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Greater Copenhagen is Scandinavia’s largest metropolitan area, with 3.9 million inhabitants. It has the highest number of international companies in the region and is home to Northern Europe’s largest international airport. The Copenhagen region accounts for approximately 40% of Denmark’s economic output and has experienced consistent, sustained growth in recent years. The city’s growth has been delivered at the same time as improving environmental performance and transitioning to a low-carbon economy, elements underpinned by a combination of the city’s eight green economy drivers: urban form, innovation, investment, skills and employment, enterprise, energy resource and effectiveness, low carbon and environmental quality. A number of significant public investments in Greater Copenhagen are to be developed over the next ten years, including Ørestad, Carlsberg City District and Nordhavn.

The Copenhagen hotel market is generally tied to the performance and outlook of the Danish, European and global economies. As with the rest of the world, hotel demand plummeted in March 2020 following the outbreak of the COVID-19 pandemic, resulting in a year-on-year RevPAR decline above 70%.

Prior to the pandemic, Copenhagen experienced strong growth in performance, partly due to its growing reputation as one of Europe’s top MICE destination with the Bella Centre, Scandinavia’s leading conference and trade show venue, a key driver of congress. Hotel occupancies remained above 80% between 2017 and 2019 and average rate grew in line with inflation. Going forward, a substantial hotel pipeline is expected with 16 hotels (3,600 rooms) due to open in the next two years (representing 17% of current supply). However, we remain cautiously optimistic and expect Copenhagen to strongly recover from the pandemic once the virus is somewhat contained with regional leisure travelling resuming first, followed by international leisure, business and lastly groups and MICE.

In terms of transactions, one hotel changed hands in 2018: the 357-room Scandic Copenhagen Airport transacted for nearly €90 million (€250,000 per key. Overall, the market recorded a value decrease of 12.2% in 2020 compared to 2019 levels and compares to the European average decline of 15.3%.

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 [email protected] +44 20 7878 7722 (w)
	Nikola Miljković [email protected] +44 20 7878-7721 (w) +44 7 593572865 (m)