For a comprehensive review of the Europe market, click below:
HVS In-Depth Europe Hotel Valuation Index:
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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 2024. Amsterdam Schiphol Airport was ranked as the fourth-busiest airport in Europe in terms of passenger traffic in 2024, while the Port of Amsterdam – primarily handling freight and cruise operations – remains one of the top ten busiest ports in Europe.
Focused on leisure in the city centre, the demand tends to diversify closer to the ring road, where the modern office districts are located, and particularly to the south, where the Amsterdam RAI convention centre is situated.
On the leisure front, Amsterdam hosted several high-profile events in 2024, including Taylor Swift’s Eras Tour in July and the Dutch Formula 1 Grand Prix. However, with the announcement that 2026 will be the final year for the Grand Prix in the Netherlands, a potential dip in tourism arrivals is expected for August in the years following.
Historically, Amsterdam’s hotel market has achieved robust average occupancy levels of around 80%. However, the pandemic hit the market particularly hard owing to stringent travel restrictions imposed in the country. Recovery began in earnest from April 2022, with demand rebounding quickly. By 2023, occupancy had reached 95% of pre-pandemic levels. While average rate saw strong growth in both 2022 and 2023, high inflation kept real average rates slightly below 2019 levels – by about 1%.
In 2024, RevPAR declined by just over 2%, primarily due to a drop in average rates, despite relatively stable occupancy. Several challenges contributed to this underperformance, 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;
- Geopolitical Uncertainty: Ongoing instability in Russia, China and Israel negatively impacted demand from these markets, especially in the luxury segment;
- Taxation Impact: An increase in the tourist tax from 7% to 12% led many hotels to adjust their pricing strategies, resulting in lower base room rates.
In addition to this, a collective labour agreement triggered an 11% wage increase across the hospitality sector, contributing to reduced staffing levels, diminished operational efficiency, and constrained service offerings.
Owing to strict planning regulations, Amsterdam’s hotel supply grew only modestly, at a compound annual rate of 1.4% between 2019 and 2024. The pipeline remains limited, with just over 1,500 rooms (3.9% of current supply) expected to come online in the coming years. The ban on new hotels was further reinforced in April 2024 with the aim of keeping hotel stays at under 20 million. Notable upcoming openings include the Maritim Hotel Amsterdam (579 rooms) and Rosewood Amsterdam (134 rooms), planned to open in the Summer of 2025; Mama Shelter Amsterdam Uptown (153 rooms), Courtyard by Marriott Amsterdam Harbour City (201 rooms) and Le Méridien Amsterdam Harbour City (208 rooms) forecast for Summer 2026; and the Element Amsterdam Harbour City (190 rooms), earmarked for the end of 2026. It is worth noting that several of these developments are located outside of the city centre owing to ongoing development restrictions.
In terms of investment activity, 2024 saw nine hotel transactions in Amsterdam – up from four in 2023 but still below the 13 recorded in 2022. Five of the 2024 transactions were part of a portfolio acquisition by Fattal Hotel Group, which purchased 12 properties (totalling 1,522 rooms) from KSL and Garden Capital. Notable assets in the deal included the 71-room ED Amsterdam (€26.1 million), the 122-room The Lancaster Amsterdam (€61.7 million), the 175-room Eden Amsterdam American Hotel (€88.5 million), the 125-room The Manor Hotel (€45.9 million) and the 62-room Jan Luyken Amsterdam (€17.8 million).
According to our latest European Hotel Valuation Index, hotel values in Amsterdam declined by 1.1% year-on-year in 2024, driven by the RevPAR decrease and increasing costs. This occurred despite a drop in interest rates, highlighting the challenges faced by the market.
The widespread impact of the coronavirus (COVID-19) has had an unprecedented impact on hotels and hotel values worldwide.
Consequently, the latest HVI analysis may no longer reflect the most current measure of lodging industry strength or the
hospitality investment market.
In each of our offices across the globe, we are working tirelessly to analyze the impact of recent events and provide timely
insights to help you navigate these uncharted waters. Because it is unclear how long the pandemic will last or how long related
restrictions will be in place, we are updating our analyses on a weekly basis using the most current data.
Additionally, examination of value trends in prior cycles can provide useful information. Historical patterns, together with
an understanding of the market’s current expectations for the eventual recovery of the industry and its performance, can provide
insights on the likely trajectory of decline and recovery for hotel values.
For the Latest Information and Analysis on the Impact of COVID-19Click Here
If you’d like to speak to someone personally to review details of our most current analysis, please don’t hesitate to contact
us directly.
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