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Hamburg, Germany’s second-largest city, is a leading centre for radio and television broadcasting and film production, an important transport hub and a leading player in the aviation industry. The city is also home to the largest port in Germany, the third-busiest in Europe. Hamburg benefits from a strong mix of corporate, leisure and MICE demand. The Hamburg Messe and the Congress Centre Hamburg (CCH) together host hundreds of events each year, focusing on trade fairs relating to the shipping and maritime industry as well as medicine and pharmaceuticals.

An increasing number of leisure visitors are attracted to the city owing to its wide range of cultural and architectural attractions. In addition to various museums, great shopping facilities, several theatres and a vibrant nightlife along the Reeperbahn, tourists are attracted to the historic warehouse complexes in the Speicherstadt and the new Elbe Philharmonic Concert Hall in HafenCity, in the grounds of Hamburg’s biggest redevelopment site which is considered to be one Europe’s largest inner-city developments. These attractions and the accessibility of the city have led to Hamburg becoming an attractive city break destination.

Visitation to Hamburg had been strong for the couple of years leading up to and including 2019, which experienced a further increase of around 6%; however, RevPAR performance for the city told a slightly different story. RevPAR had been decreasing by 2.5% on average owing to the new supply entering the market and the closure of the CCH for refurbishment, which had a negative impact on the MICE market. The negative impact on visitation from the pandemic in 2020 carried on into early 2021, when performance remained heavily impacted. Throughout the summer months of 2021, performance picked up, driven by leisure-oriented hotels which captured mostly domestic demand. The end of the year saw the implementation of further restrictions as a result of the spread of the Omicron variant. These restrictions continued into the first quarter of 2022. The spring and summer months, however, saw a sharp continued uplift and growth in RevPAR levels, partly owing to further pent-up demand and a significant pick-up in fairs and events, resulting in a 2022 RevPAR performance at almost 90% of 2019 levels.

Supply in Hamburg currently stands at around 270 properties comprising more than 34,400 rooms. The city has witnessed a number of openings in recent years, and its pipeline remains substantial at approximately 9,600 rooms (28% of current supply). Almost 90% of the new supply falls into the midscale and upscale sectors. Notable projects include the 191-room Nobu Hotel Elbtower Hamburg (December 2025) and the 511-room AC Hotels by Marriott Hamburg HafenCity (2024). On top of that, Accor will be adding 1,000 rooms to Hamburg’s supply with its billion-dollar, three-hotel project set to see the light in 2024, under the brands Pullman, Novotel and ibis Styles.

In 2021, Hamburg’s transaction activity fell by 40% compared to 2020, although the price per room for the transactions that did occur increased by 13%. Noteworthy transactions in 2021 include the sale of the 143-room my4walls Serviced Apartment complex for a reported €21 million (€148,000 per key) as part of Vonovia’s takeover of Deutsche Wohnen. 2022 saw an uplift in transactional activity in the first half before slowing again following Russia’s invasion of Ukraine, rising energy prices and the changing interest rate landscape. Hamburg hotel values increased by 5.3% in euro terms in 2021, before slowing in 2022 to only 1.1%, significantly below the European average of 3.3%, as reported in our 2023 European Hotel Valuation Index.

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

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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)