1500 new hotel rooms for Reykjavik in next two years

Around 1500 hotel rooms will be put into use in the space of the next two years. This is the same as 15 average sized city hotels. With each hotel room costing an average of 35 million ISK this investment is around 53 billion ISK.

Analyst at Arion Bank, Þorsteinn Andri Haraldsson says that the increase meets demand. "According to our basic predictions around 1500 rooms will be added to the market over the course of the next two yaers. This meets the demand created by a 6 % increase in tourists this year and 2 % next year on top of the demand created in past years."

The Icelandic Travel Industry Association predicts a 3-5 % growth in tourism next year in Iceland. 

Haraldsson adds that tourists are moving away from Airbnb apartments and back to hotels and that the weakening of the krona is proving economical for tourists. 

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