Located in the province of North Holland and at the heart of the Randstad region, Amsterdam is the largest city in the Netherlands and Europe’s sixth-largest metropolitan area, with a population of 1.2 million in 2025. Amsterdam Schiphol Airport was ranked as the fourth-busiest airport in Europe in terms of passenger traffic in 2025, while the Port of Amsterdam, primarily handling freight and cruise operations, remains one of the top ten busiest ports in Europe. Hotel demand in the historic city centre remains predominantly leisure-driven, underpinned by Amsterdam’s cultural heritage, museums and nightlife. Closer to the A10 ring road, demand becomes more diversified, supported by modern office districts and corporate activity. To the south, the Amsterdam RAI convention centre continues to generate significant MICE demand, hosting major international trade fairs and conferences throughout the year.

Prior to the pandemic, Amsterdam achieved robust average occupancy levels of around 80%. But, as with many European cities, the pandemic caused a large decline in hotel performance. Recovery began in April 2022, with demand rebounding quickly, and by 2023, occupancy had reached over 90% of pre-pandemic levels. Average rate similarly saw strong growth, increasing by around 20% between 2019 and 2023. We note that while demand had, for the most part, recovered, supply had increased by over 7%, contributing to the remaining occupancy gap versus pre-pandemic levels. Since 2023, while demand has increased gradually, average rate has softened year-on-year, reflecting a combination of structural and policy-driven factors, including the following.

• Tourism Management Policies: Local authorities implemented measures to curb disruptive tourism, particularly targeting young British travellers attending stag parties, which led to a decline in UK visitor numbers;
• Taxation Impact: An increase in the tourist tax from 7.0% to 12.5% led many hotels to adjust their pricing strategies, resulting in lower base room rates.

Going forward, we forecast another year of pressure on average rate following the increase in VAT on hotels from 9% to 21% as of 1 January 2026.Hotel supply has not changed much since 2022, and the pipeline remains limited with just under 770 rooms currently under construction, representing only a small fraction of existing supply, expected to be delivered in the coming years. The ban on new hotels was further reinforced in April 2024 with the aim of managing tourism volumes toward a sub-20 million threshold.

Notable recent openings include the 134-room Rosewood Amsterdam in May 2025 and the rebranding of the Conservatorium which as of January 2026 became part of the Mandarin Oriental portfolio. Upcoming openings include the 153-room Mama Shelter, planned for September 2026, and the 213-room Nobu residences (June 2027).

In terms of investment activity, 2025 saw 13 hotel transactions in Amsterdam, an increase of four hotels over 2024. Six of the assets were part of various hotel portfolios, including the easyHotel and Generator Hostels portfolios. Of the single assets, the largest transaction was the 163-room Avani Museum Quarter Amsterdam Hotel which transacted for €85 million, or €521,500 per key, in September 2025. Other single asset transactions include the 254-room Hampton by Hilton, the 98-room Hotel King’s court (€24.5 million) and the 42-room Hotel Résidence Le Coin (€15.5 million).

According to our latest European Hotel Valuation Index, hotel values in Amsterdam declined by 5.9% year-on-year in 2025, driven by increasing costs.

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