For a comprehensive review of the Europe market, click below:
HVS In-Depth Europe Hotel Valuation Index:   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

Hamburg, Germany’s second-largest city after Berlin, is home to approximately 1.8 million residents as of 2024 and stands as the most populous EU city that is not a national capital. Strategically located in northern Germany, Hamburg also boasts Europe’s third-largest port and one of the country’s most well-established economies. The city is a major hub for media, particularly radio, television broadcasting, and film production.

Hamburg Messe and the Congress Center Hamburg (CCH) are pivotal to the city’s status as a business destination, hosting a wide range of trade fairs and conferences, particularly in the shipping, maritime, medical, and pharmaceutical sectors. In 2023, while the number of events slightly declined, visitor attendance surged by nearly 32%, indicating a return to larger-scale gatherings.

Tourism in Hamburg remains primarily domestic, with German travellers accounting for roughly 80% of total visitation. The city continues to attract millions of visitors annually owing to its rich cultural offering, architectural landmarks, and lively entertainment scene. Key attractions include the Speicherstadt warehouse district, the Elbphilharmonie in HafenCity, numerous museums, shopping, theatres, and the vibrant nightlife along the Reeperbahn.

Historically, Hamburg’s hotel market has maintained occupancy levels of close to 80%. Following the pandemic, demand recovered steadily: by 2022, occupancy had reached 85% of 2019 levels and returned to historical norms by 2023/24. Average rates, however, followed a more volatile path. After minor declines in 2018/19, they dropped significantly in 2020 and remained stagnant through 2021. Strong post-pandemic recovery led to double-figure average rate growth in 2022 and further gains in 2023. Nevertheless, by 2024 average rates remained 3% below 2019 levels (which had already declined from a 2017/18 peak) in real terms.

As of 2024, Hamburg’s hotel market comprised approximately 315 properties with nearly 37,000 rooms. Despite recent additions, the development pipeline remains substantial, with about 6,500 rooms scheduled to open between 2025 and 2030, representing an 18% increase on current supply. Of this new supply, 8% is said to be under construction. Noteworthy upcoming projects include the 403-room ibis Styles Hamburg Uberseequartier (Q2 2025), the 252-room Pullman Hamburg Uberseequartier (Q1 2026) and the 200-room Me and All Hotel Hamburg St. Georg (Q1 2027).

After limited investment activity in 2023, with only three recorded transactions, the market showed renewed momentum in 2024 with six deals. The most notable was the 202-room Height3, set to be rebranded as an Adina, sold for €69.7 million (approximately €345,000 per key). Other properties transacted at undisclosed prices included the 100-room Hotel Alte Wache and the 94-room Sir Nikolai which were both sold in April, the 228-room Novotel Hamburg Central Station was finalised in October, and the 488-room ibis and ibis budget Hamburg City which was also sold in October.

According to our 2025 European Hotel Valuation Index, hotel values in Hamburg rose modestly by 0.9% in 2024. With relatively stable values over the past three years, room values remain 7% short of 2019 levels.

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

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Hotel Occupancy Increase/Decrease
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Change In Value For Market: (€Euro)

Hamburg RevPAR Change (€Euro)

Hamburg RevPAR (€Euro)

For more information, please contact:

	Sophie Perret, MRICS, MBA Managing Director [email protected] +44 0 2078787722 (w) +44 0 7725781037 (m)
	Tabitha Watkins Analyst [email protected] +44 0 2078787724 (w) +44 0 7562956921 (m)
	Margherita Rivetti [email protected] +44 0 278787754 (w) +44 0 7955271797 (m)