San Francisco Hotels Are World’s Priciest as Rates Surge 88%

San Francisco already is one of the priciest U.S. cities for apartment renters and companies seeking office space. Now the area has a new distinction: it’s the world’s most expensive place for visitors to spend the night.

The average price for a San Francisco hotel room has jumped 88 percent in the past year to $397 a night, according to an index compiled by Bloomberg of the world’s top 100 financial centers. The city ranks ahead of Geneva, where rooms set travelers back $292 a night, and Milan, at $271. Chicago, with rates at $240, ties Miami as the second-costliest U.S. cities.