PKF Hotel Market Demand and Financial Analysis - DIA Business ...

The Westin Denver International AirportArea ReviewPresented in the following text is a more detailed discussion of the Denver-Auroraarea.2. Denver Metropolitan Statistical Area (MSA)The Denver MSA is comprised of the seven counties of Adams, Arapahoe, Denver,Broomfield, Douglas, Jefferson, and Boulder. Denver, Boulder and Longmont are themajor cities within the Denver MSA. As Denver has grown in recent years, moreeconomic activity has spilled over into the adjoining Boulder submarket.Denver is famous for its somewhat mild climate, extraordinary sightseeingopportunities, and performing arts orientation. The economy of Denver is wellbalanced, with strong representation by industries related to retail and wholesaletrade, financial services, and tourism. The technology sector of Denver is growing,and manufacturers of electronic and aerospace items are located in this region.Denver is continually listed in surveys and studies as one of the premier cities inwhich to conduct business. Denver has earned a place high on Fortune Magazine’slist of “Best Cities for Business.” With a central location, good infrastructure, and anexcellent airport, Denver provides excellent access to both national andinternational markets. Mining once drove Denver’s economy; now, due to Denver’sstrong pro-business climate, highly educated workforce, and a relatively low cost ofliving, business has diversified into telecommunications, aerospace, biomedical,and other high tech sectors. In addition, Denver enjoys over 300 days of sunshineannually, adding to the attraction of the City overall.C. ECONOMIC AND DEMOGRAPHIC CHARACTERISTICS1. IntroductionTo assess the environment and economic and demographic factors in which theproposed Subject will operate, data was gathered from a number of differentsources including various city and county agencies, as well as sources within theprivate sector. Analysis of this data provides a mean of measuring the economicclimate in which the Subject functions. In the assessment of the general economicclimate for a hotel to be located within the Denver International Airport lodgingmarket, and specifically an in-terminal hotel, particular emphasis was placed on keyindicators such as population, airport passenger volume, office space absorption,employment, and miscellaneous new developments.2. PopulationAccording to the U.S. Census Bureau, the City of Denver had a 2010 population ofapproximately 600,200 residents, representing an 8.2 percent increase over the2000 year level. Denver is most populous city within a 500-mile radius and is theII-6