San Francisco has been named the world’s most expensive place for visitors to spend the night.
The average price for a San Francisco hotel room has jumped by 88 per cent in the past 12 months to $397 a night, according to an index compiled by Bloomberg of the world’s top 100 financial centers.
Geneva comes in second place where the average room costs $292, followed by Milan at $271. New York occupied the 17th spot with average rooms setting travellers back $202 a night.
Bloomberg said the rising costs are being driven by the region’s technology-industry boom, a soaring job market and a dearth of hotel construction as developers focus on office and residential buildings. This combination is allowing operators to be aggressive with their pricing, the company added.
Chuck Pacioni, general manager at the San Francisco Marriott Marquis, told Bloomberg: “The influx of tech companies into San Francisco has been tremendous, and with it this new emerging traveller, this millennial traveller, who is looking for downtown experiences.
“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.”
You can view the world’s top 100 expensive financial centers for hotels at Bloomberg.com.
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