July 10, 2015: IT’S OFFICIAL: San Francisco now has the highest nightly hotel room rates and has the distinction of being one of the highest priced—if not the highest—places to book a hotel room in the world!
According to my friends at Bloomberg, SF hotel rates jumped a whooping 88% in the last year to $397 a night. The city now ranks ahead of Geneva and Milan—with Chicago and Miami tied for second place here in the US!
Of the top 24 world cities included in the rating, Osaka and Lagos tied for last place—most likely in visitor traffic too?
The increase in SF rates are being driven by the regions technology boom, soaring job market and lack of hotel construction—construction in and about the city is booming but for high priced office and residential space. Most offices under construction are usually more than 50% leased before the buildings even open.
If you’re looking for a 5 star hotel, Geneva ranks highest with rates more that $600 a night. On the low end for 5 star hotel lodging, Moscow, Manama and Bahrain come in at the bottom with luxury rates starting at $228 a night.
The Curmudgeon’s advice when visiting SFO: stay elsewhere in the Bay Area and pick up BART, one of the high speed ferries, or Cal Train—save your money for the fun and not the bed!!!
