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• Copenhagen led the Nordic capitals in terms of operational performance in Q4, recording +16.2% RevPAR growth, driven by a combination of high occupancy and ADR growth.
• Rising interest in nature-based and authentic experiences is supporting increased investor appetite for leisure-led and Arctic destinations, alongside growing cruise passenger volumes, particularly in Northern Norway.
• The Nordic market is seeing renewed interest from international operators, with new entrants such as Hoxton in Oslo, Waldorf Astoria in Helsinki, and Ruby Hotels and Bob W in Copenhagen. Historically, the prevalence of lease-based structures has limited operator entry, but these new commitments signal growing confidence and may pave the way for further expansion in the region.
• Further upside potential remains as Asian travel has yet to recover due to disrupted air routes over Russia. Overall, international demand is deemed to continue to grow.

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