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With over 1.9 million residents, Greater Copenhagen is Scandinavia’s largest metropolitan area and a key economic engine for the region. It hosts the highest concentration of international companies in the country and is anchored by Copenhagen Airport—Scandinavia’s busiest international gateway—serving nearly 30 million passengers in 2024.

The Copenhagen region generates approximately 40% of Denmark’s total economic output and has maintained steady and sustained growth in recent years. Major public investment projects are planned across the Greater Copenhagen area over the next decade, including the development of Ørestad, Carlsberg City District, and Nordhavn. The city also continues to demonstrate its forward-thinking approach to urban planning, as seen in the recent transformation of Enghaveparken.

Copenhagen’s hotel market is closely tied to the performance of the Danish, European, and global economies. Prior to the pandemic, the city had established itself as one of Europe’s premier MICE destinations, supported by venues like the Bella Center—Scandinavia’s largest conference and exhibition venue.

In the years leading up to 2019, hotel occupancy in the city consistently remained in the high 70% range, while average daily rates grew steadily, broadly tracking inflation. This illustrated the healthy underlying demand in the city which observed an increase of supply of nearly 20% (6% CAGR) between 2016 and 2019. As in much of the world, 2020 saw a sharp decline in performance due to the COVID-19 pandemic. However, recovery gained traction in 2022, with strong momentum continuing into 2023, bringing nominal RevPAR back to pre-pandemic levels. Growth in both occupancy and rate persisted through 2024. That said, demand has yet to fully keep pace with the influx of new hotel supply since 2019. The city’s room inventory has grown by a further 20% between 2019 and 2024 (a CAGR of 4%), which has contributed to occupancy levels remaining 3% to 5% below pre-pandemic peaks. Meanwhile, average rates have yet to fully catch up with inflation.

After a large amount of new supply in the last decade, the remaining pipeline is very subdued and includes the 236-room Karsten Locke at Postbyen (H2 2025), and the 219 Ruby Gammel Kongevey Hotel (Q1 2027). 

On the transaction side, activity has been relatively muted. In 2022, only two hotel sales were recorded, including the €53 million purchase of the 128-room Hotel Papirøen by Union Investment, part of the mixed-use Paper Island redevelopment. The property opened in July 2024 as Copenhagen’s second 25hours Hotel. In 2023, four hotel sales took place, including the 268-room Hotel The Square, which sold in January for €74 million (€275,000 per key). Transaction volume declined again in 2024, with just one recorded deal: the 31-room boutique Hotel Herman K, acquired by AKR for approximately €19 million (€612,000 per key).

According to our 2025 European Hotel Valuation Index, hotel values in Copenhagen rose by 1.8% per key in 2024 compared to the previous year, reflecting continued recovery and investor confidence in the market.

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)
	Tabitha Watkins Analyst [email protected] +44 0 7562956921 (m)
	Margherita Rivetti Consulting & Valuation Analyst [email protected] +44 0 7955271797 (m)