Market Report: Stockholm
According to the latest city review by Christie + Co, using data provided by STR Global, Stockholm hotels recorded a 3.1% increase in RevPAR during 2008 compared to the previous year, despite a slight decline in occupancy. After a strong start to 2008, the Swedish capital felt the effects of the economic downturn during the latter part of the year. Preliminary figures for the month of January suggest that the downturn has continued, with RevPAR down by 16.9% on the previous year. Stockholm is the home of many multinational companies and Sweden’s stock market. It is the most visited city in Scandinavia, thanks to transportation links and numerous city events. Stockholm also offers a unique range of galleries and museums, and each year it hosts the world-renowned Nobel Prize awards ceremony.