With the recent opening of the massive Gaylord Rockies, many are wondering what the ultimate impact of the 1,501-room resort will have on the Denver, Front Range, and greater Colorado lodging market. We believe the impact will be largely positive. Competition for the 200- to 800-room block group, which previously and primarily only looked to The Broadmoor (Colorado Springs) or Downtown Denver to book, now have an alternative, which should intensify price competition in the near term. Despite this pricing dynamic, Colorado is a hugely popular destination for groups, and the opening of a new, upscale destination facility will only allow the state to capture more demand that was previously turned away due to a lack of capacity. Just prior to the Gaylord's December 2018 opening, it was reported that over one million guestrooms had been reserved at the resort, some of which had been booked as far out as 2028, with more than 80% of the convention bookings from groups that had never booked in Colorado before.