What's Happening?
A new report by Oxford Economics highlights the significant economic impact of Denver's hotel industry, which generates nearly $7 billion in economic activity annually. The sector supports approximately 34,000 jobs and contributes $1.1 billion in tax
revenue at federal, state, and local levels. The report underscores the role of hotels in supporting small businesses and local employment, with hotel guests spending over $4 billion in the city each year. The findings were released ahead of The Hospitality Show 2025, a major industry event in Denver, which will focus on growth, innovation, and community impact in the hospitality sector.
Why It's Important?
The report emphasizes the critical role of the hotel industry in Denver's economy, highlighting its contribution to job creation and tax revenue. This underscores the importance of policies that support the hospitality sector, which in turn benefits local businesses and public services. The data also reflects the interconnectedness of the hotel industry with other sectors, such as retail and entertainment, demonstrating its broader economic influence. As the hospitality industry continues to evolve, maintaining a healthy hotel sector is vital for sustaining economic growth and community development in Denver.
What's Next?
The upcoming Hospitality Show 2025 in Denver will bring together industry leaders to explore opportunities for innovation and growth. The event will feature discussions on technology, workforce development, and sustainability, aiming to enhance the industry's community impact. As the hotel sector adapts to changing market conditions, stakeholders will likely focus on strategies to maintain competitiveness and support local economies. The continued collaboration between industry leaders and policymakers will be crucial in ensuring the long-term success of Denver's hospitality industry.
