S.F. hotel rates showed growth in May
In May 2010, San Francisco hotels saw their average daily room rates climb for the first time in 17 months.
A San Francisco hotel room cost an average of $158.42 in May 2010, a 3.8 percent increase over the $152.68 the average hotel charged in May 2009, according to a new report from PKF Consulting.
Hotel occupancy in the city climbed to 82.5 percent for the month, a 10.4 percent increase over May 2009 occupancy of 74.7.
San Francisco hotel occupancy has remained pretty strong throughout the recession, but its rates have plummeted, which has caused so much strain at hotels around town.
While this rate gain by no means begins to recover lost ground — hotel rooms averaged $190 no faxing payday loans.46 in May 2008 — it is the first real sign that hotel rates might indeed grow for the full year.
For the first five months of this year, hotel rates in San Francisco averaged $149.21, a 4.4 drop from the $156.08 average hotels were able to charge in the first five months of 2009.
Citywide room rates were their lowest in December 2009, when they averaged just $132.81 a night.
Filed under: finance by Specialist