WSJ: Hotel Owners Start to Write Off San Francisco as Business Nosedives
While Los Angeles and New York are filling nearly as many hotel rooms as they did in 2019, San Francisco’s revenue per available hotel room is still 23% lower in April 2023, compared to April 2020. This is largely due to an increase in street crime, theft, empty offices, reduced foot traffic and overnight visits to the city. Businesses are choosing to host their major conventions in other cities like Las Vegas years in advance, which as a result, is devaluing hotel property valuations today. Therefore, site selection for businesses and tourists is exacerbating the financial loss to hotel owners in San Francisco today.