Hotels. As of October 2009, there were 32,976 hotel rooms available in San Francisco. During the likely months of the America's Cup, June through September, occupancy rates in the city are at their very highest. Between 2005 and 2009, occupancy rates averaged roughly 85%. This implies the availability of some 4,800 rooms for America's Cup spectators. Using typical room occupancy data of 1.77 individuals per room, this suggests the availability of hotel lodging for roughly 8,500 spectators on any given night during the America's Cup. Over the course of three months, assuming full occupancy, this suggests that at an average room rate of $180, the hotel industry could potentially receive an addition to normal revenues of up to $77.8 million. This calculation appears to provide an upper bound on the addition to revenues as it assumes that all hotel rooms would be occupied. However, it is frequently the case that room rates increase significantly during major events in the city. During periods of peak occupancy, such as special events, hotels are often able to command rates that are significantly higher than during less busy times of the year. Although the extent to which rates may increase is uncertain, the calculation above nonetheless provides an indication of the type of benefit that local hotels stand to gain. It should be noted that if the America's Cup were to run for three months, this would imply the accommodation of an additional 764,848 visitor days. The number of additional visitor days in Valencia in 2007 was significantly more than this, suggesting that hotels will likely have very high occupancy rates during the event and that the estimate above may not be too far off the mark. That the available hotel rooms may be insufficient to accommodate all of the potential Cup spectators suggests that many would be encouraged to find lodging outside of the city or in private homes or residences. Both are quite probable, with hotels and inns in the North, East, and South Bay all likely benefiting from the influx of spectators.