Colliers Market Report Denmark 2023

Hotel - Colliers Market Report 2023

107

Hotel I ndustrial & logistics Retail Residential Office I n t i tics i al

75 %

72 %

69 %

1 4

37 %

12

10

8

6

4

2

0

23E

22

24E

21

Stronger presence of foreign chains Strong Copenhagen hotel demand has fuelled the appe tite of international hotel chains. New hotel entries into Denmark include 25hours Hotels, a part of the French Accor Hotels chain, in 2022 opening for busi ness next to the Round Tower in central Copenhagen and in 2024 opening a hotel on the islet of Papirøen in proximity of the city centre. In 2021, Spanish NH Hotel Group entered the Danish market with its most high-end brand, NH Collection, in the building dubbed “the Desert Fortress” (Ørkenfortet), the former administrative facil ity of the now closed B&W shipyards in the district of Christianshavn. The same year, Dutch Zoku, opened its first Danish hotel, in the Copenhagen district of Ørestad. In the past, Marriott International has introduced new brands in Copenhagen, firstly Moxy Copenhagen Sydhavnen, secondly Copenhagen Marriott Hotel on the waterfront at Kalvebod Brygge. In addition, Marriott has plans for two additional brands on Nordø, part of the Copenhagen district of Nordhavn, namely Fairfield by Marriott and Residence Inn, both scheduled for grand opening in 2023. Dutch Borealis Hotel Group has taken a lease in a newly completed hotel property in the Ørestad district for the purpose of hotel operations under the Ibis Styles brand. In the Postbyen area of the Copenhagen

district of Vesterbro, UK Edyn is opening 236 boutique hotel apartments under its Locke brand.

We also witness demand from other international chains that have yet to enter the Danish market. Their focus is on the large hotel market in the Capital as well as on provin cial towns and cities where hotel supply is still relatively moderate. For instance, Esbjerg is attracting stronger activity in anticipation of an increase in demand. Here, the existing hotel supply is limited in spite of Esbjerg’s position as Denmark’s leading energy city, providing a base for both oil and gas extraction in the North Sea and for extensive wind turbine activity. In addition, Europe’s largest Power-to-X facility and a Facebook data centre are in the pipeline.