What's Happening?
A new economic impact report by Oxford Economics reveals that Denver's hospitality industry generates nearly $7 billion in economic activity, supports 34,000 jobs, and contributes $1.1 billion in tax revenue annually. The report highlights the integral
role of hotels in fueling local economies, with hotel guests spending over $4 billion in Denver each year. This spending supports various industries, including restaurants, retail, arts, and entertainment. The hotel sector also funds essential public services, such as schools and infrastructure, demonstrating its importance to community development.
Why It's Important?
The findings of the report emphasize the significant economic contribution of the hospitality industry to Denver's local economy. Hotels not only create jobs but also support small businesses and generate substantial tax revenue, which funds public services. This underscores the importance of maintaining a healthy hospitality sector, as it directly impacts community well-being and economic growth. The report may influence local and state policies to further support the industry, ensuring continued benefits for residents and businesses alike.
What's Next?
The Hospitality Show 2025, hosted by AHLA, Hotel Management, and Questex, will take place in Denver, bringing together industry leaders to explore growth opportunities and community impact. The event will feature sessions on technology innovation, workforce development, and sustainability, aimed at helping hotel professionals enhance their operations and community contributions. This gathering could lead to new partnerships and initiatives that further strengthen the hospitality sector's role in local economies.
