An Overview Of Slated Projects In The City By The Bay…
San Francisco has long been a hotspot for tourists, but with its prime position in the tech and arts industries it is becoming an ever increasingly popular destination. In fact, in 2014 the city had 18 million visitors, a 13.7 increase over 2013's numbers. Furthermore, those visitors spent $10.7 billion in San Francisco.
To accommodate the growing interest in the area, the city is planning to welcome 1,600 new hotel rooms. This will help the San Francisco supply stay up with the tourism demand. At present, the city is currently struggling to do just that, leading to increase in room rates.
The soonest to be completed are a Hampton Inn at 942 Mission Street and an unnamed project at 144 King Street. The others slated for construction will not open for another few years, assuming they all get approval. To get a clearer idea of the upcoming projects and their current stages, here is a quick slideshow.
These new hotels will take advantage of what experts are calling “the best hotel market in the country.†San Francisco has been boasting a consistent occupancy rate of 85 percent, significantly up from the 72 percent it enjoyed in recent decades. This has been great news for local hoteliers, who have consequently been able to increase room rates.
The issue, though, is if rising costs and short supply could keep event and conference planners out of the city. Tourism officials hope these new hotels will help keep these large-scale events local.
No matter where your hotel is located, it deserves to be seen as a local standout. To help you make the most of your hotel market, contact Parkwest General Contractors. Our team offers expert advice and dedicated execution to your remodel project, making it possible for your hotel to take advantage of every opportunity.
