Colliers Denmark Market Report 2024

82

HOTEL - COLLIERS MARKET REPORT 2024

Robust hotel market going into 2024

2023 was an economically turbulent year, but despite geopolitical uncer tainty, increased interest rates and historically high inflation, Dan ish hotels have performed well with record bednights and continued KPI improvements.

In 2023, hotel visitor numbers were on course for a record: After ten months, the total number of bednights was 800,000 higher than in the record-breaking year 2022, cor responding to an increase of 4.0%. It deserves mention that the first months of 2022 were still marked by COVID 19 restrictions. Copenhagen proper (Københavns By) has largely driven the growth: Month by month, the number of bednights exceeded the 2022 equivalent, and the total number was 921,000 higher up to and including August, reflect ing 12.8% bednight growth. On the other hand, hotels in the rest of Denmark have seen declining visitor numbers, whereas these hotels during and after the pandemic ben efited from the Danish travel restrictions, which prompted an increasing number of Danes to opt for staycation.

More guests in the capital city, fewer in provincial locations

Monthly number of bednights in Copenhagen proper

1.,200,000

1,000,000

800,000

600,000

400,000

200,000

0

January

February

March

April

May

June

July

August

September

October

2022 2023

Note: November and December 2023 are not listed as data were not available at the time of writing this report. Source: Statistics Denmark, Colliers