Colorado Springs’ hotel industry bounced back in October from a weak September with the biggest monthly gain since February, according to the Rocky Mountain Lodging Report.
Local hotels filled 73.1% of their rooms last month, up from 71.3% in October 2018 — the industry’s biggest improvement since occupancy rose to 63.5% in February from 57.9% a year earlier. Hotel occupancy had declined in six of the previous seven months, including a drop to 77% in September from 81.1% in September 2018. The September occupancy rate was the lowest for that month in five years. Occupancy for the fist 10 months of the year was down to 73.9% from 74.6% a year ago.
The average room rate at local hotels also fell 0.5% last month from a October 2018 to $112.74, the fourth time in the past six months the average rate has declined. The average for the first 10 months of the year remains slightly ahead, 0.5%, of last year at $122.34 due to strong gains in the first quarter and in the key months of July and August.
Statewide, hotels rebounded from declining occupancy in September with a small gain in October to 71.9% from 70% a year earlier. The improvement was the second largest of the year , trailing only July. Occupancy across Colorado in the first 10 months of the year improved to 72.5% from 72% a year earlier with slight improvement in the Denver area and a big year among Colorado’s ski resorts.
The average room rate statewide in October rose 1.5% from October 2018 to $151.84, the smallest gain since a decline in June. The average rate for the first 10 months of the year was up 1.9% from a year ago to $162.05 with increases every month but June spread along the Front Range and in nearly all of the state’s ski resorts.
The Broadmoor and Cheyenne Mountain Resort are not included in the totals for Colorado Springs hotels but are part of a separate category where occupancy and room rate are both up from a year ago.