San Francisco hotels are world’s most expensive

For anyone who has travelled and stayed overnight in San Francisco recently, a just released survey by Bloomberg will come as no surprise.

The city has the priciest hotel rooms on the planet, according to the Bloomberg index of the world’s top 100 financial centers.

It shows the average price of a night in a San Francisco hotel has surged a whopping 88% in the last year to $397 a night.

It was well ahead of Geneva, the second most expensive city at $292 a night, and Milan in third place at $271.

Chicago and Miami were joint second most expensive for hotel stays in the US at $240 a night, while perennially pricy New York was down in 16th place in the world rankings at $202.

Speaking to Bloomberg, Chuck Pacioni, general manager at the San Francisco Marriott Marquis said: "The influx of tech companies into San Francisco has been tremendous, and with it this new emerging traveler, this millennial traveler, 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."

The growing job market in San Francisco has resulted in more than eight million square feet of office space under development over the next four years, while city-wide hotel inventory increased just 0.3% in the first half of this year, driving up rates.