Please download the market report here:
Hotel Market Update Annordia Feb/26.pdf
Key Market Takeaways
Swedish Hotel Market
The number of rooms sold in Sweden in December 2025 was significantly higher than in the same month in 2024 (+8.2 percent), with improvements also seen across the other key indicators. The occupancy rate increased from 44.9 to 46.6 percent, and combined with a 3.0-percent increase in ADR, RevPAR increased by 6.8 percent.
Largest Hotel Municipalities
Demand growth was driven primarily by Stockholm and Gothenburg, where the number of rooms sold increased by 13.1 and 10.1 percent respectively. Municipalities near Stockholm, including Solna and Nacka, also recorded notable demand growth. The increased demand led to higher occupancy rates and slightly higher ADR, which increased RevPAR by 11.2 percent in Stockholm and 9.9 percent in Gothenburg. Overall, most key indicators improved across the majority of the 25 largest hotel municipalities in December 2025 compared with the same month in 2024.
Macroeconomic Factors
The Swedish krona continues to strengthen relative to the US dollar and the euro, while the unemployment rate remains high. The preliminary inflation with fixed interest rates was 2.0 percent in January, which is Riksbanken’s long-term inflation target.
Nordics
Norway concluded a strong 2025 with a 6.1-percent increase in RevPAR in December compared with the same month in 2024. The driving factor was the ADR, while the occupancy rate increased by less than 1 percentage point. Denmark and Copenhagen saw significant increases in demand and limited capacity growth in December 2025, which increased occupancy rates by 3 and 6 percentage points respectively compared with December 2024. Finland saw weaker demand but a 7.9-percent increase in ADR.