Download our recent market report covering the Nordic hotel market.
Hotel guests to the Nordic region have showed an increased willingness to accept higher hotel rates since the period before the pandemic. 2023 was the first full normalized operational year in a long time and the top-line growth shows a new reality for many hotel operators in terms of price level. There are still some challenges on the cost side, with interest rates staying higher for longer and trade unions demanding increased real wages, but so far high booking numbers have been reported for the next quarters, and the outlook is mainly negative only for restaurant and bar sales.
CBRE expects that there will be modest rate growth for hotel operators in 2024. Some refinancing troubles and increasing pressure from banks to show real property values will lead to increased transaction volume, while investors again start to see signs of lower volatility and can thus employ more capital. It will be an exciting hotel year.
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Nordics
Erik Myklebust, Head of Hotels, Nordics
+47 995 75 275
erik.myklebust@cbre.com
Jussi Niemistö (M.Sc.Econ, CEFA), Head of Research, Nordics.
+35 8 40 537 5760
Jussi.Niemisto@cbre.com
Denmark
Erik Myklebust
erik.myklebust@cbre.com
Finland
Elena Sauriala
Elena.Sauriala@cbre.com
Norway
Erik Myklebust
erik.myklebust@cbre.com
Petter Rødseth
Petter.Rodseth@cbre.com
Sweden
Robin Stenlund
Robin.Stenlund@cbre.com
