London hotel rates still up 300% despite recent drops

Hotel News - 23/07/2012

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Olympic hotel prices are still up to 300 per cent higher than normal rates, despite recent last-minute price drops, according to a new study.

The news comes via new figures released at the weekend in a report commissioned by Santander, which showed that hotel rates in London during a week of the Olympics were a total of £2,891 or 139 per cent higher than the average week following the event.

And for properties near west London’s Olympic Park, researchers found that prices averaged £5,054 more for a weeklong stay, marking an increase of a whopping 301 per cent for stays following the closing ceremony.

The report compared prices or a family of four staying in the capital for a week beginning on 28 July, which is expected to draw the highest demand through the period.

The figures come despite substantial discounts being offered in recent weeks, as many hoteliers had reportedly been overly optimistic and were left with a substantial number of empty rooms.

A spokesman for Santander said in a statement that the report reveals huge demand for accommodation in London during the event. He said this was particularly true for the limited number of rooms on offer near the Olympic park, where he said visitors have demonstrated willingness to pay the extra costs for the convenience of being adjacent to the Olympic facilities.

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