San Francisco Hotel Performance Has Turned The Corner According to Cushman & Wakefield Report

Since the Gold Rush, San Francisco has been defined by cycles of boom and bust in business and real estate—and the hotel market has been no exception. The pandemic dealt a significant blow, knocking San Francisco from its 2019 position as the nation’s leading urban RevPAR market. The city’s heavy reliance on tech, tourism and conventions created a perfect storm when travel demand collapsed. 

Key Takeaways: 

• San Francisco’s Hotel Market Is Recovering: After a steep pandemic-driven decline, 2025 marked a turning point with RevPAR up 7.6% YOY, outpacing the U.S. average. 
• Demand Drivers Are Back: Major events, a stronger convention calendar, and tech resurgence (especially AI) are fueling occupancy and ADR growth. 
• Investor Interest Is Rising: Recent hotel transactions show 50–80% discounts from pre-pandemic pricing, creating opportunities for strategic buyers. 
• Valuation Reset Signals a New Cycle: Per-room values have structurally adjusted downward, reflecting tempered recovery expectations and higher interest rates. 

Download the full article for a more in-depth look.