Annual report reflects year of big investments and merger for Danish hotel company

July 23rd, 2025

Core Hospitality A/S (previously Zleep Hotels A/S) reflects on a 2024 marked by major strategic moves, including new hotel openings and a comprehensive merger with its sister company. The company achieved revenue growth of 3.6%, but due to a turbulent ownership transition and costs associated with merging two organizations, the company reports a negative bottom line. This was anticipated and management is satisfied with the results, especially considering the negative bottom line relates to one-time costs, change of ownership, rebranding, and investments, not hotel operations.

Four new openings and one acquisition strengthen the portfolio

In 2024, Core Hospitality opened four new hotels: Fairfield by Marriott and Residence Inn by Marriott in Copenhagen as well as Four Points Flex by Sheraton in both Hillerød and Horsens. Additionally, A Place To Hotel in Esbjerg was acquired and integrated into the portfolio. These expansions increased total room capacity by 2.68% in 2024 while annual capacity grew by 26.99%.

New capacity and higher revenue

Core Hospitality had a 2.2% lower room capacity available in 2024 compared to 2023 due to changes in the portfolio in the previous year. This has been offset in 2024 with two new openings: Four Points Flex by Sheraton in Hillerød and Horsens, Denmark, which combined are expected to increase room capacity in 2025 by 1.7% compared to 2023. Despite the modest decline in capacity in 2024, the company has increased revenue by 3.6% to DKK 202 million.

Merger and rebranding with long-term potential

It was decided in 2024 that the partnership with the company’s co-owner, H World International, was not effective or value-creating for the hotel portfolio. As a result, one of the year’s most significant initiatives was to re-acquire the full ownership rights of the operating company and establish a new consolidated entity with the sister company, Core Hospitality. At the same time, the rebranding of 14 Zleep Hotels in Denmark to Four Points Flex by Sheraton was initiated in the autumn of 2024 and continued into 2025.

“2024 has been a defining year for us with investments in new hotels and both operational and distribution systems. The negative result is a natural reflection of the strategic decisions we’ve made to secure future growth. We now have a stronger, larger, and more unified organization, and we are already seeing clear effects of the synergies in 2025,” says Peter Haaber, CEO of Core Hospitality.

Outlook for Core Hospitality

With a new name, new distribution and more capacity, Core Hospitality A/S looks into the future with optimism. The company already sees improvements in the 2nd quarter of 2025 as its partnership with Marriott International is maturing. The hotels’ market positioning and guest experience are improved. The focus is now on activating and unlocking the full potential of the new operational setup.

“We made strategic and long-term investments in 2024. Although it was a year of major transitions, we are now seeing the foundation for both strong growth and improved operations. 2025 will be the year when our new systems and structures truly come into play,” says Peter Haaber, CEO of Core Hospitality.

Contacts

Peter Haaber
CEO, Core Hospitality
ph@coreh.dk
+45 51 57 87 00

About Core Hospitality

Core Hospitality is a Danish hotel operator that is independent of brands and flexible to operate under any type of contract. The company can implement and operate whichever brand best suits the property and location of a hotel. Core Hospitality was established by Zleep Hotels and has since established a strong, independent portfolio of hotels: 14 Four Points Flex by Sheraton hotels, two Moxy Hotels in Norway, a Fairfield by Marriott and Residence Inn by Marriott in Copenhagen, the Kirk Suites in Vejle, and A Place To Hotel in Esbjerg. Its confirmed pipeline includes Moxy Aarhus and Four Points Flex by Sheraton Glostrup. Read more at corehospitality.dk or follow us on LinkedIn.