San Francisco’s hotel market saw a notable revival in the first quarter of 2025. The improved performance was bolstered by marquee events like the J.P. Morgan Healthcare Conference (Jan. 13–16), the city’s first-ever hosting of the NBA All-Star Weekend (Feb. 14-16) and a shift in the Easter holiday driving strong year-over-year gains in all metrics.
The J.P. Morgan Healthcare Conference in January continued to generate the highest average daily rate (ADR) of the year. With around 15,000 attendees and premium minimum-stay requirements, it is one of the most lucrative hotel events in the country, significantly boosting annual revenue. ADRs during the conference rank among the highest in the U.S. J.P. Morgan has committed to San Francisco through 2026, and the city's largest hotel-room-generating event, Dreamforce, has extended its contract through 2027, reaffirming its commitment to the market.
During the J.P. Morgan Healthcare Conference, occupancy levels ranged between 80% and 90%, with daily rates over the $800 mark. On the first day of the conference, hotels recorded a peak rate of $856, roughly $50 over the prior peak of $803 for the same event in 2023.
Another positive driver for the San Francisco hotel market was the NBA All-Star Game, which took place Feb. 16 at the Chase Center. This was the first NBA All-Star Game in San Francisco, and the first with a new format: a four-team, single-elimination tournament, with two semifinal games and a final, with each a contest to reach 40 points. San Francisco saw a significant uplift in performance over the prior year starting Thursday, Feb. 13, with RevPAR recording between 50% and 155% growth.
As expected, the Easter calendar shift — Easter week was the last week of March last year — contributed to improved performance in March 2025, with RevPAR growing an average of 30% during these days.
Overall, the above events resulted in a strong first quarter for the San Francisco market, with the region posting year-over-year RevPAR growth of 7.5%, driven by both occupancy and rate growth.
The San Francisco area will host six games during the 2026 FIFA World Cup as well as the 2026 Super Bowl. That game will take place at Levi's Stadium in Santa Clara, but the Moscone Center will host various Super Bowl-related events, boosting hotel demand.
Nonetheless, RevPAR is not forecast to exceed the previous peak within the next five years, with high office vacancies limiting corporate travel, a slow recovery in convention-related business and lagging demand from inbound international travelers.
