Hotel rates have biggest drop since Great Depression
Hotel rates have biggest drop since Great Depression
In 2009, hotel room rates in San Francisco and the nation suffered their biggest annual decline since the Great Depression, according to an analysis of recently released data.
San Francisco's daily average room prices fell nearly 16 percent from
$190.12 in 2008 to $160.27 in 2009, according to research compiled by
PKF Consulting, a hospitality industry research group.
The city's downward trend started in the fourth quarter of 2008 and continued throughout the year. In June, the average room rate was $134, the lowest it had been since 2005. For December, the average rate was even lower, $132.81.
Fewer guests accompanied the lower rates. At 75.5 percent, occupancy in 2009 was down 4.3 percent. In June, occupancy fell to 73 percent; in December it tumbled to 65 percent.