Balloon Fiesta could boost depressed economy

ALBUQUERQUE, N.M. (KRQE) - Albuquerque's International Balloon Fiesta is less than a week away and if early indications about the event turn out to be true, it could be extremely uplifting to the city's economy.

Hotel reservations alone this year have doubled from last year, and business owners say that's a sign the economic downturn is starting to pick up.

The Balloon Fiesta is the state's biggest money maker. One of the places that looks forward to a huge boost each year is old town, and there is no doubt store owners could use the business more than ever.

In February News 13 reported Albuquerque's Old Town looked more like a ghost town. More than 20 stores shut their doors because people stopped shopping.

Seven months later there are more tourists and signs of new growth, just in time for the fiesta.

"October is always my biggest month in the whole year," said Trudy Collins-Cervantes, the owner of The Wild Rose in the city's historic plaza.

She is hoping for some major numbers come October.

"I've got a big shipment of purses coming and I've re-ordered hats. I re-ordered all my leopard bags, so I'm ready," Collins-Cervantes said.

There is good reason to believe she'll need the extra merchandise.

"We've seen a 100-percent increase," said Helen Collins, President of HBC Event Services , who helps book hotel reservations for the fiesta. "Almost all the hotels are completely sold out for the first weekend."

Event planners and fiesta officials report the city's hotels are packed, and that likely means visitors who are looking to spend.

"In 2011 the economic impact was bout $117 Million," explained Collins. "The average person coming in is spending about $200 a day, and they're spending close to three days in Albuquerque."

This year hotels like the Hyatt downtown also saw customers booking their trips earlier. It's something analysts say proves people have a little more money in their pockets that could be good news for Old Town

Collins-Cervantes said if The Wild Rose doubles it's profits from last year, she has big plans.

"That would be great then I'll close the store for five days and go to Saint Louis and visit my granddaughter," she said.

Analysts also say the most popular hotels are those that provide free transportation to the park or packages that include gate admission.