Mountain West
Hotels for sale in Denver, CO. Cap rates, comps, and brokers across the Denver MSA.
Denver is the largest Mountain West hotel market and Matthews's secondary office. Convention demand at the Colorado Convention Center, year-round outdoor leisure (the gateway to the Rockies), and corporate demand from the energy and aerospace clusters all support stable RevPAR. The DEN airport cluster and downtown / RiNo / LoDo each have distinct sub-market profiles.
Active Matthews listings
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Recent Matthews closes
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MSA
Denver-Aurora-Centennial MSA
Cap rate range (Q1 2026)
Stabilized PIP-current select-service: 7.50%–8.25%. Downtown full-service: 7.00%–7.75%. Resort/lifestyle (Aspen, Vail, Steamboat): 5.25%–6.75% (premium).
Source: CBRE H2 2025 U.S. Cap Rate Survey, HVS U.S. Market Pulse, Matthews Hotel Markets internal underwriting (Q1 2026).
ADR + RevPAR commentary
Denver ADR: downtown full-service $200–$260, select-service citywide $130–$170. Mountain resort markets command $400+ during peak ski season.
Source: STR (str.com) public press releases, AHLA State of the Industry, JLL Hotels Research (Q1 2026).
Denver demand drivers
- Outdoor leisure (Rocky Mountain National Park, ski resorts, hiking)
- Convention (Colorado Convention Center, Gaylord Rockies)
- DEN International Airport
- Energy + aerospace corporate
- Sports (Broncos, Nuggets, Avalanche, Rockies, Rapids)
- Outdoor brands HQ cluster (VF Corp, Otterbox, Crocs nearby)
Denver hotel investment FAQ
- What is the current cap rate range for hotels in Denver, CO?
- Stabilized PIP-current select-service: 7.50%–8.25%. Downtown full-service: 7.00%–7.75%. Resort/lifestyle (Aspen, Vail, Steamboat): 5.25%–6.75% (premium). (Q1 2026). Ranges reflect stabilized, PIP-current assets across select-service, full-service, and where applicable resort/lifestyle. Cycle-trough resets, distressed assignments, and PIP-overhang trades clear at materially wider levels. Source: CBRE H2 2025 U.S. Cap Rate Survey, HVS U.S. Market Pulse, Matthews Hotel Markets internal underwriting.
- What are ADR and RevPAR doing in Denver right now?
- Denver ADR: downtown full-service $200–$260, select-service citywide $130–$170. Mountain resort markets command $400+ during peak ski season. STR press releases (str.com) and the AHLA State of the Industry are the public benchmarks we cite for ADR/occ/RevPAR. We supplement with internal underwriting on every active mandate.
- Who are the named demand drivers behind Denver hotel performance?
- Outdoor leisure (Rocky Mountain National Park, ski resorts, hiking); Convention (Colorado Convention Center, Gaylord Rockies); DEN International Airport; Energy + aerospace corporate; Sports (Broncos, Nuggets, Avalanche, Rockies, Rapids). Underwriting in this market keys on the diversification of those drivers — concentration in any single demand source is the most common reason a buyer haircuts our pro-forma RevPAR.
- Who at Matthews Hotel Markets covers Denver?
- Our Denver mandates are led by Miles Cortez. Direct contact info is on each broker's profile. For confidential disposition or acquisition conversations, the team responds within 24 hours.
- How long does a typical Denver hotel disposition take?
- Matthews's published 24-week playbook applies in Denver — engagement letter and BOV in weeks 1–4, OM and marketing launch in weeks 5–8, call-for-offers and finalist round in weeks 9–14, definitive agreement and closing in weeks 15–24. Construction-loan workouts and recap structures sometimes compress; PIP-cycle disputes can extend.