Market report 4Q23

The post-pandemic growth continues, and the accommodation turnover exceeded NOK 20 billion in the year that erased the old record by a substantial margin.

Tromsø, Oslo and Bergen are growing the most compared to last year, and the Oslo market now accounts for more than ¼ of the accommodation turnover in the Norwegian hotel market. Occupancy in Norway is overall slightly below the pandemic levels, but more hotel rooms are sold than before. The growth comes despite 1 million fewer business days compared to 2019.

The price and volume increase in hotel operations also seem to be a positive injection in the hotel property. Over the past two years, the growth in turnover has been higher than inflation, and thus contributed to the fact that most hotel owners are experiencing an increase in rent.