The Hotel Industry in Tromsø: Current Situation and Future Outlook

The hotel industry in Tromsø is an important part of the municipality's economy, with 31 registered companies and over 1,000 employees. The industry has shown strong growth after the pandemic, with an increase in sales of over 22% from 2023 to 2024. EBITDA margins average 17%, indicating good profitability for many companies. Radisson Blu Hotel, Scandic Ishavshotel, and Saga Hotell are among the most well-known names, with high sales figures and stable revenues. The industry has also proven to be relatively stable, with no registered bankruptcies in recent years.

The hotel industry in Tromsø has experienced significant growth after the pandemic, with an increase in sales from NOK 676.8 million in 2023 to NOK 830.4 million in 2024. This represents an annual growth rate of 22.7%. The number of employees has also increased, from 959 in 2023 to 961 in 2024. EBITDA margins stand at 17%, showing that many companies are profitable. However, there are variations between companies, with some achieving higher margins than others. For example, Saga Hotell has an EBITDA margin of 46%, while Thon Polar Hotel has a margin of 0%.

In Tromsø, there are 31 companies registered in the hotel industry, distributed as 17 AS companies and 1 SÆR enterprise. The most well-known companies include:

• Radisson Blu Hotel Tromsø (189 employees, sales of NOK 270.5 million)
• Scandic Ishavshotel (111 employees, sales of NOK 0 million)
• Saga Hotell (41 employees, sales of NOK 60.5 million)
• Thon Polar Hotel (41 employees, sales of NOK 58.4 million)
• Smarthotel Tromsø (21 employees, sales of NOK 53.9 million)

The SÆR enterprise Universitetssykehuset Nord Norge Hf Pasienthotell is also an important player, with 50 employees and sales of NOK 43.4 million. Most companies are AS companies, indicating that they are private companies with ownership structures.

The hotel industry in Tromsø is most active in the city center, with 14 companies and 1,018 employees in Tromsø. Other areas with activity include:

• Straumsbukta: 1 company (Yggdrasiltunet Gårdshotell) with 11 employees
• Kvaløya: 1 company (Steam As) with 6 employees
• Ramfjordbotn: 1 company (Viking Hotell) with 1 employee

Tromsø dominates with over 90% of all companies and employees in the industry. Straumsbukta and Kvaløya have less activity, but there are still some companies operating in these areas. Ramfjordbotn has a single company, but with a low number of employees.

The hotel industry in Tromsø has proven to be relatively stable, with no registered bankruptcies in recent years. However, there are variations in the financial health of companies. For example, Thon Polar Hotel has a negative operating result of NOK -500,000, while Saga Hotell has a positive operating result of NOK 23.3 million. Some companies also have low sales, such as Scandic Ishavshotel, which has sales of NOK 0 million. This may indicate that some companies have difficulties maintaining revenues, even though they are not bankrupt. It is important to monitor the financial development of companies to identify potential risk factors.

For entrepreneurs considering starting a business in the hotel industry in Tromsø, the data show potential opportunities, especially after the pandemic. The industry has shown strong growth, with an increase in sales of over 22% from 2023 to 2024. EBITDA margins stand at 17%, indicating good profitability for many companies. However, there are variations between companies, and it is important to be aware of the various challenges. For example, some companies have low sales or negative operating results, which may indicate potential risk factors. Entrepreneurs should also consider locating the business in Tromsø, which is the most active area in the industry.

The broader accommodation industry in Tromsø has 117 companies, showing that the hotel industry is part of a larger sector. Sales in the accommodation industry have shown a growth of 22.3% from 2023 to 2024, which is slightly higher than the hotel industry. EBITDA margins in the accommodation industry stand at 17%, which is the same as the hotel industry. However, there are variations between companies in the accommodation industry, with some operating in camping and short-term cabins. For example, Tuil As (camping) has an EBITDA of NOK 12.5 million, while Ersfjordbotn Brygge As (short-term cabins) has an EBITDA of NOK 837,000. This shows that the accommodation industry includes a wide range of companies, and entrepreneurs should consider analyzing these competitors and potential partners.

The hotel industry in Tromsø has proven to be a stable and growth-oriented sector, with good profitability and an increasing number of employees. There are opportunities for entrepreneurs who want to start a business in this industry, especially in Tromsø, which is the most active area. It is important to be aware of the various challenges, such as variations in the financial health of companies and potential competitors in the accommodation industry. Entrepreneurs should also consider analyzing broader market conditions and potential collaboration opportunities with other companies in the accommodation sector.