Average hotel prices have fallen by 25% for the Olympic period. With one month to go to the start of London 2012, research by Hotels.com shows that hotel prices in London during the Olympics have fallen around 25% over the last two weeks.
The average cost of a hotel room in the capital for the Games period now stands at £160, still 75% up on the same time last year but this masks that fact that there are rooms available in the city for much less, such as £59 a night in some instances, depending on the date of stay.
Hotels.com, one of the world’s leading accommodation booking websites, has identified three main reasons why rates are dropping:
There is more availability in the market - many of the rooms which LOCOG had reserved for the world’s media, International Sport Federations, the IOC, people working at the Games and sponsors have now been released back into circulation and several hotels have also opened over the last few months, increasing the total number of rooms available.
Many hotels have started to remove their length of stay restrictions and are selling more rooms for one night stays.
Demand has not been as strong as originally expected as tour operators in particular booked their regular groups to other European capitals, giving London a miss this year.
“Falling prices are an encouraging move for consumers and there is good availability across London in all classes of hotel” said Seamus MacCormaic of Hotels.com,
“We are seeing promotional prices start to come through and we do expect this trend to continue,” MacCormaic continued. “So people should not be put off travelling to London even if they don’t have a ticket. There is still plenty to see and do away from the Olympic Park to soak up the atmosphere and enjoy the spirit of the Games.”