By Nicole Jones

SAN FRANCISCO (CBS SF) — If you don’t have friends with sofa beds in San Francisco, start making them now.

The city by the bay is now the world’s most expensive place for visitors to spend the night.

READ MORE: SF Restaurant Apologizes for Denying Service to Armed, On-Duty Police Officers

That’s according to a Bloomberg report which calculated the average price for a San Francisco hotel room rose by 88 percent in the past year to $397 a night.

READ MORE: International Travelers Brace For New COVID Testing Requirement

Geneva comes in second place where the average room costs $292, followed by Milan at $271. New York occupied the 17th spot with average rooms setting travelers back $202 a night.

MORE NEWS: Northbound San Tomas Expressway in Santa Clara Closed by 'Major Injury' Accident

The surging costs of San Francisco hotels can be attributed to the influx of visiting tech workers and the short-supply of hotels as developers focus on new office and residential buildings instead.