Hotel
Growth in the Norwegian hotel market continues through 2025 after an impressive year in 2024. RevPAR and total revenue per available room have reached new highs, driven by increased demand from international guests. At the same time, limited new construction is keeping supply down, strengthening investor interest in the segment.
General Overview
The Norwegian hotel market has delivered all-time-high results in the first half of 2025, driven by record revenue per available room and solid growth in demand. According to Benchmarking Alliance, RevPAR for the first half of 2025 reached NOK 865, an increase of around 10 percent from the same period last year and as much as 18 percent compared to 2023. This is among the highest levels ever recorded in Norway for a first half-year, supported by strong growth in the leisure segment and record figures in cities such as Tromsø.
The share of international guests staying at hotels has risen from 26.4 percent last year to 30.2 percent in 2025, the highest level since 2016. A weak Norwegian krone makes Norway a more attractive destination, while spectacular nature experiences, a cooler climate, and a sense of safety continue to draw tourists to the Nordics. Heatwaves further south in Europe have strengthened Norway’s position as a summer destination, which is a trend that is likely to intensify in the coming years
7 Hotel
Average occupancy pre-pandemic / Average occupancy LTM
15
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15
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Occupancy per room, percent – Oslo vs. Norway
Transaction Market
Hotel properties have traditionally accounted for only a small share of the Norwegian transaction market, with an average share of less than 4 percent over the past decade. In the first half of 2024, the share reached 5.2 percent, primarily driven by the sale of the Midstar portfolio. Even with growing appetite for hotel properties, the limited supply of attractive assets has naturally curbed transaction volumes.
Akershus Eiendom served as sales advisor to Midstar Fastigheter AB in the divestment of 28 hotels across the Nordics, of which 8 are located in Norway. Photo: Quality Hotell Ålesund
Akershus Eiendom served as sales advisor to Midstar Fastigheter AB in the divestment of 28 hotels across the Nordics, of which 8 are located in Norway. Photo: Clarion Hotell Ernst, Kristiansand
Since the pandemic, the segment has experienced a solid recovery, with strong growth in both RevPAR and total revenue per available room. At the same time, very few new hotels are being built, keeping supply constrained. This makes existing hotel properties more attractive to investors, particularly given the favorable outlook for tourism and travel in Norway. The combination of strong demand, limited availability of assets, and robust operating margins creates a market where hotel properties are increasingly perceived as an attractive addition to investment portfolios.
Revenue per room in NOK (RevPAR) – Oslo vs. Norway
Outlook