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

Stockholm, in eastern Sweden, is the country’s capital and largest city, with a population nearing 1.0 million in 2025 and a metropolitan area of approximately 1.7 million (recorded in 2024). Spanning 14 islands, the city is Sweden's cultural, political and economic hub, accounting for over a third of the country's GDP and ranking among the top ten regions in Europe by GDP per capita. Stockholm has also established itself as one of Europe's foremost technology centres, with the European Commission ranking Stockholm as Europe's most innovative region in its 2025 Regional Innovation Scoreboard, and the city attracting more unicorn startups per capita than New York, Los Angeles and London.

The market is predominantly driven by domestic tourism, with Swedish residents accounting for the majority of overnight stays. Nonetheless, international visitation remains an important source of demand, with the USA, Germany and the UK consistently ranking among the leading source markets. Tourism plays a vital role in Stockholm’s economy, contributing meaningfully to Sweden’s overall tourism revenue and supporting employment across the hospitality, food service and cultural sectors. While opportunities for further growth remain, the market faces several challenges, including seasonality and competition from other Scandinavian and European capitals.

Prior to the pandemic, hotel rates in Stockholm were declining in euro terms, despite steady demand growth from both business and leisure segments, largely due to the depreciation of the Swedish krona. Rates in local currency remained broadly flat during this period. Although Sweden largely remained open during the pandemic, demand in Stockholm declined in line with trends observed across other Nordic capitals. Occupancy levels in the city reached percentages in the low 70s pre-COVID but have since stabilised in the mid 60s from 2023 onwards, remaining below previous peak levels and yet to fully close the recovery gap. Despite demand having mostly recovered, the city has not yet been able to absorb the additional 6% new supply that opened over the same period. Despite some improvement in demand in 2025, average rates remained flat in local currency, although they increased in euro due to the appreciation of Swedish krona against the euro. These dynamics left RevPAR 5% below 2019 levels in euro and close to 15% below in local currency.

The current pipeline is relatively constrained, comprising only five projects totalling 700 rooms and equivalent to roughly 2% of the existing supply. Four of these projects are in the planning stage with the remaining one under construction. Three are independent and two will operate under the Movenpick and Ruby brands. The 187-room Ruby Frida Stockholm is scheduled to open in mid-June 2026 and the rest are expected to open between 2027 and 2030.

In terms of transaction activity, the market has seen moderate deal flow in recent years. Six hotel transactions were recorded in 2022, followed by four in 2023. Activity slowed slightly in 2024 and 2025, with two notable transactions each year. In 2025, these included the 202-room Best Western Plus Stockholm, which transacted as part of a 28-hotel Nordic portfolio in February, and the 213-room Generator Stockholm, which transacted as part of the Generator Hostels portfolio in May.

According to our 2026 European Hotel Valuation Index, overall, hotel values in Stockholm increased by 2.0% per key in 2025 compared to 2024.

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)

Stockholm RevPAR Change (€Euro)

Stockholm 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)