For a comprehensive review of the Europe market, click below:
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

Hamburg, Germany’s second-largest city after Berlin, is home to approximately 1.9 million residents, as of 2025, and remains the most populous city in the European Union that is not a national capital. Strategically located in northern Germany, Hamburg boasts Europe’s third-largest port and one of the country’s most diversified and resilient economies, with key sectors including logistics, aviation, media and life sciences. The city also remains a major hub for media, particularly radio, television broadcasting and film production. Hamburg Messe and the Congress Center Hamburg are central to the city’s positioning as a leading business and MICE destination, hosting a wide range of trade fairs and conferences, particularly in the maritime, logistics, medical and pharmaceutical sectors. In 2024 and 2025, the events calendar largely normalised, with both event volumes and attendance broadly returning to, and in some cases exceeding, pre-pandemic levels, reflecting sustained demand for in-person gatherings and large-scale conferences and exhibitions. Tourism in Hamburg remains predominantly domestic, although the share of international visitors has gradually increased post-pandemic. German travellers still account for the majority of overnight stays, albeit at a slightly reduced proportion (around 70-75%), as inbound travel continues to recover. The city attracts millions of visitors annually, supported by its rich cultural offering, architectural landmarks and vibrant entertainment scene. Key attractions include the historic Speicherstadt warehouse district, the Elbphilharmonie concert hall in HafenCity, a wide range of museums and retail destinations, as well as the renowned nightlife along the Reeperbahn. Outside of pandemic-affected years, Hamburg’s hotel market has historically maintained occupancy percentages in the high 70s, although average rates have followed a more volatile path. After minor declines in 2018 and 2019, they dropped significantly in 2020 and remained subdued through 2021. Strong post-pandemic recovery led to double-figure average rate growth in 2022 and further gains in 2023 and 2024. However, 2025 did not benefit from major demand drivers such as the UEFA Euro tournament or the biennial WindEnergy conference, resulting in a modest rate normalisation and ADRs easing. Overall, with occupancy back to historical levels and rates having grown slightly below inflation, 2025 RevPAR was approximately 5% below 2019 in real terms.

As of 2025, Hamburg’s hotel market comprised approximately 320 properties with nearly 37,000 rooms. Despite an inventory growth of over 25% in the last decade, the development pipeline remains substantial, with just over 7,100 rooms scheduled to open between 2026 and 2029, representing a further 19% increase on current supply. Of this pipeline, around 2,600 rooms are under construction. Noteworthy upcoming openings include the 439-room Holiday Inn Lab (Q1 2028) and the 430-room Scandic Hamburg (Q1 2030). Following a number of transactions in 2024, deal activity continued in 2025 with seven transactions recorded, the most notable of which being the Adina Apartment Hotel Hamburg Speicherstadt and the portfolio of two ibis hotels which sold in January.

According to our 2026 European Hotel Valuation Index, hotel values in Hamburg fell by 3% in 2025, leaving room values 10% short of 2019 levels.

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

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Market Demand Change
Hotel Occupancy Increase/Decrease
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Market Supply Growth

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 7725781037 (m)
	Maxime Gauthier Senior Associate [email protected] +44 0 7593572865 (m)