Nordics Hotel Market Figures September 2026
Coolcation Nation: The Nordic Region Just Had Its Best Summer Yet
CBRE's Nordic hotel market update for September 2026 shows record visitor numbers, EUR 751m in investment across 22 deals YTD, and RevPAR growth across all four countries led by Stockholm at +12.0%.
Photo by CBRE Hotels
While continental Europe sweltered through record heatwaves, the Nordics offered something increasingly rare: cool air, long days, and predictable travel. The result was a summer of record-breaking visitor numbers, and a hotel market on a roll.
Foreign leisure guests arrived in greater numbers than ever before, staying longer and spending more than previously recorded. Investment activity kept pace: EUR 751m transacted between January and August across 22 deals - more transactions than the same period last year, and 5% ahead on volume once 2025's outsized Midstar portfolio deal is stripped out.
What struck us this summer was the sheer, aggregated volume of leisure traffic - and crucially, no material reduction in business travel alongside it. Investment volumes have held up well, with buyers being selective rather than absent. We go into the autumn with great expectations for the region.
Erik Myklebust, Head of Hotels, Nordics, CBRE
Norway:
July guest-nights topped four million for the first time since official hotel statistics began in 1986. Bergen was the standout, pairing strong rate growth with rising occupancy - real demand, not just pricing. Stavanger benefited from ONS, an energy conference, while Oslo and Tromsø felt the absence of last year's events and new supply respectively.
Sweden:
All four major city markets grew RevPAR, led by Stockholm at +12.0% to SEK 1,234. ADR rose everywhere, most notably Stockholm at +7.4%. International guest nights climbed 14% against 3% for domestic - the coolcation effect in a single statistic - maybe.
Denmark:
Three of four key city markets grew RevPAR, with Aalborg at +6.9% and Copenhagen at +6.6%. Copenhagen's occupancy rose to 88.2%, well clear of its Nordic peers, and the city has now restricted new development in parts of the centre. A first Nordic Four Seasons was announced this spring, underscoring strong high-end demand across the region.
Finland:
Rovaniemi was the only city market to grow, RevPar up 14.0% on volume rather than rate. Helsinki, Turku and Tampere all softened, even as a strengthening economy points to room for these markets to recover.
The Nordic region remains a safe, cool alternative in an unsettled world - and hotels are the clearest beneficiary.
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