Nordic hoteliers to see expansion, new paths

Impressive growth rates in revenue per available room
More growth, more lifestyle properties and more international players are in store for the Nordic hotel market, a survey of hoteliers in the region shows.
The Nordics’ “once-insular” hotel market is now welcoming new properties, players and ideas more than ever before, Hotel News Now writes.
As many as 77% of respondents said they were likely or very likely to participate in the opening of at least one new hotel in the Nordics in the next five years. Strong performance especially in the capitals is fuelling high interest in new development.
The article suggests that this market performance is playing a role in the motivation to expand supply. Reykjavik, Stockholm and Copenhagen have seen particularly impressive growth rates in revenue per available room in recent years. Helsinki is also picking up.
“Although occupancy levels will be impacted, as they have benefited from low supply growth,” the new developments “are also expected to induce significant demand,” says Nordic Hotel Consulting partner Christian Kielgast.
“This will be generated both by the total market capacity growing, and hence being able to accommodate more large events such as congresses, but also by generally absorbing unaccommodated demand from peak periods.”
The full article can be found here.
Hotel News Now

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