Key indicators in the Swedish hotel market showed slight positive development in November 2025 compared with the same month in 2024. The number of rooms sold increased by 2 percent and the ADR increased by 4.3 percent, while the occupancy rate decreased from 57.2 to 56.8 percent. This resulted in a 3.5-percent increase in RevPAR.

Stockholm saw slight growth in demand, occupancy rate and ADR, which resulted in a 3-percent increase in RevPAR. The demand for hotel rooms increased slightly in Gothenburg and Malmö as well, but not as much as the number of available hotel rooms, with decreased occupancy rates as a consequence. 20 of the 25 largest hotel municipalities saw increased RevPAR in November 2025 compared with the same month in 2024.

The Consumer Price Index with Fixed interest rates (CPIF) decreased to 2.1 percent in December, which was lower than expected. Riksbanken’s inflation target is 2.0 percent.

The hotel market in Norway took a negative turn in November after strong growth during most of 2025 compared with the same months in 2024. RevPAR decreased by 2 percent, and the same trend was seen in Oslo where RevPAR decreased by 2.4 percent compared with November 2024. Helsinki stood out among the Nordic capital cities with a 9.1-percent increase in the number of rooms sold and an occupancy rate that went from 65 percent in November 2024 to 70.1 percent in November 2025.

• The Swedish krona strengthened slightly against both the US dollar and the euro – see exchange rates on page 2.

• The unemployment rate remains high and reached 9 percent in November – see unemployment rate on page 2.

Please download the market report here:
Hotel Market Update Annordia Jan/26.pdf