We systematically assessed the loading behavior of core-multishell nanoparticles (CMS NPs) for the solvatochromic dyes Coumarin 153 and Nile Red and studied the influence of the guest and its concentration on CMS NP aggregation using steady state absorption and fluorescence spectroscopy and dynamic light scattering (DLS). These measurements revealed the strong fluorescence of dye-loaded CMS NPs and formation of nonemissive dye aggregates in the outer CMS layer at higher loading concentrations of Nile Red, whereas in the case of Coumarin 153, a new species with red-shifted absorption and blue-shifted emission appeared. Moreover, dye loading triggers an aggregation of CMS NPs which have a hydrodynamic radius of 8 nm, thereby leading to CMS aggregates with a radius of 100-120 nm. These results underline the need for systematic studies of the influence of the guest and its loading concentration on CMS NP size for cellular uptake and in vivo imaging studies and the rational design of CMS NPs with improved transport and targeting abilities.