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San Francisco, CA. August 8, 2002. The hotel business in the San Francisco Bay Area, and by extension, Northern California, has recently been the target of media scrutiny. The press reports that Bay Area hotels are in deeper economic doldrums than their counterparts in any other major city in the country. PKF Consulting's Northern California Monthly Hotel Trends for June helps to address the obvious question, How bad is it? The answer is - it's been worse, but June looked a little bit better.
For the first six months of 2002, Northern California occupancies are down 15.1 percent, as compared to the first half of 2001. Room rates are down 9.4 percent compared to the first half of last year. Hardest hit in Average Daily Room Rate for the first half of 2002 is the San Francisco Airport area, down 26.5 percent over the first six months of last year. Suffering the greatest occupancy drop is San Francisco, down 14.5 percent from the first six months of 2001.
But, if you look at this June's numbers, there's a ray of light. The second quarter of 2002 has ended on an upbeat. Occupancies in San Francisco went from 68.0 percent in April to 65.6 percent in May, then jumped to 74.2 percent in June.
A similar pattern held for