As green shoots begin to emerge in San Francisco's battered hotel sector, the board of the Tourism Improvement District (TID) has announced a doubled increase of its assessment on nightly hotel rates in a bid to boost tourism and stem the exodus of conventions from the city.
The board, including prominent hoteliers and city officials, approved what was characterized as an "emergency" fee hike—the second increase of the TID fee to take effect this year—after concluding that "San Francisco is not a competitive destination at this moment in time," the San Francisco Business Times reported.
The increase of the hotel fee to 2.25% effective Nov. 1 will generate an estimated $14.6M in additional revenue, most of which will be used to fund SF Travel, a marketing agency that promotes tourism and convention business in San Francisco.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
