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Hotels a bright spot in SF economy

Hotels a bright spot in SF economy

According to an economic report issued by the Controller's Office, the brightest spot in San Francisco's economy in October was the hotel sector.  Average daily hotel rates rose to $198 a night in October this year, a 14 percent increase from September.  Occupancy was 87.5 percent, 5.1 percent jump from October last year.  Revenue per available-night was only 0.4 percent lower from October 2008.

Despite the unemployment rate that remained high in October, there were other positive economic indicators for San Francisco.  Residential real estate including median home sale price, sales volume and average 1BR asking rents went up in October compared to September.  This may show some signs of a slow recovery in this segment.

SF Business Times- 12/15/2009