Hotel

The deceleration towards year-end is also reflected in accommodation statistics from Statistics Norway, which show a slight decline in hotel overnight stays from both domestic and international guests compared to the previous year. That said, the prior year was characterised by historically high levels. Overall, the hotel market remains strong, supported by continued growth in leisure-related stays, also underpinned by data from Benchmarking Alliance.

General Overview

Norwegian hotels reached record levels for both occupancy and room rates in 2025, following several years of robust growth in key performance indicators. According to data from Benchmarking Alliance, RevPAR for 2025 amounted to NOK 903, representing an increase of approximately 8 percent compared to 2024.Towards the end of the year, however, a moderation in performance was observed, with the final two months recording weaker growth than earlier in the year. This may indicate a stabilisation at elevated levels.

The deceleration towards year-end is also reflected in accommodation statistics from Statistics Norway, which show a slight decline in hotel overnight stays from both domestic and international guests compared to the previous year. That said, the prior year was characterised by historically high levels. Overall, the hotel market remains strong, supported by continued growth in leisure-related stays, also underpinned by data from Benchmarking Alliance.

Revenue per room in NOK (RevPAR) – Oslo vs. Norway

The Transaction Market

Hotel transactions completed in 2025 have primarily comprised unique hotel assets, including destination hotels and properties with clear development or repositioning potential. Examples include Hotel Riviera, acquired by Norwegian Hospitality Group, and Støtvig Hotel, acquired by a group of private investors. Such assets are infrequently offered to the market, which contributes to attractive pricing levels when transactions occur.

In aggregate, hotel transactions accounted for approximately 4 per cent of total investment volume in 2025, broadly in line with the historical average. Strong underlying market conditions and solid operating fundamentals continue to support investor appetite for hotel properties.

Revenue per room in NOK (RevPAR) – Oslo vs. Norway

Outlook

With continued strong operating performance and sustained demand for hotel accommodation, investor interest is expected to remain robust going forward. At the same time, a limited supply of available assets may contribute to maintaining attractive pricing levels.