Anyone trying to book a room in San Francisco has probably noticed that room rates are steep.
An influx of people visiting for the city for business and pleasure have driven room rates to record numbers, but it’s also probably why so many hotels are selling for higher prices than ever before in this city.
The high demand for both snagging a room and buying a hotel is driven by the strong travel market and the lack of new hotel supply, said hotel consultant Rick Swig.
“The market is strong for the business traveler, the group traveler and leisure traveler,” Swig said. “When you have three strong segments like that, even if one gets soft, you have two that are going to keep you propped up.”
Read more: San Francisco Business Times Why hotel transactions in San Francisco are at a record high