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HVS In-Depth Europe Hotel Valuation Index:   2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001

Home to more than 1.9 million residents, Greater Copenhagen is the largest metropolitan area in Scandinavia and a major driver of regional economic activity. The city hosts the country's highest concentration of international businesses and is anchored by Copenhagen Airport, Scandinavia's busiest international hub, which handled more than 32 million passengers in 2025.

The Copenhagen region accounts for approximately 40% of Denmark's total economic output and has sustained consistent growth in recent years. A number of significant public investment projects are planned across the Greater Copenhagen area over the coming decade, including major developments such as Ørestad, the Carlsberg City District and Nordhavn. The city's commitment to progressive urban planning is further illustrated by the recent regeneration of Enghaveparken.

Copenhagen's hotel market is closely linked to the health of the Danish, European and global economies. In the years leading up to the pandemic, the city had firmly established itself as one of Europe's leading MICE destinations, underpinned by key infrastructure such as the Bella Center, Scandinavia's largest conference and exhibition venue.

In the years leading up to 2019, Copenhagen's hotels consistently achieved occupancy percentages in the high 70s, while average rates grew steadily, broadly in line with inflationary trends. This reflected the city's robust underlying demand, which was sufficient to absorb a near 15% increase in hotel supply, equivalent to a compound annual growth rate (CAGR) of 5% between 2016 and 2019. As was the case across much of the world, 2020 brought a sharp deterioration in performance as a result of the COVID_‑19 pandemic. Recovery began to take hold in 2022, building strong momentum into 2023. Growth in both occupancy and average rate persisted through 2024, with momentum remaining throughout 2025. Occupancy levels neared pre-pandemic levels which, coupled with a sharp increase in average rates, brought RevPAR in euro terms to a couple of percentage points below pre-pandemic levels, in real terms. With the Danish krone remaining broadly stable compared to the euro, change in performance in local currency mirrored the performance in euro.

After a large amount of new supply in the last decade, the most recent openings being the 234-room Locke at Postbyen (March 2026) and the 44-room Henrik’s Hotel (May 2026), the remaining pipeline is very subdued, consisting of four projects representing some 700 rooms, or 2% of the current supply. Upcoming projects include the 219-room Ruby Copenhagen (June 2027) and the 169-room Bob W Copenhagen Kødbyen (October 2027).

On the transaction side, activity picked up after a relatively subdued period post-pandemic. Notable deals include the sale of three properties belonging to the Midstar Hotel portfolio, which transacted in April 2025 for an undisclosed price, as well as the 186-room Nest45 Hotel which was sold for approximately €48 million (€256,000 per key) in December 2025 as part of a three-hotel portfolio. Finally, the Orestads Boulevard 31 Hotel was sold in December 2025 for €32 million (€224,000 per key), part of a two-property portfolio.

According to our 2026 European Hotel Valuation Index, hotel values in Copenhagen rose by 5.9% per key in 2025 compared to the previous year, leading all European markets following the city’s exceptional recent performance.

ADR, Demand, Occupancy, RevPAR, and Supply Projections:

ADR Change
Market Demand Change
Hotel Occupancy Increase/Decrease
RevPAR Change
Market Supply Growth

Change In Value For Market: (€Euro)

Copenhagen RevPAR Change (€Euro)

Copenhagen RevPAR (€Euro)

For more information, please contact:

	Sophie Perret, MRICS, MBA Managing Director [email protected] +44 0 7725781037 (m)
	Maxime Gauthier Senior Associate [email protected] +44 0 7593572865 (m)