Hotel Market Update Feb/24

The newly released hotel market statistics for 2023 show a strong overall performance. Compared to the high benchmark set in 2022, all key figures of the hotel market exhibit positive developments. For instance, total revenue increased by 11 percent, the number of sold rooms rose by 5 percent, and the RevPAR increased by 8 percent. However, it is evident that the rapid growth observed after the pandemic has decelerated.

Looking at the macroeconomic statistics, some negative developments are visible. The exchange rate of the Swedish Krona decreased against both the USD and Euro by about 0.1 Krona. Additionally, the unemployment rate reached 8 percent, its highest level in 2 years. Nonetheless, there are some positive developments to highlight, notably the rise in confidence indicators for both businesses and households observed in January.

Please download the market report here:
Hotel Market Update Annordia Feb/24.pdf