by the University of Colorado earlier this month that the industry has been challenged by the pandemic, the Denver Post reported.
Powderly said during the panel that “we have never, ever seen a collapse of business fundamentals like we have experienced in the last nine months globally in the hotel industry.”
But Powderly also said he believes the “disruptions” to the industry could mean opportunity once the pandemic is contained and travel demand returns.
“Usually industries that take the biggest dip down have the most room to recover,” said co-panelist Chad Brue, of Denver-based developer Brue Baukol Capital Partners.
Many developers have shared in that optimism and continued building offices, retail space and apartments across the state, hoping the projects are filled after expected population growth and job gains following the pandemic.
The Rocky Mountain Lodging Report revealed 17 new hotels are expected to be completed in Denver in 2021, adding more than 2,300 rooms to the market.
The new arrivals include high-profile, downtown projects such as the Origin Hotel Westminster and Colorado Rockies co-owner Dick Monfort’s McGregor Square.
The American Hotel & Lodging Association said the state had about 118,000 rooms spread across more than 1,250 properties before the pandemic began in March.
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