Red-Hot Growth in an Ice-Cold Land: An Overview of Iceland's Hotel Market
IntroductionSince the eruption of the volcano Eyjafjallajökull in 2010, Iceland has seen an incredible boom in tourism with growth rates unmatched anywhere else in Europe. Media coverage of the eruption brought increased awareness of the natural beauty of the remote nation which, when coupled with the severe decline in the Icelandic krona compared to other major currencies after the financial crisis, led to an unforeseen explosion in tourism of volcanic proportions. With the growth in hotels unable to keep pace with the record number of tourists visiting the country, Airbnb and similar companies have flourished. This article provides an overview of Iceland's hotel market followed by a brief look at its sharing economy.