Industry News
The winter tourism season in Aspen, Colorado, is off to a softer start, with visitation and occupancy down compared to last year, as weaker international demand and a lackluster snow season weigh on bookings. According to the MidWinter Occupancy Report released by Stay Aspen Snowmass in partnership with the Aspen Chamber Resort Association and Snowmass Tourism, combined occupancy in Aspen and Snowmass is pacing 5.5% behind last winter from November 2025 through January 2026, at 49.6%.
December occupancy in the combined market finished at 51.2%, down 5.3% from December 2024. Aspen saw a steeper decline, with occupancy at 57.1%, down 9.1%, while Snowmass reported 45.2%, down just 0.9%. January, traditionally the strongest month for international visitation, also slipped. Combined occupancy finished at 68.9%, down 4.2% year over year. Aspen recorded 69.3% occupancy, down 5.9%, and Snowmass came in at 68.5%, down 3.3%.
Despite fewer rooms filled, revenue has remained essentially flat because hotels have increased their average daily rate (ADR). Winter ADR is up 5.9% overall, offsetting the 5.5% drop in occupancy. “Winter is pacing down 5.5%, at 49.6%. ADR is up 5.9%, so the lodging community is running flat year over year with revenue earned,” the report states.
Industry officials point squarely to international travel trends as a key factor. “This season, softer international demand reflects ongoing currency pressure, continued price growth and broader negative sentiment around travel to the U.S.,” the report continues.
January is typically driven by overseas guests, along with major events such as Gay Ski Week, X Games and the Toyota U.S. Grand Prix. While Aspen continues to see loyalty from core international markets, overall inbound travel to the United States is cooling.
A forecast by the U.S. Travel Association projected inbound travel to the U.S. will fall 6.3% in 2025, keeping international visitation 15% below pre-pandemic levels. Aspen’s occupancy decline by 5.5% for the 2025-26 season so far is showing that Aspen is holding up slightly better than anticipated. Key international markets to Aspen are Australia, Canada, Mexico, and Brazil. While demand from South America surged due to a favorable currency exchange ratio, it could not quite offset weaker bookings from Canada and Australia.
When speaking to Australian travel agents, SnowBrains was told that bookings to the U.S. were down about 30%. “Many of my longtime clients actually refuse to visit the U.S. now while [Trump] is in power,” Nick Farr from SkiAspen admits. Farr has been group tours to Aspen for 31 years and usually books 45 days in Aspen—this year her has only managed to book 30 days of tours, a decline by 33%. He admits that many of his regular customers are plain out boycotting the USA. It is a sentiment also witnessed by Toby Withers, Director at Travelplan, Australia’s leading operator of snow holidays. He shares that many customers stated that they won’t return to the U.S. “until Trump and this administration are gone.” Also adding to the lower bookings to Aspen is an unfavorable exchange rate to the U.S. dollar as well as high flight prices.
Beyond geopolitics and exchange rates, the poor start to the winter in the Western USA has not helped. Colorado has experienced historically dry conditions and warm temperatures this season.
Thankfully, the season is steadily improving and Aspen currently has the most open terrain in Colorado, so locals are hopeful for a better remainder of the season. Aspen-Snowmass has received 22 inches of fresh snow in the last seven day. The resort is hoping that the recent snowfalls combined with some Olympic-year enthusiasm will lead to a late-season rebound. At the moment, February bookings in the combined Aspen-Snowmass market were pacing 4.2% behind last year as of the end of January, with Aspen down 4.6% and Snowmass down 3.8%. “We just passed the midpoint of the season,” the midwinter report concludes. “A lot of great opportunities ahead of us — it’s not over yet.”
