San Francisco is the world’s most expensive city for staying in a hotel.
San Francisco has been named the world’s most expensive city for staying in a hotel with an average room rate of $514 (US$397). A jump of 88 per cent from the past year.
The index compiled by Bloomberg looked at the average daily cost of hotels for two adults in a double occupancy room in the world’s top 100 financial centres.
Geneva came in at number two at $378 a night, followed by Milan at $351. Sydney was the only Australian city to make the list at number 20 with a hotel room an average $250 a night — a rise of 12.7 per cent from last year.
San Francisco’s surge in price has been attributed to the regions technology-industry boom, its soaring job market and a lack of hotel construction.
“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,” Chuck Pacioni, general manager at the San Francisco Marriott Marquis told Bloomberg.
“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.”
Chicago had the second-biggest gain, with a 64 per cent increase, followed by a 47 per cent jump in Milan and a 33 per cent rise in Kuala Lumpur.
The cheapest city for a hotel stay was Hanoi in Vietnam where an average night sets you back $80. Budapest had the biggest decline in hotel prices, dropping by more than half to $110 a night.
Top 10 most expensive cities for a hotel stay are as below:
1. San Francisco $514
2. Geneva $378
3. Milan $351
4. Dubai $330
5. Zurich $325
6. Tel Aviv $312
7. Chicago $311
7. Miami $311
9. Los Angeles $307
10. Hong Kong $306
How expensive is your city?
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