Olympic hotel bookings down amid high rates

Hotel News - 07/06/2012

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New figures have shown London hotels are seeing a slump in Olympic bookings.

Statistics show that bookings for hotels in the UK capital have dropped by a third from last summer, with experts citing extraordinarily high rates that may be pricing many customers out of the market.

The news comes despite a recent report by credit rating firm Moody’s, which that said that the Olympic Games would offer only a temporary boost for corporate entities in the UK but that hotels would be one of the biggest beneficiaries.

Meanwhile, the trend of the ‘displacement effect’ that has been seen in other Olympic host cities, in which regular tourists head elsewhere in the effort of avoiding Olympic prices and crowds, appears to be growing in London. Recent figures from hotel provider JacTravel have shown the city will see 35 per cent fewer visitors in July and 30 per cent fewer in August.

Mario Bodini, chief executive of JacTravel said that the industry’s expectations for the Olympic period had been too optimistic. He said that although the event is fantastic publicity for London and the UK that “sensible” hotel pricing was badly needed and that consumers expect prices to return to normal very quickly following the games.

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