I haven't done too much hiking in Glenwood, but my gut says that a week might be too long and you could run out of place to hike that are really close by.
Estes is a good option because you have RMNP right there. The park is full of hikes. You could stay a month and hike every day and not do all of them! Several of the primary trailheads are very close to the main entrance to the park, which will reduce the amount of time you have to drive.
Also, there are plenty of quiet places in Estes to stay. There are lots of cabins and condos for rent along Fall River. most are very quiet and relaxing, so you shouldn't have a problem finding a place to stay! Have a great trip!
I have not done much hiking near Glenwood either but I am sure that there would be great hikes further north in the Maroon Bells (it would be a bit more crowded too). There are several 14ers in the area but they are not that easy either.
In the San Juans of Southwestern Colorado, there are tons of great hikes (I know you said Glenwood or Estes Park) but since you were from Australia, I thought I would just plug this lesser known area. If you made Ouray (OurayColorado.com) your base camp, you could find 7 days worth of hiking right in town. There are also hot springs in the town. The Ouray Trails group has a website (ouraytrails.org). It isn't the best, but, it does list a ton of trails. Once you get to town, you could purchase their topo map for about $8 and you will see so many places to go. Telluride (visittelluride.com) is only 8 miles away as the crow files but 45 miles as the car drives on paved roads. The mountains are spectacular and they too would be an interesting place as a basecamp.
Just an fyi.
Here is a good website that lists the Colorado State Parks and the National Forests in Colorado -http://www.coloradolinks.net/Colorado_Parks/national_parks.htm - as it states it has a "gazillion links to Colorado parks" and should give you lots of ideas for good hiking. Just remember that the altitude will certainly be a factor in the hiking you will want to do since what is considered moderate may be difficult if you are not acclimated. The Roaring Fork area around Aspen has lots of good hikes - fs.fed.us/r2/…index.shtml - is the link to the specific trail information. Just be sure that you are renting from a company that allows you to drive on gravel/dirt roads since many trail heads are well off of paved roads. Most car rental companies in the USA have contracts clearly stating that the vehicle is only to be driven on paved roads. That means if the vehicle gets chipped paint, a cracked windshield, bent bumpers, etc. then you pay quite a hefty fee for repairs and the daily rental fee while it is being repaired.
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