Oct 7, 2007 5:43 pm US/Mountain
Residents Hope To Cash In On Convention Lodging
DENVER (AP) ―
The scramble for lodging during the 2008 Democratic National Convention is on.
The Democratic National Committee has blocked out 17,000 Denver-area hotel rooms for a week, but won't allow any of the 35,000 people expected to reserve them until January.
A $1 million donation will land a company on the DNC's priority housing list. A $250,000 donation will secure at least one room.
So, companies are looking for alternatives to hotels and some Denver residents are looking to cash in on providing lodging during the convention, scheduled Aug. 25-28.
Rick Mirsky is planning a vacation with his fiancee during the convention and renting his loft in lower downtown to a Washington law firm for $2,000 a night while he's gone.
"It's an opportunity that rarely happens, to be able to make $5,000 to $10,000 in a matter of four days," Mirsky said.
The law firm is still looking for another 41 rooms.
Mirsky arranged the deal through AvenueWest Corporate Housing, which will take up to a 40 percent cut.
"There are a lot of people who want to secure lodging now," said Kimberly Smith, who with her husband, Eric, founded AvenueWest.
Developer Mark Falcone, chief executive of Continuum Partners, said he's getting inquiries for units downtown and in Lakewood. Continuum is asking a minimum of three months' rent to lease a place for August.
Falcone said that will cost $12,000 to $13,000 for one of the Denver units.
"There are people who really do need things for a whole month," Falcone said. "Three hotel rooms would have the same cost and value for the same duration."
While homeowners might be tempted to cash in on the demand, renting out a condo might not be so easy. Owners will be responsible for paying the city's lodging tax and providing such services as phone, cable and Internet access.
"You're essentially turning your home into a business," Smith of AvenueWest said.
Homeowners' associations could be a problem, said Dee Chirafisi of Kentwood City Properties.
"There's usually a minimum of a six-month or three-month rental," she said. "There are going to be residents in the buildings who rat on each other."
Additional Resources• For complete coverage of the planning for the 2008 Democratic convention in Denver, as well as information about how to volunteer and for a list of helpful links, visit the
Denver 2008 DNC Convention Section.
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