CBRE has released its May 2024 edition of the CBRE Nordics Hotel Market Snapshot, the market-leading research report series focusing on the Nordic hotel market. In this article, CBRE’s Jussi Niemistö, Head of Research, Nordics, and Erik Myklebust, Head of Hotels, Nordics, share the key findings from the newly released hotel report.
Nordic hotel investment grew 14% (y-o-y) in the first four months of 2024
Nordic hotel investment grew 14% year-over-year to €230 million in the first four months of 2024. The largest hotel transaction during the period was Nrep’s acquisition of the Comfort Hotel Karl Johan in Oslo, where CBRE advised the seller, CBRE IM. The hotel property comprises 260 rooms located right in the middle of the city centre. Other notable transactions during the first months of 2024 were Balder’s purchase of the Hotel Karlatornet, and Sinoma Fastighets AB’s acquisition of the property housing First Hotel G from DEKA, both in Gothenburg, Sweden.
Interest rate cuts will steer the markets towards recovery mode
The macroeconomic backdrop remains uncertain in the short-term, but the continued downward trend in inflation and the expected rate cuts for ECB and Riksbank are giving further optimism for the recovery of the Nordic countries and the local real estate markets. While central banks across the region are expected to maintain interest rate levels higher for longer, investor sentiment seems to have shifted slightly more positive. Most of the available capital is targeting value-add opportunities, while the appetite for core investments remains limited.
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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
Nadja McKenna
nadja.mckenna@cbre.com
Norway
Erik Myklebust
erik.myklebust@cbre.com
Petter Rødseth
petter.rodseth@cbre.com
Sweden
Robin Stenlund
robin.stenlund@cbre.com
Marcus Carlsson
marcus.carlsson@cbre.com
