The Scandinavian market isn't easy for any hotel operator. Just ask Emilie Stordalen, co-owner of the Strawberry, which runs more than 250 hotels there.

My colleague Luke Martin did Skift's first interview with Stordalen, the daughter of one of Norway's billionaires, Petter Stordalen. Emilie Stordalen explained that the region's biggest operational challenge is that, for much of the year, there aren't enough visitors.

“I don’t want to sell more Northern Lights tours,” she said. “I want to sell a doctor conference in March.”

Stordalen said Strawberry delivered its "best year ever" in 2025, with about $2.2 billion in gross revenue. She explained how Strawberry innovated to overcome various obstacles, such as signing partnerships with non-hotel companies to encourage more engagement in its loyalty program. (Read the article for details.)

Stordalen's comments reminded me of our question last October to Marriott CEO Anthony Capuano about where M&A might help plug gaps in the hotel group's portfolio, when we spoke with him at Skift Global Forum East in Abu Dhabi.

"I think about markets like Scandinavia, where we are relatively underrepresented," Capuano said.

Capuano explained how Marriott pinpoints countries where organic growth might be too slow, noting that the company bought AC Hotels to speed up growth in Spain and Protea Hotels to do the same in South Africa.

If the Marriotts of the world wanted to do M&A in Scandinavia, family-run Strawberry wouldn't be a likely target, as it's a longtime franchisee of Choice Hotels.

Another company to watch is Strawberry's arch-rival, Scandic Hotels. This publicly held Swedish company did about the same volume of gross bookings last year, $2.3 billion. 

The Swedish company has recently adopted a different approach to growth, seeking expansion abroad. As Martin recently reported, Scandic is this year taking over the management of about 12,000 rooms in Ireland and the UK. 

Marriott, Accor, IHG, and other rival global groups also have other local players to consider, such as Thon Hotels, Elite Hotels, and Sokos Hotels.

ACCOR GROUP + SKIFT

As overtourism pressures mount and affluent travelers chase authentic cultural immersion, Accor is treating cultural partnerships as a long-term asset, not a marketing line item.

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