SAN DIEGO (FOX 5/KUSI) -- The organizers behind Comic-Con have agreed to continue hosting the world-renowned pop-culture convention in San Diego through 2027, Mayor Todd Gloria announced Tuesday. Prior to the announcement, Comic-Con International had confirmed plans to stay in America's Finest City through next year, a one-year extension of their contract. However, the organization expressed concerns about rising hotel prices and few affordable rooms that could dissuade loyal fans from attending, as pointed out in a previous article by our reporting partners at The San Diego Union-Tribune. The four-day convention has been a staple in San Diego's history for more than 50 years, attracting hundreds of thousands of people from all over the world to celebrate comics and pop culture. San Diego Wave FC trades Jaedyn Shaw to the North Carolina Courage From activities held at hotels, the San Diego Public Library and the Comic-Con Museum, to the San Diego Convention Center and Gaslamp Quarter, the event contributes largely to the city's local economy. According to the city, Comic-Con produced more than an estimated $160 million for the region and more than $3 million in hotel and sales tax revenues for the city. "This event is not just a celebration of creativity and fandom -- it's a major economic driver for our city, supporting local businesses and showcasing San Diego on a global stage. We're proud to continue this incredible partnership and look forward to welcoming fans from all over the world," Gloria said in a statement. The convention and related activities are a collaboration between the convention center, San Diego Tourism Authority, city leadership and local hotels. Get 40 cents off a gallon of gas at Circle K on Thursday to support wildfire relief in LA "We are excited to stay in San Diego for the next few years, which is made possible, in large part, to the many hotels who offer competitive rates and meeting space," said David Glanzer, the chief communications and strategy officer for San Diego Comic-Con. "It is vitally important to maintain affordable hotel rates for the tens of thousands who visit San Diego for Comic-Con each summer and, while it came down to the wire, we are grateful for the additional hotels who came on board to allow for this agreement to be signed," he added. Comic-Con is set to take place July 24-27, with a preview night on July 23.