re: Colorado Hiking/Rafting Outdoor long weekend

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you're describing Buena Vista but there are lots of options.

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yep.

you can stop in Leadville first. There's several lakes around there as well, and going down to Buena Vista.
The rafting in Buena Vista will be the best in the state.
That area has the highest concentration of 14000 footers in the state. Mt. Elbert is around there as well, if you really want to make a real hike.

We rafted the Arkansas about 3 weeks ago. There's still plenty of snow melt i'm sure, although it's probably on the down slope now, but it'll still be better than pretty much any other raft trip you could do.
Didn't realize you said Labor Day. Yeah the river will be pretty tame by then.

There's a RV park just south of BV that you can stay at. They have small cabins you can stay at that are likely going to be a lot cheaper than trying to stay downtown. The views from that site are amazing.

Salida is a nice stop as well, and you might as well make a little loop and hit Canon City and see the Royal Gorge before heading back up.