Photo: Nicolas Raymond/Flickr
One of the priciest places to live in the United States is also the priciest place to visit. According to a Bloomberg index of 100 global financial centers, the tech hub ranked number one for hotel prices, knocking Geneva, Switzerland out of first place.
The average price for a San Francisco hotel room now sits at $397 a night, an 88 percent surge over last year. That enormous rise was the largest among the 25 cities that saw a year-to-year increase.
Bloomberg spoke to Chuck Pacioni, general manager at the San Francisco Marriott Marquis to see what was behind the incredible increase. He told the media outlet that the tech boom, and the downtown-loving Millennial traveler, is partly behind the surge: “Many of them may travel for work to Silicon Valley, but instead of staying at a suburban hotel, they want to stay in the city for the culture and the experiences.”
The city’s population has also swelled at a rate of 5.9 percent over four years according to US Census Bureau data.
Geneva took second place $292 a night, while Milan ranked third with a $271 average. Among other US cities, Chicago and Miami came second to San Francisco, with both cities seeing hotel stays cost $240 a night, on average. Meanwhile, New York city ranked 16th globally, with a nightly average of $202, a 13.3 percent decrease over 2014.
Toronto was the only Canadian city to crack the top 25 cities with an average night in a hotel costing $182, a 3.7 percent dip from the year before.
Hanoi, Vietnam, wast he least expensive city for a hotel stay with an average cost of $62 a night. The biggest year-over-year decline was measured in Budapest, Hungary, where hotel prices fell by more than half to an average of $85.
Bloomberg looked into Expedia prices for the average daily cost of hotels, regardless of star ratings, for two adults in a double-occupancy room for two separate, non-holiday periods of time.
The media company also compared the costs of five-star hotels among thirty global cities. Geneva came out on top with an average nightly hotel stay costing $622. Interestingly, San Francisco did not make the top 10, though Los Angeles ranked second with an average of $582, a 21.1 percent increase over the year before. It was followed by Miami, which saw a night in a five-star accommodations ring up at $430 a night.